https://www.taxtmi.com/caselaws?id=406812 Once moratorium under the Insolvency and Bankruptcy Code commenced, the corporate debtor's assets, including bank balances, came under the control of the resolution professional and could not be dealt with in a manner inconsistent with Section 14. The Court held that an order under Section 482 CrPC could not permit lifting of lien or operation of bank accounts where the disputed transfer had occurred after commencement of insolvency proceedings. It further held that the respondent could not operate its account without first restoring the transferred amount to the corporate debtor, while leaving any civil or other claims to be pursued in the appropriate forum. The interim relief was modified accordingly. en-us Thu, 22 Apr 2021 00:00:00 +0530 Tue, 16 Nov 2021 13:10:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=406812 Once moratorium under the Insolvency and Bankruptcy Code commenced, the corporate debtor's assets, including bank balances, came under the control of the resolution professional and could not be dealt with in a manner inconsistent with Section 14. The Court held that an order under Section 482 CrPC could not permit lifting of lien or operation of bank accounts where the disputed transfer had occurred after commencement of insolvency proceedings. It further held that the respondent could not operate its account without first restoring the transferred amount to the corporate debtor, while leaving any civil or other claims to be pursued in the appropriate forum. The interim relief was modified accordingly. Case-Laws Insolvency and Bankruptcy Thu, 22 Apr 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=406812