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NCLT Orders Refund in Compliance with SC Directive The NCLT, Guwahati Bench, directed the Respondent to refund Rs. 32.50 lakhs to the Corporate Debtor's account within 7 days as per SC orders. The SC ...
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NCLT Orders Refund in Compliance with SC Directive
The NCLT, Guwahati Bench, directed the Respondent to refund Rs. 32.50 lakhs to the Corporate Debtor's account within 7 days as per SC orders. The SC allowed the Respondent to operate its account upon remitting the amount. The Respondent, an MSME unit, faced difficulty as their funds were held by ICICI Bank due to a lien by the RP. NCLT directed the bank to remit the funds immediately, allowing the Respondent to operate the account. Further compliance and reporting obligations were imposed on the Respondent and RP, with the matter listed for further hearing.
Issues: Application for direction to refund amount, Compliance with Supreme Court orders, Operation of account, Remittance of funds by bank, Compliance report filing
In this judgment by the National Company Law Tribunal, Guwahati Bench, the Resolution Professional filed an application seeking a direction for the Respondent to refund an amount of Rs. 32.50 lakhs to the Corporate Debtor's account within 7 days, as per the Orders of the Hon'ble Supreme Court. The Supreme Court directed the NCLT to pass appropriate directions and allowed the Respondent to operate its account upon remitting the said amount into the Corporate Debtor's account. The Respondent, an MSME unit, expressed willingness to comply but faced difficulty as their funds were held by the ICICI Bank due to a lien by the RP. The Respondent requested the bank to remit the amount to the CD's account and sought assurance that the funds would not be utilized until related pending matters were resolved. The NCLT directed the bank to remit the funds immediately, allowing the Respondent to operate the account post remittance. The Respondent was instructed to send a compliance report to the bank and file an affidavit by a specified date. The RP was directed not to use the funds until further instructions due to ongoing proceedings. The matter was listed for further hearing on a specified date.
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