Seeking direction against the Appellant Banks and Financial ...

Banks Must Reimburse Funds Taken Post-Insolvency Start; Violates Section 14 of Insolvency and Bankruptcy Code.

May 29, 2021

Case Laws     Insolvency and Bankruptcy     AT

Seeking direction against the Appellant Banks and Financial Institutions to reimburse all the amounts appropriated by them after the Insolvency Commencement Date - Adjusting of the ‘Claims’ by the Appellant Banks during the CIRP out of the funds of the ‘Corporate Debtor’ results in unjust enrichment of the Banks and further, crediting amounts towards non-fund and fund based accounts during the moratorium period is against the provisions of Section 14 of the Code. - AT

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