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2020 (11) TMI 193 - AT - Insolvency and BankruptcyRefund of amount which had been adjusted during CIRP by the Appellant Bank from Fixed Deposits of the Corporate Debtor - restoration od credit to the Corporate Debtor’s account so as to facilitate Resolution Plan - HELD THAT:- It is apparent that CIRP was initiated on 27th March, 2019 and later on, the Respondent found that the Appellant Bank had adjusted certain amounts which it could not, considering Section 14 of IBC. The facts and developments are apparent from the above letter and considering the provisions of Section 14, we have no doubt that the impugned order as passed by the Adjudicating Authority is required to be maintained. Once CIRP was initiated and Section 14 of IBC applied such adjustment by Appellant cannot be maintained. Lack of knowledge of initiation of CIRP would not be relevant. When CIRP was initiated, the Appellant Bank could not have adjusted the amounts as has been done in this matter. Appeal dismissed - decided against appellant.
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