https://www.taxtmi.com/caselaws?id=399507 The Supreme Court, upholding decisions by lower courts, directed multiple banks to reverse specific amounts credited during the Corporate Insolvency Resolution Process. The Resolution Professional's application to reverse bank appropriations of receivables was successful, with the Adjudicating Authority ordering Central Bank of India, Syndicate Bank, Bank of India, and State Bank of India to reconcile outstanding balances and reverse due amounts within five weeks. The banks' actions during the CIRP were scrutinized, emphasizing the need for proper appropriation of funds towards the loan accounts of the Corporate Debtor. en-us Mon, 02 Mar 2020 00:00:00 +0530 Sat, 20 Nov 2021 12:23:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=399507 The Supreme Court, upholding decisions by lower courts, directed multiple banks to reverse specific amounts credited during the Corporate Insolvency Resolution Process. The Resolution Professional's application to reverse bank appropriations of receivables was successful, with the Adjudicating Authority ordering Central Bank of India, Syndicate Bank, Bank of India, and State Bank of India to reconcile outstanding balances and reverse due amounts within five weeks. The banks' actions during the CIRP were scrutinized, emphasizing the need for proper appropriation of funds towards the loan accounts of the Corporate Debtor. Case-Laws Insolvency and Bankruptcy Mon, 02 Mar 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=399507