https://www.taxtmi.com/caselaws?id=427738 The Tribunal upheld the Adjudicating Authority's decision, ruling that the amount held in the 'no lien account' belonged to the Corporate Debtor. The Bank's claim over the Rs.1 Crore amount, deposited for the OTS Proposal, was dismissed as the money was to be utilized only after plan approval. The Tribunal emphasized that the Bank had no right over the funds once the Corporate Insolvency Resolution Process commenced, citing provisions of the Insolvency and Bankruptcy Code, 2016. The Appeal was rejected, affirming that the money in question was the property of the Corporate Debtor. en-us Thu, 15 Sep 2022 00:00:00 +0530 Fri, 16 Sep 2022 08:13:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=427738 The Tribunal upheld the Adjudicating Authority's decision, ruling that the amount held in the 'no lien account' belonged to the Corporate Debtor. The Bank's claim over the Rs.1 Crore amount, deposited for the OTS Proposal, was dismissed as the money was to be utilized only after plan approval. The Tribunal emphasized that the Bank had no right over the funds once the Corporate Insolvency Resolution Process commenced, citing provisions of the Insolvency and Bankruptcy Code, 2016. The Appeal was rejected, affirming that the money in question was the property of the Corporate Debtor. Case-Laws Insolvency and Bankruptcy Thu, 15 Sep 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=427738