Home Case Index All Cases Insolvency and Bankruptcy Insolvency and Bankruptcy + AT Insolvency and Bankruptcy - 2019 (12) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2019 (12) TMI 340 - AT - Insolvency and BankruptcyDirection to Liquidator to collect the amount of ₹ 5.95 Crores plus interest accrued thereon from DRT –II Chennai for being dealt with under provisions of Section 53 of I&B Code - HELD THAT:- The Adjudicating Authority failed to take the right of the Appellant of realizing the security interest and sit out of liquidation, under consideration before passing an order of liquidation and assigning the assets of the company to the liquidator. The provisions of Section 52 of the I&B code were not complied with. On the perusal of documents it can be ascertained that the corporate debtor gave as security to the appellant bank the sums it had to receive from Southern Railways for such projects so executed. The submission of the Corporate Debtor that the sums deposited by the Southern Railways, into the credit of the account in O.A. No. 131 of 2013 were all receivables from projects for which no loans were taken from the appellant is untenable. Matter remanded back to decide the security interest of the Appellant Bank before the liquidator can be given the assets of the corporate debtor to be dealt with under section 53 of the I&B Code.
|