TMI Blog2022 (3) TMI 1486X X X X Extracts X X X X X X X X Extracts X X X X ..... the Consortium, in a disadvantageous position and especially in the event of any distribution of assets in accordance with Section 53 of IBC, 2016. The said Claim Refund from the Department of Railway's is not in the normal course of business of the Corporate Debtor. The 2nd and 3rd Respondent have been made to be mere spectators of the unauthorized transaction entered on 19.12.2018 by the 1st Respondent. In view of the undisputed fact, the R1 was chosen not to respond to the notice sent through this Tribunal and remained ex-parte. Application allowed. - IBA/243/2019, IA/481/IB/2020, IA/512/IB/2020, IA/1053/IB/2020 and IA/1341/IB/2020 - - - Dated:- 3-3-2022 - R. Sudhakar, J. (President) And Anil Kumar B., Member (T) For ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y difficulty is in the said premises, there are other companies, certain furniture and fixtures which need to be removed. He has informed the Managing Director of Thiru Arooran Sugars Limited Mr. Ramji Thyagarajan that an Advocate Commissioner shall ensure the removal of the goods and hand over the possession. 10. Ld. Counsel Mr. B. Dhanaraj appearing for the Liquidator (Mr. Sadasivam Ramakrishnan) states that the premises should be handed over to the Landlord/Applicant and the companies which are functioning there should remove their all articles including any records so as to enable the Applicant/Landlord to take possession of the property. In this regard, it was suggested by the both the parties that one Advocate Commissioner can be a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ayed for. 8. That in the year 2018, the Consortium of Banks had declared both the loan and Cash Credit accounts of the Corporate Debtor as Non-Performing Assets (NPA). However, the 1st Respondent Bank alone did not classify the CC account as NPA till the month of December, 2018. On 19.12.2018, the Corporate Debtor had received a Claim Refund of Rs. 11,30,40,034/- (Rupees Eleven Crores Thirty Lakhs Forty Thousand and Thirty Four only) from the Railway Department, into the Cash Credit Account of the Corporate Debtor (No. 06045100000134), as directed by the Hon'ble High Court of Madras in its Order dated 28.03.2018 passed in C.M.A. No. 2222 of 2014. Copy of the Order of the Hon'ble High Court of Madras in C.M.A. No. 2222 of 2014 d ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 11,15,00,000.00 11,28,45,205.20 11,28,45,205.20 10. That it is pertinent to point out that when the Consortium of Banks declared the accounts of the Corporate Debtor as NPA, any amounts received into the accounts of the Corporate Debtor should have been for the common benefit of all the Consortium Members. However, without an approval from the Lenders' Agent representing the Consortium of Banks and without obtaining Debit Instructions, the suo moto adjustment of the Refund amounts by the 1st Respondent Bank has the effect of putting other Banks in the Consortium, in a disadvantageous position and especially in the event of any distribution of a ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
