TaxTMI Login
AI Drafter - (New and Powerful) ✕
Generate professional replies, appeals, opinions to Show Cause Notices, assessment orders, audit objections, and other legal communications using TaxTMI's AI Drafter.
Just a moment...
AI Drafter - (New and Powerful) ✕ Generate professional replies, appeals, opinions to Show Cause Notices, assessment orders, audit objections, and other legal communications using TaxTMI's AI Drafter.
Press 'Enter' to add multiple search terms. Rules for Better Search
Use comma for multiple locations.
---------------- For section wise search only -----------------
Accuracy Level ~ 90%
of 
Press 'Enter' after typing page number.
of Press 'Enter' after typing page number.
No Folders have been created
Are you sure you want to delete "My most important" ?
NOTE:
of Press 'Enter' after typing page number.
of Press 'Enter' after typing page number.
All Case Laws
of Press 'Enter' after typing page number.
of Press 'Enter' after typing page number.
All Case Laws
Note
Bookmark
Share
Don't have an account? Register Here
of Press 'Enter' after typing page number.
Issues: Whether the moratorium under the Insolvency and Bankruptcy Code, 2016 barred withdrawal of an amount deposited in court pursuant to earlier security directions, where an unchallenged arbitral award entitled the applicant to that amount.
Analysis: The deposited money was held to be beyond the reach of either party until the Court determined entitlement. Once the arbitral award in favour of the applicant became enforceable and remained unchallenged, the amount no longer retained the character of property of the corporate debtor. The application for withdrawal was also not treated as a suit, proceeding, or execution for recovery of property within the scope of the moratorium provisions. The Court further held that the statutory moratorium could not be extended to cash lying in court merely because insolvency proceedings had commenced against the respondent.
Conclusion: The moratorium did not bar withdrawal of the court-deposited amount, and the application was allowed in favour of the petitioner.
Ratio Decidendi: Money deposited in court pursuant to judicial directions is not the property of either party pending adjudication, and its withdrawal by the party found entitled to it is not barred by the moratorium under Section 14 of the Insolvency and Bankruptcy Code, 2016.
TaxTMI 
