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TMI Blog2019 (10) TMI 1274X X X X Extracts X X X X X X X X Extracts X X X X ..... epresentatives for both sides are present. 2. When the matter was called from the side of the Bank a recently briefed Learned Counsel appeared along with lawyers having due authorization to represent the matter on 18.09.2019 i.e on the last occasion after detailed discussion and on examination of the Bank statements as submitted by the Bank ,a query has been raised to demonstrate the physical dis ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cially considering an application under Section 75 of the Insolvency Code moved from the side of Corporate Debtor in which certain allegations are made, this Bench is of the considered view that during the entire loan process, due diligence was not carried out, So as to examine the correct position of Loan account for same be examined by the professional of this field. 4. As a consequence this Be ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or which loan was granted. (b) The Auditor shall examine whether the loan allegedly granted after the disbursement of Rs. 25 Crores has been transferred to Escrow account was merely an internal adjustment in the account of the Bank and not meant for the purpose of use of Corporate Debtor. Therefore, each information of each entry is required to be submitted by the auditor. (c) The Auditor shal ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... evident from the letter dated 04.10.2019 to be read along with proposal dated 24.09.2019 therein affirmed that a sum of Rs. 1 Crore in one account and Rs. 50 lakhs in another file have already been departed in "no-lien Bank Account." Today, the Learned Counsel of the Bank has expressed his inability to communicate the mandate in this regard pending for consideration before the Allahabad Bank Auth ..... X X X X Extracts X X X X X X X X Extracts X X X X
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