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2019 (8) TMI 875 - AT - Insolvency and BankruptcyPremature cancellation of Fixed Deposit - transfer of proceeds of the ‘Fixed Deposit Receipts’ into the account known as the Trust and Retention Account with the ‘Central Bank of India’ - HELD THAT:- The ‘Resolution Professional’ given the view that the principles of the bankers’ general lien, Section 171 of the Contract Act, 1872 and agreed terms of the ‘Corporate Guarantee’, the Appellant was not entitled to stake its claim over the said FDRs to the tune of ₹ 3,58,09,820/- after the demand/invocation. It was submitted that the Appellant has exercised its right having control over the property (FDRs). Claim of the Appellant as ‘Financial Creditor’ - HELD THAT:- The Appellant having invoked the guarantee, this Appellate Tribunal in interim order dated 25th May, 2018 allowed the Appellant to attend the meeting of the ‘Committee of Creditors’ subject to the decision of both the appeals. However, the Appellant was not given a right of voting with the condition that if the ‘resolution plan’ approved in the meantime that shall be subject to the decision of these Appeals. The impugned order need not interfered with - appeal disposed off.
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