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2020 (4) TMI 897 - Tri - Insolvency and BankruptcySeeking a direction to the respondent/non-applicant i.e. Indian Overseas Bank to release all the funds of the corporate debtor which were retained by the respondent/non-applicant - HELD THAT:- The Hon’ble Supreme Court of India in State Bank of India Versus V. Ramakrishnan and Another [2018 (8) TMI 837 - SUPREME COURT] while holding that Section 14(3) of the Code has no application to the personal guarantors, discussed the background to the introduction of the amendment to Section 14(3) of the Code - A careful examination of Section 14(3)(b) of the Code and the decision of the Hon’ble Apex Court, indicates that the action of the respondent/nonapplicant is not covered under Section 14(3)(b) of the Code. In the present case, it is in dispute that whether a charge was created in accordance with Section 77 of the Companies Act, 2013. Neither of the counsel filed any proof or document in support of their respective contentions. In the absence of the same, no finding can be given on this aspect. The respondent/non-applicant shall release the amounts in Item Nos.2, 5, 6, 7, 8 and 9, of the table mentioned above, alongwith interest accrued, if any, to the account of the corporate debtor to enable it to utilize in accordance with the Code and the Regulations made thereunder - applicant/Resolution Professional is directed to file a detailed affidavit before this Tribunal with regard to utilization of the amounts, within two weeks from the date of reopening of National Company Law Tribunal, Chandigarh Bench, after the lockdown is removed. Application disposed off.
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