TMI Blog2021 (6) TMI 650X X X X Extracts X X X X X X X X Extracts X X X X ..... Shreesha Merla] Member (Technical) For the Appellant : Mr. Sumesh Dhawan and Ms. Vatsala Kak, Advocates. For the Respondent : Mr. V. Venkata Sivakumar, RP. JUDGMENT Justice Anant Bijay Singh, The instant Appeal has been filed by the Appellant Punjab National Bank one of the Financial Creditor aggrieved and dissatisfied by the order dated 29.05.2020 in MA/136/2020 in IBA/307/IB/2019 passed by National Company Law Tribunal, Special Bench, Chennai whereby and where under the Application filed on behalf of the Corporate Debtor Respondent (herein) was allowed and the Appellant Punjab National Bank which is holding voting share of 0.58% in the Committee of Creditors (for short CoC) was directed to credit to th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ile, the State bank of India filed an Application being IBA/307/2019 under Section 7 of the Insolvency and Bankruptcy Code (for short IBC) to initiate CIRP against the Corporate Debtor. The Adjudicating Authority vide its order dated 22.05.2019 initiated CIRP against the Corporate Debtor and appointed one Mr. Motappa Thimmaraya Swamy as Interim Resolution Professional (for short IRP). e) Further case is that the due date of the LCs was informed by the Appellant to the IRP namely Mr. Motappa Thimmaraya Swamy and the IRP vide several emails dated 29.05.2019, 31.05.2019, 15.06.2019 and 17.06.2019 categorically permitted to the Appellant to keep the Corporate Debtor as a going concern. The copy of the aforesaid emails is annexed as Annexure- ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed in Company Appeal (AT) (Insolvency) No. 610 of 2019, insisted on the refund of aforesaid ₹ 17,95,04,271.79 by the Appellant. k) Further case is that on 28.01.2020 the RP/Respondent sent an email to the Appellant seeking refund of the aforesaid amount wrongly recovered from the Corporate Debtor. l) Further case is that the Respondent had filed an Application against the Appellant under Section 60(5) of the IBC bearing MA/136/2020 for seeking directions to reverse the amount of ₹ 17,95,04,271.79 lying with the Appellant and also to remit the balance in the account of the Corporate Debtor. m) The Ld. Adjudicating Authority after hearing the parties allowed the Application filed by the RP/Respondent (herein) under order ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... commencement of CIRP i.e. 22.05.2019 and one LC of ₹ 2,38,46,467 was issued after the initiation of CIRP and the Appellant had made the LCs payment on the request of erstwhile IRP. 8. It is further submitted that the erstwhile IRP vide his emails dated 29.05.2019, 31.05.2019,15.06.2019 and 17.06.2019 had approved the further payments of the LCs and accordingly payment of devolved LCs was made by debiting cash credit account of the Corporate Debtor in order to keep it as a going concern. 9. It is further submitted that the Ld. Adjudicating Authority have not considered the facts in his true perspective. In view of the aforesaid facts and circumstances the impugned order cannot be sustained and the Appeal be allowed. The impugned ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is further submitted that there is no illegality in the impugned order passed by the Ld. Adjudicating Authority, there is no merit in the Appeal. The Appeal is to be dismissed. FINDING 16. After hearing the Learned Counsel for the parties and perused the records of the case, considered the arguments advanced on behalf of the parties and gone through the written submissions filed on behalf of Appellant and Respondent. We are of the view that the 4th meeting of CoC was held on 07.01.2020. The copy of the minutes of the 4th meeting of the CoC as Annexure-6 (at page 74 to 76 of the Appeal Paper Book) agenda item No. 11 reads as under; xi. Transferring balance wrongly recovered by PNB during Moratorium RP pointed that ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y the Appellant. Hence leading the Respondent RP of Corporate Debtor Bhatia Cock and Energy Limited to file M.A. No. 136 of 2020 before the NCLT, Special Bench, Chennai which directed the Appellant (herein) to deposit the amount of ₹ 17,95,04,271.79 to the Corporate Debtor Account. The appellant is one of the Financial Creditor having voting share of 0.58% in the CoC. The members of the SBI (Consortium of Banks) having voting share of 32.59%. The Appellant is only on the instruction with the prior approval of the IRP namely Mr. Motappa Thimmaraya Swamy, payment of LCs was made by debiting the Cash Credit Account. From the perusal of the record it appears that the IRP namely Mr. Motappa Thimmaraya Swamy was ..... X X X X Extracts X X X X X X X X Extracts X X X X
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