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2022 (3) TMI 1486 - Tri - Insolvency and BankruptcySeeking direction to 1st Respondent Bank to make payment of the Refund Monies to the Corporate Debtor's Account in CIRP - HELD THAT:- It is pertinent to point out that when the Consortium of Banks declared the accounts of the Corporate Debtor as NPA, any amounts received into the accounts of the Corporate Debtor should have been for the common benefit of all the Consortium Members. However, without an approval from the Lenders' Agent representing the Consortium of Banks and without obtaining Debit Instructions, the "suo moto" adjustment of the Refund amounts by the 1st Respondent Bank has the effect of putting other Banks in the Consortium, in a disadvantageous position and especially in the event of any distribution of assets in accordance with Section 53 of IBC, 2016. The said Claim Refund from the Department of Railway's is not in the normal course of business of the Corporate Debtor. The 2nd and 3rd Respondent have been made to be mere spectators of the unauthorized transaction entered on 19.12.2018 by the 1st Respondent. In view of the undisputed fact, the R1 was chosen not to respond to the notice sent through this Tribunal and remained ex-parte. Application allowed.
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