TMI Blog2019 (2) TMI 1887X X X X Extracts X X X X X X X X Extracts X X X X ..... covers the same security as claimed by the bank. The financial creditor being the sole member of the COC though passing resolution by 100% for any of the agenda cannot be permitted to transgress the provisions of law. Bank is directed not to adjust the FDR in the claim after discharge of bank guarantee and transfer the said amount of FDR to lie in the bank account of corporate debtor for the purpose of continuing the CIRP - Application allowed. - CA.NO. 169/2018 (IB)-275(ND)2018 - - - Dated:- 22-2-2019 - Dr. Deepti Mukesh, Member (Judicial) ORDER Present application is filed by the RP of M/s. Mansfield Cable Company Ltd. with following prayer: In view of abovesaid facts and circumstances, it is prayed most respectfully to th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nt which is lying with the respondent as margin money for bank guarantee/LC and further confirmed that there was an error while filing the claim in form C before IRP. The IRP thereafter suggested that amount of FDR should be mentioned in the mutual credit and set off but the same was not done by the respondent and hence he shall file revised claimed. Thereafter the respondent filed a revised claim with RP on 5.11.2018 amounting to ₹ 26,80,43,240.69 without adjusting the amount of two FDRs amounting to ₹ 50,58,192/- in the total amount of said claim, although the respondent has mentioned the same amount in mutual credit. In the 5th meeting of COC held on 12.11.2018, the RP pointed out that respondent in its total claim has again ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he recovery of any property by an owner or lessor where such property is occupied by or in the possession of the corporate debtor. 5. The RP further raised an issue with financial creditor, Allahabad Bank who had given bank guarantee against FDR- cum-current account of corporate debtor, how can an adjustment of FDR in the discharge of bank guarantee be invoked after the initiation of CIRP and during moratorium period. 6. The respondent herein filed the reply stating that the corporate debtor is availing financial facilities from the bank which reflect as on date as follows till the initiation of CIRP on 15.05.2018.: i. Cash credit limit ₹ 20.00 crores ii. Bills remitted/inland bills discounted (sublimit of CC) ₹ 3.00 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tment of FDR explaining that such adjustment is prima facie is impermissible and prohibited under Section 14 of the Insolvency and Bankruptcy Code. Following the instructions of IRP the adjustment of FDR was reversed by the bank and the same was placed in FDR account, once again. 10. The bank further states that in 4th COC meeting held on 17.10.2018 the bank again revised the claim on 05.11.2018 and filed the claim in Form C to the tune of ₹ 26,80,432.41. Again, in the COC meeting when the resolution professional objected to the same adjustment in the Form C dated 14.11.2018 reflecting the amount of ₹ 26,29,85,049/- was accepted by the RP. The bank further states that RP had taken legal opinion and referred to Section 14 of I ..... X X X X Extracts X X X X X X X X Extracts X X X X
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