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2021 (2) TMI 516 - Tri - Insolvency and BankruptcySeeking direction to R1 to immediately refund/deposit the sum of ₹ 1,23,93,968/- back to the account maintained by the Corporate Debtor with R2 - seeking direction to R2 to strictly adhere to the provisions of section 17(1)(d) and henceforth only consider instructions of the Applicant RP for any "debits" to the account of the Corporate Debtor maintained with R2 - seeking directions to necessary directions requiring R1 to file an Affidavit confirming that it would refrain from taking any further adverse actions either against the Corporate Debtor or its assets during the "Moratorium" period. HELD THAT:- A conjoint reading of section 14(1)(a) and section 238 of IBC Code, clearly shows that the Code overrides section 44 of the GVAT Act, as the same is inconsistent with the provisions of the Code. Thus the action of R1 is clearly barred by provisions of section 14(1)(a) - Even though the CIRP period was over and the liquidation order passed by this Bench was stayed by the Hon'ble Appellate Tribunal and the direction was given that the RP will manage the company and ensures that the company will remain as a going concern, we are of the considered opinion that CIRP is still continuing. Thus the Moratorium provided u/s 14 is in operation and the action of R1 is hit by section 14(1)(a) of the Code. R1 is directed to refund the sum of ₹ 1,23,93,968/- to the account of the Corporate Debtor maintained with R2 - application allowed in part.
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