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2020 (9) TMI 887 - Tri - Insolvency and BankruptcyOrder directing IDBI Trusteeship Services Limited (Security Trustee) refraining from issuing instructions to IDBI Bank Limited to make any payments to creditors of the Corporate Debtor from monies available in the Trust and Retention Accounts - HELD THAT:- It is true that the present application is filed by the applicant before admission of his application filed under section 7 of I&B Code against the corporate debtor. The applicant is seeking interim order with regard to the amount lying in the Trust and Retention Account maintained in respondent No. 2-Bank. The only grievance of the applicant is that money is to be applied to all the creditors, if petition under section 7 of the I&B Code is admitted. IRP/ RP will take control of the amount lying in the account and the same forms asset of the corporate debtor. The applicant is seeking a direction to maintain status quo in respect of the money lying in the Trust and Retention Account. The learned counsel for respondent No. 3 has drawn attention to various documents, particularly, Inter-creditor Agreement and Trust and Retention Account and also No Objection Certificate given by the applicant. It is not a dispute between the applicant and the corporate debtor. The documents, to which the applicant is a party would go to establish that the amount in Trust and Retention Account to be applied at the first instance to the priority lender. When such is the case and applicant being a party to the said agreements, namely, Inter-creditor Account Agreement and Trust and Retention Agreement, then the relief sought by the applicant cannot be granted in favour of the applicant. There is no dispute that the applicant is also a party to the said agreements. Then the same are binding on the applicant and the applicant cannot be permitted to seek relief against the terms of the agreements - application dismissed.
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