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TMI Blog2019 (5) TMI 479X X X X Extracts X X X X X X X X Extracts X X X X ..... e liquidation estate U/ s 52 of the code, and realise its security interest on its own, therefore, it can be held that since the property is under the exclusive charge of the bank therefore, all encumbrances thereon and all incomes and claim including the insurance claim, therefrom relate to the Respondent Bank. It is justifiable to direct the liquidator to place on record the remaining assets yet to be disposed off under liquidation process along with the information of liquidated value. On the basis of such detail now demanded, it can be ascertained that how much work is yet to be performed by the liquidator so as to determine the cost of liquidation as well as professional fees - Application allowed in part. - MA 33 of 2019 - - - ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Corporate Debtor opened in the Branch of the Respondent. There were several email communications between the Applicant and the Respondent stating the need to defreeze the account so as to meet the expenses to be incurred during the liquidation process. 5. The Applicant states that a sum of was lying in the Current Account No. 37918874124 maintained with the SBI when he was appointed as the liquidator. While acting in line with Regulation 41 of IBBI (Liquidation process Regulations), 2016, the Applicant created 6 Fixed Deposits totalling to ₹ 60 Lakhs. Thereafter, the Corporate Debtor has generated interest income of nearly ₹ 1 Lakh on account of creation of said FD during Liquidation process which is lying with t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... IRP Cost of the Corporate Debtor. Subsequent to the liquidation order, the said amount was transferred to another account maintained at SBI Branch, Nariman Point and funds were utilised from the said account for the purposes of the liquidation cost. 8. The Respondent Bank denies that the Account has ever been freezed by the respondent as regular payments have been made from the said account. The Respondent Bank wishes to opt out of the liquidation estate U/s 52 of the code and realise its security interest on its own. 9. The case of the respondent is that though the amount was transferred into the RP's account to meet CIRP cost, however, the insurance claim amount is the property of the Respondent. Reason ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... BI, shall not be disturbed in any manner by the SBI. The outstanding balance shall not be utilised or adjusted against any debt or claim by SBI. Further, it is hereby directed that the SBI shall furnish the statement of the said Ibank account to the liquidator, who in turn shall submit to this Bench along with the information as demanded supra. For future course of action, it may not be out of place at this juncture to instruct SBI to keep informing this Bench the outcome of liquidation/ disposal of impugned assets in view of the option granted vide a separate order on MA 1123 of 2018 dated 08.04.2019. 12. Miscellaneous Application No. 33 of 2019 is partly allowed. Ordered Accordingly. - - TaxTMI - TMITax - Insol ..... X X X X Extracts X X X X X X X X Extracts X X X X
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