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2017 (11) TMI 1184 - Tri - Companies LawCorporate insolvency process - respondent bank informed the applicant that the amount available in the current account of the corporate debtor is not an asset of the corporate debtor inasmuch as the dues of the corporate debtor in the books of respondent bank exceeds the amount available in the balance in the current account and therefore, they exercised the rights of set off and appropriated the amount towards the dues payable to the bank. Held that:- It is not required to discuss the matter so minutely in the present case because any amount lying in the current account of the corporate debtor has to be placed at the disposal of the resolution professional without any scope of an adjustment in the manner, the respondent has tried to do. With regard to the opening of the current account in the Hosur branch, which was not to the knowledge of the bank itself, especially the Rajiv Circle Branch, New Delhi because of the mischief committed by the corporate debtor, it is contended that the corporate debtor added the word M/S. before its name while opening the current account in the Hosur branch and provided different Id code with the introduction of a local trader and that is why the current account could be opened in the Hosur branch, which otherwise could not have been done. For the aforesaid mystery, it is for the bank to take appropriate action by holding an enquiry, but from the current account, which the bank itself says that it had no prior knowledge, there was no scope of set off after appointment of the interim resolution professional. In view of the above, the application filed by the resolution professional is partly allowed and the respondent bank is directed to deposit the amount, which was lying in the credit of the current account of corporate debtor in Hosur branch as on 29.08.2017 in the account of the corporate debtor maintained in the Corporation Bank after leaving an amount of ₹ 60,000/- in the account of the corporate debtor as per letter dated 01.09.2017 Annexure A-11 (Colly) already sent by the applicant to the respondent. The applicant/resolution professional is further at liberty to take appropriate proceedings against the key managerial persons, who had issued the cheques for withdrawal of the huge amount even after the appointment of the resolution professional and the respondent to hold an enquiry into the alleged mischief committed by the Corporate Debtor and take further steps as may be necessary.
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