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TMI Blog2021 (6) TMI 650X X X X Extracts X X X X X X X X Extracts X X X X ..... the order dated 29.05.2020 in MA/136/2020 in IBA/307/IB/2019 passed by National Company Law Tribunal, Special Bench, Chennai whereby and where under the Application filed on behalf of the 'Corporate Debtor' - Respondent (herein) was allowed and the Appellant -Punjab National Bank which is holding voting share of 0.58% in the 'Committee of Creditors' (for short CoC) was directed to credit to the Corporate Debtor's (Respondent) account amount of Rs. 17,95,04,271.79 (Rs. 1,87,39,588.90 presently operated by the Resolution Professional, Rs. 14,57,64,682,89 from the LC honoured before 'Corporate Insolvency Resolution Process' (for short CIRP) and appropriated after CIRP and also GST refund of Rs. 1,50,000/- received during the CIRP period) which ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... short IRP). e) Further case is that the due date of the LCs was informed by the Appellant to the IRP namely Mr. Motappa Thimmaraya Swamy and the IRP vide several emails dated 29.05.2019, 31.05.2019, 15.06.2019 and 17.06.2019 categorically permitted to the Appellant to keep the Corporate Debtor as a going concern. The copy of the aforesaid emails is annexed as Annexure-2 (Colly) at page 46 of the Appeal Paper Book. f) Further case is that the Appellant had also issued one new LC for Rs. 2,38,46,467 on 1st June, 2019 after approval obtained from the aforesaid IRP vide an email dated 30.05.2019 as Annexure -3 at page 56 to 58 of the Appeal Paper Book. g) Further case is that the Appellant had specifically written to the IRP prior to make ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... under Section 60(5) of the IBC bearing MA/136/2020 for seeking directions to reverse the amount of Rs. 17,95,04,271.79 lying with the Appellant and also to remit the balance in the account of the Corporate Debtor. m) The Ld. Adjudicating Authority after hearing the parties allowed the Application filed by the RP/Respondent (herein) under order dated 29.05.2020 and hence this Appeal. Submissions on behalf of the Appellant 3. The Learned Counsel for the Appellant during the course of argument, in memo of Appeal and his Written Submissions have submitted that the Ld. Adjudicating Authority had erroneously directed the Appellant to credit to the Corporate Debtor's Account an amount of Rs. 17,95,04,271.79, which was debited to the Corporat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... count of the Corporate Debtor in order to keep it as a going concern. 9. It is further submitted that the Ld. Adjudicating Authority have not considered the facts in his true perspective. In view of the aforesaid facts and circumstances the impugned order cannot be sustained and the Appeal be allowed. The impugned order is set aside. Submissions on behalf of the Respondent 10. Learned Counsel for the Respondent during the course of the argument and also written submissions submitted that the Corporate Debtor was admitted to CIRP on 25.05.2019 when the moratorium as per Section 14 of the IBC came into force. 11. Learned Counsel for the Respondent further referred to Form 'C' wherein the total claim which included the appropriations whic ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nda item No. 11 reads as under; " xi. Transferring balance wrongly recovered by PNB during Moratorium RP pointed that an amount of Appx 14.57 Crs on account of devolvement of LC was recovered by PNB during Moratorium. Member of PNB agitated on the issue. Copy of NCLAT Judgment reproduced below was provided to members representing PNB In the matter of Company Appeal No. 267 of 2017 before NCLAT, Delhi between Indian Overseas Bank Vs. Mr. Dinkar T. Venkatsubramaniam Resolution Professional Amtek Auto Ltd it was observed by the bench that "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 'C ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... om the perusal of the record it appears that the IRP namely Mr. Motappa Thimmaraya Swamy was removed. The order dated 30.12.2019 passed by the NCLT, Division Bench-II, Chennai is as under; " On the confirmation coming from IBBI appointing Mr. Subrata Mohindranath Maity [Regn. No: IBBI/IPA-001/IP-P00884/2017- 2018/11481] as Resolution Professional, the application MA/1379/2019 is hereby allowed." The erstwhile IRP is exposed to the proceedings of the disciplinary committee in a similar case refer to IBBI/CD/24/2020 wherein the IRP was punished with a fine of Rs. 34 Lakhs. We are of the further view that the Learned Counsel for the Appellant have failed to make out any ground and the finding recorded by Ld. Adjudicating Authority, ..... X X X X Extracts X X X X X X X X Extracts X X X X
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