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2019 (1) TMI 1824 - Tri - Insolvency and BankruptcyRelease of attached Bank Accounts - serious default of non-refund of deposit amount to the depositors on demand - HELD THAT:- At present the pressing requirement is to let the insolvency proceedings be remain in operation simultaneously. For that purpose, the operation of the said one bank account is the need of the hour. Due to this reason, this Bench of NCLT, Mumbai is hereby expressing a view that an order be passed by the Hon’ble Competent Authority to de-freeze the said account so that the appointed IRP can continue with the insolvency proceedings. One of the requirements of the Insolvency & Bankruptcy Code, 2016, as per the preamble, is to maximise the value of assets and reorganize the business of the Debtor Company. To accomplish this requirement of law, operation of a bank account of the Debtor Company is needed. Application allowed.
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