TMI Blog2020 (11) TMI 193X X X X Extracts X X X X X X X X Extracts X X X X ..... o be maintained. Once CIRP was initiated and Section 14 of IBC applied such adjustment by Appellant cannot be maintained. Lack of knowledge of initiation of CIRP would not be relevant. When CIRP was initiated, the Appellant Bank could not have adjusted the amounts as has been done in this matter. Appeal dismissed - decided against appellant. - Company Appeal (AT) (Insolvency) No. 761 of 2020 I.A. No. 2038 of 2020 - - - Dated:- 3-11-2020 - [ Justice A.I.S. Cheema ] Member ( Judicial ) And [ V.P. Singh ] Member ( Technical ) For the Appellant : Ms. Shalini , Advocate For the Respondent : Mr. Divyam Agarwal and Mr. Yohaann Limathwalla , Advocates ORDER I.A. No. 2038 of 2020 Learned Counsel for the Appellant sub ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Debtor was admitted on 27th March, 2019. She submitted that the Resolution Professional issued public notice in Tamil and thus the Appellant Bank was not aware of the admission of the Application under Section 7 of IBC. 4. To this, the Learned Counsel for the Respondent stated that with Reply Annexure-B at Page 19 is notice published on 30th March, 2019 in Business Standard in English. The Learned Counsel states that the Copy filed is defective as portion relating to the Corporate Debtor appears to have got cut in the copy-paste. The Learned Counsel has now sent by WhatsApp the complete copy to the Court Master and the copy is downloaded and is marked as X for identification and taken on record. The document shows publication (regardin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hat Section 173 and Section 36 would be relevant during the stage of liquidation proceedings and not during pendency of CIRP. He states that Liquidation Order is not yet passed in the matter though period as provided under Section 12 of IBC is over. 8. The Learned Counsel for the Respondent refers to the Impugned Order where the Adjudicating Authority relied on Indian Overseas Bank Vs. Mr. Dinkar T. Venkatsubramaniam and in which this Tribunal had made observations that once moratorium has been declared, it is not open to any person including the Financial Creditor and the Appellant Bank to recover any amount from the account of the Corporate Debtor, nor it can appropriate any amount towards its own dues. 9. The Learned Counsel for Ap ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to the Resolution Professional. (Order Copy is attached with this letter) 4. Kindly note that as per Section 17 (d) of the Insolvency and Bankruptcy Code, 2016 ( Code ), From the date of appointment of the interim resolution professional, the financial institutions maintaining accounts of the corporate debtor shall act on the instructions of the interim resolution professional in relation to such accounts and furnish all information relating to the corporate debtor available with them to the interim resolution professional. 5. It has been held by the Hon ble National Company Law Appellate Tribunal in the case of Indian Overseas Bank Vs. Mr. Dinkar T. Venkatsubramaniam, Resolution Professional for Amtek Auto Limited {(2018) 145 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nces. Name of the Beneficiary : Sai Regency Power Corporation Private Limited Bank Name Branch : Punjab National Bank, Mumbai LCB, Cuffe Parade, Colaba, Mumbai Account Number : 2175002900000695 IFSC Code : PUNB0217500 8. This notice is sent without prejudice to our rights and contentions. 11. The facts and developments are apparent from the above letter and considering the provisions of Section 14, we have no doubt that the impugned order as passed by the Adjudicating Authority is required to be maintained. Once CIRP was initiated and Section 14 of IBC applied such adjustment by Appellant cannot be maintained. Lack of knowledge of initiation of CIRP would not be relevant. When CIRP was initiated, the Appellan ..... X X X X Extracts X X X X X X X X Extracts X X X X
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