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2019 (5) TMI 479 - Tri - Insolvency and BankruptcyDefreezing of bank account of Corporate Debtor - case of the respondent is that though the amount was transferred into the RP's account to meet CIRP cost, however, the insurance claim amount is the property of the Respondent. Reason being that though the amount was received during moratorium period , but the fire in the premises broke out pre-moratorium and at that point of time the premises were mortgaged with the Respondent Bank. HELD THAT:- The damaged premises were mortgaged with the Respondent Bank and the insurance claim is the property of the Respondent Bank. Moreover, since the Respondent/SBI wishes to opt out of the liquidation estate U/ s 52 of the code, and realise its security interest on its own, therefore, it can be held that since the property is under the exclusive charge of the bank therefore, all encumbrances thereon and all incomes and claim including the insurance claim, therefrom relate to the Respondent Bank. It is justifiable to direct the liquidator to place on record the remaining assets yet to be disposed off under liquidation process along with the information of liquidated value. On the basis of such detail now demanded, it can be ascertained that how much work is yet to be performed by the liquidator so as to determine the cost of liquidation as well as professional fees - Application allowed in part.
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