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2021 (6) TMI 219 - HC - Insolvency and BankruptcyInterim direction to allow the petitioner to operate its bank account - siphoning off of funds while CIRP proceedings are ongoing - unfreezing of attached Bank Accounts - HELD THAT:- It is apparent that there was business relation between the petitioner-company and the NPIL, which is evident from the various documents annexed to the petition. Only question raised in this FIR is that the money was transferred by the suspended CMD without any authority, inasmuch as, the entire state of affairs of NPIL was vested with respondent No. 2, who has been appointed as the resolution professional. Only incriminating allegation against the petitioner is that the suspended CMD has personal interest in the petitioner-company being an associate company, which is however, a disputed fact required to be investigated by the police. Freezing of all the bank account as indicated would certainly cause unnecessary hardship, which may not be necessary for the investigation of the present FIR in view of the nature of accusation made therein as well as in view of the offer made by the petitioner to furnish a bond - the petitioner is entitled to the interim relief as sought for. Application disposed off.
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