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TMI Blog2020 (2) TMI 1495X X X X Extracts X X X X X X X X Extracts X X X X ..... ave on 01.08.2017 is not relevant. Admittedly, F.D. Accounts were closed on 02.08.2017 when Moratorium was in force. There are no error in the Impugned Order passed by the Adjudicating Authority - appeal dismissed. X X X X Extracts X X X X X X X X Extracts X X X X ..... quiry by the RP with the Respondent bank about the status of the aforesaid FDs, it was stated by the Respondent Bank vide their email dated 19.07.2018 that the aforesaid FDs were terminated and appropriated by the Bank on 02.08.2017 towards loan liability. 5.5.4 it is stated by the Applicant that Respondent Bank was aware of the proceedings initiated by the ICICI Bank, the Financial Creditor against the Company, the Corporate Debtor and the Respondent Bank has also confirmed that as on 01.08.2017, an amount of ₹ 9.64 crores were kept as margin money and that the Respondent Bank would not be able to adjust the same if the application filed by ICICI bank is accepted by NCLT without the consent of the IRP/CoC. 5.5.5 It is further sub ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ndred and Eight only) from the date of wrongful appropriate of the fixed deposit till the actual date of the reversal/roll back into the TRA account of the Corporate Debtor Company maintained with ICICI bank. 5.5.8 Accordingly, the IA filed by the Resolution Professional under Section 60(5) read with Section 14 & 74 of the IBC is allowed." … 3. Learned Counsel for the Appellant is submitting that the Bank had an Agreement with the Corporate Debtor (Annexure-2, Page-74) and in view of the Agreement, which is 'Master Restructuring Agreement', the Bank had issued Bank Guarantees in favour of the Corporate Debtor assuring other parties. The three FDs, which are relevant for the present matter, had been issued and when a Bank Guarant ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nal had taken photo of the alleged internal instruction of the Bank dated 01.08.2017, a copy of which is at page 54 of the Reply. Learned Counsel is demonstrating that this document shows that on 01.08.2017, the Bank was aware regarding initiation of CIRP and even noted that in the event of Application filed by ICICI being accepted by NCLT, they may not be able to adjust the margin money without the consent of Committee of Creditors/Interim Resolution Professional. It is stated that these documents show that the Bank was aware and still appropriated the money after CIRP was initiated and under Section 14 of IBC, the Bank could not have done so. 6. Considering the submission made by both the sides, looking into the documents and keeping in ..... X X X X Extracts X X X X X X X X Extracts X X X X
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