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TMI Blog2018 (7) TMI 2146X X X X Extracts X X X X X X X X Extracts X X X X ..... Once Resolution Plan is approved or rejected by the Adjudicating Authority under Section 31 of I B Code and as the order of moratorium comes to an end, it is always open to the Bank to rewrite its ledger book including accrued of interest and may debit the amount as recorded in a separate record/ ledger. The Resolution Professional is directed not to withdraw any amount during Resolution Process except for day to day functioning of the Corporate Debtor to ensure that the Corporate Debtor remains ongoing concern - Appeal disposed off. - Company Appeal (AT) (Insolvency) No. 390 of 2018 - - - Dated:- 24-7-2018 - Justice S. J. Mukhopadhaya, Chairperson Versus Justice Bansi Lal Bhat, Member (Judicial) For the Appellant : Mr. Ramji ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... order of moratorium. Further, as the order of moratorium came into its effect immediately i.e. on 15.12.2017, the date of receipt of order has no relevancy with the same. 5. Similar issue fell for consideration of this Appellate Tribunal in State Bank of India V/s Mr. V. Ramakrishnan, Company Appeal (AT) (Insolvency) No. 213 of 2017 wherein taking into consideration the relevant law and the facts by judgment dated 28.02.2018 this Appellate Tribunal held as follows: 15. On bare perusal of the aforesaid provisions, it is clear that not only institution of suits or continuation of pending suits or proceedings against the Corporate Debtor are prohibited from proceedings, in terms of clause (b) of subsection (1) of Section 14 of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y debit the amount as recorded in a separate record/ ledger. 8. In view of the aforesaid decisions and observations, while we are not inclined to interfere with the impugned order dated 5th June, 2018, allow the Bank to act in accordance with the observations made in the case of State Bankof India V/s Debashish Nanda , as noticed above. The Resolution Professional is directed not to withdraw any amount during Resolution Process except for day to day functioning of the Corporate Debtor to ensure that the Corporate Debtor remains ongoing concern. However, if any amount is withdrawn during the period of Corporate Insolvency Resolution Process, such amount can be debited, for the purpose of maintaining the Books of Account, to ensure that e ..... X X X X Extracts X X X X X X X X Extracts X X X X
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