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The NCLAT held that the interim stay on the admission order under Section 7 did not quash but kept it in abeyance, maintaining the moratorium's nature and proceedings in rem. The application by ARCIL seeking reversal of amounts withdrawn by lenders during the stay was not barred by res judicata, issue estoppel, or merger, as these principles did not apply to the unadjudicated withdrawal issue. On the principle of restitution, lenders who withdrew over Rs.143 crore during the interim period were directed to restore the funds to the corporate debtor's account. The IRP's application to redefine the insolvency commencement date was rightly rejected, as the IRP failed to act in the corporate debtor's interest. The Adjudicating Authority's refusal to grant interest on the refunded amount was upheld, given the current account nature and contractual rights of the lenders. All appeals were dismissed for lack of merit.
The NCLAT held that the interim stay on the admission order under Section 7 did not quash but kept it in abeyance, maintaining the moratorium's nature and proceedings in rem. The application by ARCIL seeking reversal of amounts withdrawn by lenders during the stay was not barred by res judicata, issue estoppel, or merger, as these principles did not apply to the unadjudicated withdrawal issue. On the principle of restitution, lenders who withdrew over Rs.143 crore during the interim period were directed to restore the funds to the corporate debtor's account. The IRP's application to redefine the insolvency commencement date was rightly rejected, as the IRP failed to act in the corporate debtor's interest. The Adjudicating Authority's refusal to grant interest on the refunded amount was upheld, given the current account nature and contractual rights of the lenders. All appeals were dismissed for lack of merit.
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