https://www.taxtmi.com/caselaws?id=291049 The Adjudicating Authority directed the bank to deposit the debited amount back into the corporate debtor's account after finding that the bank was not permitted to debit any amount post the moratorium declaration date. The Appellate Tribunal emphasized the prohibition on actions like recovery of security interests during the moratorium period to maintain the resolution process's sanctity. Previous judgments reinforced that banks cannot debit amounts post moratorium, allowing adjustments only after resolution plan approval or rejection. The final decision directed the Resolution Professional to prevent unauthorized withdrawals and maintain accurate books of account for the corporate debtor's ongoing operations. en-us Tue, 24 Jul 2018 00:00:00 +0530 Tue, 27 Oct 2020 10:27:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=291049 The Adjudicating Authority directed the bank to deposit the debited amount back into the corporate debtor's account after finding that the bank was not permitted to debit any amount post the moratorium declaration date. The Appellate Tribunal emphasized the prohibition on actions like recovery of security interests during the moratorium period to maintain the resolution process's sanctity. Previous judgments reinforced that banks cannot debit amounts post moratorium, allowing adjustments only after resolution plan approval or rejection. The final decision directed the Resolution Professional to prevent unauthorized withdrawals and maintain accurate books of account for the corporate debtor's ongoing operations. Case-Laws Insolvency and Bankruptcy Tue, 24 Jul 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=291049