TMI Blog2019 (1) TMI 1824X X X X Extracts X X X X X X X X Extracts X X X X ..... the said one bank account is the need of the hour. Due to this reason, this Bench of NCLT, Mumbai is hereby expressing a view that an order be passed by the Hon ble Competent Authority to de-freeze the said account so that the appointed IRP can continue with the insolvency proceedings. One of the requirements of the Insolvency Bankruptcy Code, 2016, as per the preamble, is to maximise the value ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... c No. 1952320006245 HDFC Bank, Karnal, Haryana Dunar Foods Ltd. 2. In the interest of the completion of CIRP this Bench is of the view that the Ld. Competent authority be pleased to release the HDFC Bank, Karnal, Haryana and pass necessary order with a copy to this Bench. 3. The above decision is taken due to the reason that the aforesaid action b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ined with HDFC Bank, Karnal be de-freezed. 4. As far as the decision of the Hon ble NCLAT pronounced in the case of Shah Brothers Ispat Pvt. Ltd. v. P. Mohanraj Ors. (Company Appeal (AT) (Insolvency) No. 306 of 2018) dated 31.07.2018 is concerned, there is no question of disagreement with the findings that no criminal proceeding is covered u/s 14 ( commencement of Moratorium ) of I B Code. Ho ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lue of assets and reorganize the business of the Debtor Company. To accomplish this requirement of law, operation of a bank account of the Debtor Company is needed. 5. To this extent, MA 1372/2018 is allowed. 6. Ld. RP shall place on record the latest position and progress of the Resolution Plan received so far. Matter is listed for 01.03.2019. - - TaxTMI - TMITax - Insolvency & Bankrup ..... X X X X Extracts X X X X X X X X Extracts X X X X
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