TMI Blog2020 (2) TMI 1495X X X X Extracts X X X X X X X X Extracts X X X X ..... uthority - appeal dismissed. - Company Appeal(AT)(Insolvency) No. 635 of 2019 - - - Dated:- 20-2-2020 - A.I.S. Cheema, Anant Bijay Singh And Kanthi Narahari, JJ. For Appellant: Mr. Raunak Dhillon, Ms. Ananya Dhar Choudhury, and Mr. Parikalp Gupta, Advocates For Respondent: Mr. Kirat Singh Nagra and Mr. Satendra K. Rai, Advocate. ORDER This Appeal has been filed by Bank of Baroda being aggrieved by the Impugned Order passed in I.A. No. 303 of 2018 in CP(IB) No. 53 of 2017 which relates to Corporate Insolvency Resolution Process (in short CIRP ) proceeding pending against ABG Shipyard Ltd. 2. Respondent had filed the said application before the Adjudicating Authority and after hearing the parties, the Adjudicating ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as stated by the Respondent Bank vide their email dated 19.07.2018 that the aforesaid FDs were terminated and appropriated by the Bank on 02.08.2017 towards loan liability. 5.5.4 it is stated by the Applicant that Respondent Bank was aware of the proceedings initiated by the ICICI Bank, the Financial Creditor against the Company, the Corporate Debtor and the Respondent Bank has also confirmed that as on 01.08.2017, an amount of ₹ 9.64 crores were kept as margin money and that the Respondent Bank would not be able to adjust the same if the application filed by ICICI bank is accepted by NCLT without the consent of the IRP/CoC. 5.5.5 It is further submitted by the Applicant that pursuant to the declaration of the moratorium, the le ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eposit till the actual date of the reversal/roll back into the TRA account of the Corporate Debtor Company maintained with ICICI bank. 5.5.8 Accordingly, the IA filed by the Resolution Professional under Section 60(5) read with Section 14 74 of the IBC is allowed. 3. Learned Counsel for the Appellant is submitting that the Bank had an Agreement with the Corporate Debtor (Annexure-2, Page-74) and in view of the Agreement, which is Master Restructuring Agreement , the Bank had issued Bank Guarantees in favour of the Corporate Debtor assuring other parties. The three FDs, which are relevant for the present matter, had been issued and when a Bank Guarantee got invoked by third party on 17.06.2017 the Bank was required to honour t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 01.08.2017, a copy of which is at page 54 of the Reply. Learned Counsel is demonstrating that this document shows that on 01.08.2017, the Bank was aware regarding initiation of CIRP and even noted that in the event of Application filed by ICICI being accepted by NCLT, they may not be able to adjust the margin money without the consent of Committee of Creditors/Interim Resolution Professional. It is stated that these documents show that the Bank was aware and still appropriated the money after CIRP was initiated and under Section 14 of IBC, the Bank could not have done so. 6. Considering the submission made by both the sides, looking into the documents and keeping in view the reasons recorded by the Adjudicating Authority, it does appear ..... X X X X Extracts X X X X X X X X Extracts X X X X
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