TMI Blog2019 (4) TMI 737X X X X Extracts X X X X X X X X Extracts X X X X ..... sub-section (1) of Section 14 prohibits the recovery of any property by an owner or lessor where such property is occupied by or in the possession of the Corporate Debtor. From the simple reading of the provisions it is evident that after initiation of Corporate Insolvency Resolution Process once moratorium starts no person can recover any amount from the account of the Corporate Debtor. It is true that the cheque dates back to the date of handover but it cannot be encashed after the moratorium starts, in view of the specific provisions, to recover the amount from the Corporate Debtor. The impugned order is not interfered with - appeal disposed off. - Company Appeal (AT) (Insolvency) No. 298 of 2019 - - - Dated:- 27-3-2019 - Mr S. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and not after initiation of Corporate Insolvency Resolution Process and the same is not hit by Section 14 of the I B Code. 3. Further, according to learned counsel for the Appellant in terms of decision of Hon ble Supreme Court in K. Saraswathy Alias K. Kalpana (Dead) by L.Rs. Vs. P.S.S. Somasundaram Chettiar reported in (1989) 4 Supreme Court Cases 527 , the payment of a cheque relates back to date of delivery of the Cheque, therefore, such post dated cheques were not barred by Section 14 of I B Code. He further argued that the decisions of this Appellate Tribunal as cited by the Adjudicating Authority are not related to post dated cheque and are not applicable. 4. We have heard learned counsel for the Appellant and perused the or ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r of moratorium shall have effect from the date of such order till the completion of the corporate insolvency resolution process: Provided that where at any time during the corporate insolvency resolution process period, if the Adjudicating Authority approves the resolution plan under sub-section (1) of section 31 or passes an order for liquidation of corporate debtor under section 33, the moratorium shall cease to have effect from the date of such approval or liquidation order, as the case may be. 6. Clause (b) of Section 14(1) prohibits transferring, encumbering, alienating or disposing of by the Corporate Debtor any of its assets or any legal right or beneficial interest therein. As per Clause (c) of Section 14(1) any action ..... X X X X Extracts X X X X X X X X Extracts X X X X
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