Right of bank to claim priority on redemption of FD - CIRP ...
Insolvency and Bankruptcy
January 8, 2022
Right of bank to claim priority on redemption of FD - CIRP proceedings under process - Fixed Deposits were never charged to the Appellant neither originally as “Charged Assets” nor subsequently as “Additional Security”, hence the Bank has no right over these Fixed Deposits even when loan is recalled by the Bank. No such charge was registered by the Corporate Debtor or even by the Appellant in terms of Section 77 of the Companies Act, 2013. - AT
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