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TMI Blog2018 (6) TMI 1750X X X X Extracts X X X X X X X X Extracts X X X X ..... iled by the Interim Resolution Professional (IRP) stating that since ICICI Bank debited an amount of Rs. 12.41 crores on Rs. 6.12.2017, Rs. 28.56 crores on 18.12.2017 and Rs. 6,77,98,120.55 on 26.12.2017 aggregating to 147.7Scrores from the current account of the Corporate Debtor subsequent to declaration of moratorium on 15.12.2017, this Applicant/IRP has sought relief to direct ICICI Bank to reverse the amounts that have been debited by ICICI bank after 15.12.2017 from the current account of the Corporate Debtor and transfer the same to current account bearing No.004105013333 of the Corporate Debtor maintained with ICICI 2. The sum and substance of this Application is for this Bench passed an order admitting CP 1371/2017 filed by DBS Ban ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 1)(b) of the IBC prohibiting transferring, encumbering, alienating or disposing of the assets or any legal rights or beneficial interest by the Corporate Debtor. He says, as to the asset of the Corporate Debtor, since the Corporate Debtor has been explicitly debarred from dealing with the asset of it in any manner as stated u/s 14 (1)(b) of IBC, it makes no difference as to whether the transfer has been made by the Corporate Debtor or by somebody else when the current account of the Corporate Debtor is construed as the asset of the Corporate Debtor, in view of the same, the Counsel of the applicant has sought for the reversal of the impugned transaction. 4. To which reply of ICICI is, it has already provided various loan facilities includi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... party from his account, to which the counsel has admitted if such an instrument has come from the Corporate Debtor, it has to be paid as directed by the Corporate Debtor from its current account' 7. Another argument strongly relied upon by the counsel of ICICI is section 14 is a prohibiting section debarring the rights of many people against the assets of the Corporate Debtor, this prohibition has to be read plainly and to be executed as stated in the section but not to give any liberal construction to the section so as to read something into the section in the name of giving meaningful interpretation. He says on careful reading of section 14(1)(b), it is evident that the Corporate Debtor alone is prohibited from dealing with the asse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... IRP is to be treated as mandate of prohibition u/s 1a(1)(b) of the Code. 10. In view thereof, the only point to be seen is what rights are conferred upon with the party in respect to the monies lying in the bank account of a person. For this, if characteristics of ownership is read into the given situation, since right of disposal is the basic characteristic of ownership, as long as monies are at the disposal of a person, such person has to be treated as a person having right of disposal over the given monies. 11. If the same analogy is applied here saying that the corporate debtor is treated as debtor, the creditor will have right of recovery, not right of disposal over the monies lying in its current account. The right of the creditor ..... X X X X Extracts X X X X X X X X Extracts X X X X
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