Corporate insolvency resolution process amended with expanded disclosure, guarantor asset transfer rules, and new dissolution and restoration procedur...
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NCLAT directed release of the fixed deposit maintained with its Registry, together with accrued interest, to the financial creditor after removal of the lien. The Tribunal held that its earlier order had left the treatment of the deposited amount to the Adjudicating Authority's order on the Section 12A settlement application. As the Adjudicating Authority had allowed the settlement, dismissed the insolvency petition as withdrawn, and specifically directed that the Registry-held amount be received by the financial creditor under the settlement agreement, that direction was binding. In the absence of any objection from the original appellant, the application for release was allowed.
NCLAT directed release of the fixed deposit maintained with its Registry, together with accrued interest, to the financial creditor after removal of the lien. The Tribunal held that its earlier order had left the treatment of the deposited amount to the Adjudicating Authority's order on the Section 12A settlement application. As the Adjudicating Authority had allowed the settlement, dismissed the insolvency petition as withdrawn, and specifically directed that the Registry-held amount be received by the financial creditor under the settlement agreement, that direction was binding. In the absence of any objection from the original appellant, the application for release was allowed.
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