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TMI Blog2019 (4) TMI 1740X X X X Extracts X X X X X X X X Extracts X X X X ..... was to initiate legal action. Similarly, endorsement has been made in the letter dated 01.12.2015. Any withdrawal from the account/FDR by appropriation by OBC has to be regarded as violative of Regulation 19 also. In the absence of such a bar, it will not be possible for the Resolution Professional to verify the claim and the object of moratorium as contemplated under Section 14(1) (c) would stand defeated - the OBC has unnecessarily contested this litigation and the Interim Resolution Professional/Resolution Professional was merely performing his duties imposed on him by Section 17(l)(d) of the Insolvency and Bankruptcy Code, 2016. Application dismissed. - (IB) NO. 378 (PB) OF 2017 - - - Dated:- 25-4-2019 - MR M.M. KUMAR, PRESIDENT AND MR S. K. MOHAPATRA, TECHNICAL MEMBER For The Appearing Parties : Mr Krishnendu Dutta, Karan Kanwal, Advs. Devendra Singh, RP, Roshan Kumar, Saran Suri, Advs. and Ms. Seema Jangid, CS ORDER CA No. 207(PB)/2018 CA No. 247(PB)/2018 1. This order shall dispose of CA-207(PB)/2018 filed by the Resolution Professional (for brevity, RP ) and CA No.247(PB)/2018 filed by th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... iously as contemplated by Sections 15, 17, 18, 19, 20 21 of the Code. It is appropriate to mention that under Section 17(l)(d), there is a specific duty cast on the Interim Resolution Professional which read as under: 17(1) From the date of appointment of the interim resolution professional- (a) .. (b) .. (c) .. (d) the financial institutions maintaining accounts of the corporate debtor shall act on the instructions of the interim resolution professional in relation to such accounts and furnish all information relating to the corporate debtor available with them to the interim resolution professional. 4. At the time of admission of petition on 14.11.2017, there were five fixed deposits and the IRP on 18.11.2017 wrote a letter to OBC to discontinue the fixed deposit and cash amount of the fixed deposit be deposited in the Trust and Retention Account of the Corporate Debtor. He continued writing these letters on 03.12.2017, 19.12.2017 and 27.12.2017. In the meanwhile, on 13.12.2017, first CoC meeting took place and IRP was confirmed as RP and it was decided by the CoC ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s placed reliance on the judgment of the National Company Law Appellate Tribunal rendered in the case of Indian Overseas Bank v. DinkarT.Venkatsubramaniam Resolution Professional for Amtek Auto Ltd. [2017] 132/[2018] 145 SCL 138 (NCL - AT) and has argued that once CIR process has been triggered, then no amount from the account of the Corporate Debtor could be appropriated by the bank. Reliance has also been placed on the judgment of the Principal Bench rendered in the case of Axis Bank Ltd. v. Edu Smart Services (P.) Ltd. (NCLT-New Delhi) 8. Mr. Suri, learned counsel for Oriental Bank of Commerce has however, argued that the endorsement in the letters dated 21.12.2015 and 24.12.2015 would clearly amount to invoking the Bank guarantees and therefore, once the bank guarantees have been invoked, its appropriation letter is only consequential act. According to the learned counsel, there is no bar on the OBC to appropriate the amount which has already been invoked even after the triggering of CIR process. Pressing his application, learned counsel has argued that claim made by the OBC on the basis of the bank guarantee merits acceptance as the invocation was made much ear ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... riod of 30 days from the date of the notice failing which the bank shall initiate necessary action for recovery of bank dues. Yours faithfully, Asstt. Gen. Manager Copy to - The Managing Director, M/s Moser Baer India Limited, 43-A, Okhla Industrial Estate, New Delhi-110020. Your company has given Corporate Guarantee to secure the credit facilities sanctioned in subject account. You are advised to get the account adjusted, failing which the bank will initiate legal action. Copy to - Mr.Deepak Puri, Building No.60, Ground Floor, Okhla Industrial Estate, Phase-Ill, New Delhi-110020. Your have given personal guarantee to secure the credit facilities sanctioned in subject account. You are advised to get the account adjusted, failing which the bank will initiate legal action. Asstt. General Manager. 10. The letter dated 01.12.2015 differ in any material particulars and in terms, is similar. Therefore, the necessity to reproduce the same is obviated. 11. When we have examined the endorsements sent to the Corporate Debtor M/s Moser Baer India Limited, it becomes evident that the OB ..... X X X X Extracts X X X X X X X X Extracts X X X X
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