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TMI Blog2019 (8) TMI 875X X X X Extracts X X X X X X X X Extracts X X X X ..... the property (FDRs). Claim of the Appellant as Financial Creditor - HELD THAT:- The Appellant having invoked the guarantee, this Appellate Tribunal in interim order dated 25th May, 2018 allowed the Appellant to attend the meeting of the Committee of Creditors subject to the decision of both the appeals. However, the Appellant was not given a right of voting with the condition that if the resolution plan approved in the meantime that shall be subject to the decision of these Appeals. The impugned order need not interfered with - appeal disposed off. - Company Appeal (AT) (Insolvency) No.239 of 2018 - - - Dated:- 31-5-2019 - Mr S. J. Mukhopadhaya, Chairperson And Mr A.I.S. Cheema, Member (Judicial) For T ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... evident that the OBC has indicated to the Corporate Debtor that it had given Corporate Guarantee to secure the credit facilities sanctioned to M/s Halio Photo Voltaic Limited and they were advised to get the account adjusted failing which the OBC was to initiate legal action. Similarly, endorsement has been made in the letter dated 01.12.2015. It has been rightly contended by Mr. K. Dutta, learned counsel for the Resolution Professional that these endorsements cannot be regarded as invocation of Corporate Guarantee. We entirely agree with the submission made by the learned counsel and do not feel persuaded to accept the contention advanced by Mr. Suri on behalf of the OBC. We are further of the view that the Corporate Ins ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ication under Section 7 of the I B Code , once moratorium has been declared it is not open to any person including Financial Creditors and the appellant bank to recover any amount from the account of the Corporate Debtor , nor it can appropriate any amount towards its own dues. We are further constrained to observe that 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(1) (d) of the Insolvency and Bankruptcy Code, 2016. Therefore, the claim made by the OBC in its application No. 247(PB)/2018 is devoid any merit. 3. The case of the Appellant is that the Bank has granted cred ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he terms Invocation , Appropriation and Encashment . The Resolution Professional given the view that the principles of the bankers general lien, Section 171 of the Contract Act, 1872 and agreed terms of the Corporate Guarantee , the Appellant was not entitled to stake its claim over the said FDRs to the tune of ₹ 3,58,09,820/- after the demand/invocation. It was submitted that the Appellant has exercised its right having control over the property (FDRs). 5. Insofar as the claim of the Appellant as Financial Creditor is concerned, the Appellant having invoked the guarantee, this Appellate Tribunal in interim order dated 25th May, 2018 allowed the Appellant to attend the meeting of the Committee of Creditors ..... X X X X Extracts X X X X X X X X Extracts X X X X
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