Charitable trust income application permits verified capital expenditure but rejects deferred pre-operative claims and requires reconsideration of con...
Reinsurance premium deductions require established regulatory breaches, while independently acquired software qualifies within the computer depreciati...
Rectification of mistake remains limited to self-evident record errors, preventing merits review through miscellaneous applications and preserving fin...
Tender creditworthiness conditions may extend to de facto Promoter Directors, with post-participation challenges generally barred absent arbitrariness...
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The NCLAT held that the amount of Rs. 1 crore lying in the "No Lien Account" with the Appellant bank belongs to the Corporate Debtor and is an asset of the Corporate Debtor. Once the CIRP was initiated, the IRP/RP was obliged to take control/custody of this amount as per Section 18 of the IBC, 2016. Since the moratorium had commenced upon initiation of CIRP, the bank could not have appropriated this money. Following a previous judgment, the NCLAT found that the Adjudicating Authority rightly held that the said amount is an asset of the Corporate Debtor, and the IRP/RP has rightly claimed the said deposit for utilization in CIRP. Consequently, the NCLAT dismissed the appeal.
The NCLAT held that the amount of Rs. 1 crore lying in the "No Lien Account" with the Appellant bank belongs to the Corporate Debtor and is an asset of the Corporate Debtor. Once the CIRP was initiated, the IRP/RP was obliged to take control/custody of this amount as per Section 18 of the IBC, 2016. Since the moratorium had commenced upon initiation of CIRP, the bank could not have appropriated this money. Following a previous judgment, the NCLAT found that the Adjudicating Authority rightly held that the said amount is an asset of the Corporate Debtor, and the IRP/RP has rightly claimed the said deposit for utilization in CIRP. Consequently, the NCLAT dismissed the appeal.
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