https://www.taxtmi.com/caselaws?id=311365 Fixed deposit holders were treated as financial creditors within the insolvency framework, and the approved resolution plan was examined against sections 30(2) and 31(1) of the Insolvency and Bankruptcy Code, 2016. The Tribunal held that the National Housing Bank Act, 1987 and the Reserve Bank of India Act, 1934 did not create an enforceable right to full repayment in CIRP, and that section 238 of the Code prevailed over inconsistent provisions in those statutes. It also held that repayment of matured fixed deposits during CIRP was not in the ordinary course of business and could amount to preferential treatment, while lending and investment activity could continue under the approved insolvency process. en-us Thu, 27 Jan 2022 00:00:00 +0530 Thu, 21 Dec 2023 21:01:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=311365 Fixed deposit holders were treated as financial creditors within the insolvency framework, and the approved resolution plan was examined against sections 30(2) and 31(1) of the Insolvency and Bankruptcy Code, 2016. The Tribunal held that the National Housing Bank Act, 1987 and the Reserve Bank of India Act, 1934 did not create an enforceable right to full repayment in CIRP, and that section 238 of the Code prevailed over inconsistent provisions in those statutes. It also held that repayment of matured fixed deposits during CIRP was not in the ordinary course of business and could amount to preferential treatment, while lending and investment activity could continue under the approved insolvency process. Case-Laws Insolvency and Bankruptcy Thu, 27 Jan 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=311365