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TMI Blog2020 (11) TMI 193X X X X Extracts X X X X X X X X Extracts X X X X ..... he submits that there is also an order of Hon'ble Supreme Court extending time due to Pandemic. Learned Counsel for the Respondent does not object. We hold that considering the submissions, the delay, if any, deserves to be condoned and I.A. No. 2038 of 2020 is disposed of. Company Appeal (AT) (Insolvency) No. 761 of 2020 2. Heard Learned Counsel for the Appellant and the Learned Counsel for the Respondent. Learned Counsel for the Appellant is submitting that the Respondent/Resolution Professional filed the Application before the Adjudicating Authority (NCLT, Special Bench, Chennai) having M.A. No. 39 of 2020 in IBA/92/2019 and claimed that the Appellant Bank was required to refund Rs. 2,27,94,706/- which had been adjusted during CIRP by ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... opened two FDRs with the Appellant Bank and had approached for sanction of two car loans. The Appellant Bank had sanctioned the vehicle loans and Company was regularly paying monthly instalments. It is stated that group companies of Corporate Debtor M/s. Kamang Dam Hydro Power Pvt. Ltd. and M/s. J.R. Power Pvt. Ltd. approached the Appellant Bank for sanction of demand loans for which the Corporate Debtor offered two FDRs as security. For the demand loans all the documents were submitted and executed by the Corporate Debtor in 2011. According to the Appellant in good faith the Bank sanctioned demand loans of Rs. 50,00,000/- to one of the group company by mane M/s. Kamang Dam Hydro Power Pvt. Ltd. and another demand loan to another Group comp ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e have already heard the learned counsel for both sides. 10. It is apparent that CIRP was initiated on 27th March, 2019 and later on, the Respondent found that the Appellant Bank had adjusted certain amounts which it could not, considering Section 14 of IBC. The Respondent on 06th December, 2019, wrote to the Appellant Bank Letter Annexure A-2 which reads as under: "Dear Sir, 1. We write to you in the capacity of the Resolution Professional of the Corporate Debtor ("RP"). 2. It has come to our notice that your Bank has, without any Instructions of the RP, adjusted the fixed deposit bearing account number 19050310045848 and 19050310046265 ("Fixed Deposits") of the Corporate Debtor with your Bank (along with the interest thereon) aggre ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the "Corporate Debtor", nor it can appropriate any amount towards its own dues." G. Ramachandran Insolvency Professional - (IBBI/IPA-002/IP-N00167/2017-18/10437) R/o, F-10, Syndicate Residency No. 3, Dr. Thomas, First Street, Off South Boag, Road, T. Nagar, Chennai-600017 Email:[email protected] 6. In the light of the aforesaid provisions, the said action of your Bank of debiting the above mentioned amount from the Fixed Deposit of the Corporate Debtor (without the approval of the RP) tantamount to appropriation of amount towards its dues during the period of moratorium, and is strictly in contraventions to the provisions of the Code. 7. We therefore, hereby call upon you to release payment INR 2,27,9 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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