9911796707
TMI Blog2021 (6) TMI 219X X X X Extracts X X X X X X X X Extracts X X X X ..... nterim direction to allow the petitioner to operate its bank account No. 149905001306 maintained with the ICICI Bank Ltd., Chandrasekarpur Branch, Bhubaneswar and to unfreeze the bank account of its creditors over which lien has been created and the accounts have been frozen pursuant to lodging of an FIR by respondent No. 2. 3. Learned counsel for the petitioner submits that the petitioner-company had financial relation with the National Plywood Industries Ltd. (NPIL) and it had supplied goods to NPIL, for which NPIL is liable to pay a huge amount to the petitioner. It is also contended by learned counsel for the petitioner that an insolvency proceeding has been initiated in respect of the NPIL and respondent No. 2 has been appointed by th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e petitioner that the entire allegation made in the FIR was against the CMD of the NPIL, who was purportedly suspended after initiation of the insolvency proceeding, inasmuch as, the gravamen of the allegation was that the suspended CMD has transferred the said amount to the account of the petitioner without any authority. Mr. Chakraborty also submits that the money was deposited with the account of the petitioner towards payment of the dues, which the NPIL owed to the petitioner for supplying goods and still there are outstanding amount due from the NPIL after deposit of Rs. 32.50 lakhs. The lien on the bank account of the petitioner and other bank as indicated above were created illegally under the instruction of respondent No. 2, which h ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed CMD has personal interest in the petitioner-company being an associate company, which is however, a disputed fact required to be investigated by the police. 8. Be that as it may, having considered the entire gamut of the matter and the nature of accusation brought against the present petitioner, I am of the view that freezing of all the bank account as indicated above would certainly cause unnecessary hardship, which may not be necessary for the investigation of the present FIR in view of the nature of accusation made therein as well as in view of the offer made by the petitioner to furnish a bond. Therefore, in my consider view, the petitioner is entitled to the interim relief as sought for. Accordingly, it is provided that the lien cr ..... X X X X Extracts X X X X X X X X Extracts X X X X
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