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2021 (4) TMI 623 - Tri - Insolvency and BankruptcyDissolution of the Corporate Debtor - section 54 of the Insolvency and Bankruptcy Code, 2016 read with regulation 45(3) of Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016 - HELD THAT:- It is informed by the liquidator that he has not formed the Stakeholders’ Consultation Committee and no Stakeholders’ Consultation Committee meeting has taken place during the liquidation period. The reason for not forming/or conducting the meeting could not be clarified by the liquidator, when 5 Operational Creditors are there besides the promoters/ shareholders of CD. It is also reported, during the hearing that, a Fix Deposit of ₹ 5,25,000.00(Face value) with interest accrued therein of the CD lying with HDFC Bank even the Bank Guarantee/claim period of Letter of Guarantee (LG) is over. This deposit given as margin/security is not released reportedly for want of original Bank guarantee. It is not understood how the Bank is not releasing the Deposit of CD under Liquidation/Dissolution, when sufficient provision/guidelines are available with the Bank to release the deposit after giving 15/30 days’ formal notice to the beneficiary of the LG, when the validity of claim period is over. What has prevented the HDFC from not releasing the FD when the claim period mentioned in the LG is over. The liquidator is to form Stakeholders’ Consultation Committee within 10 days of this order as per Regulation of liquidation process 31 A and make all attempts to ensure maximization of value of assets of CD / liquidation estates including Trade Receivables - The liquidator is to take up the matter with HDFC Bank for release of the FD with interest within 10 days from today. The liquidator may execute/ complete formalities, if asked for by the Bank, for release of the FD of the CD under Liquidation. Application disposed off.
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