https://www.taxtmi.com/caselaws?id=458776 The Bombay HC held that moratorium under the Insolvency and Bankruptcy Code did not bar withdrawal of money deposited in court under earlier security directions. The deposited amount remained outside the property of either party until entitlement was determined, and once the arbitral award in favour of the applicant became enforceable and remained unchallenged, the amount could no longer be treated as property of the corporate debtor. The withdrawal application was also not a suit, proceeding, or execution for recovery of property within the moratorium provisions. Accordingly, the court-deposited amount could be withdrawn by the entitled party despite insolvency proceedings against the respondent. en-us Tue, 21 Jan 2020 00:00:00 +0530 Fri, 15 Nov 2024 18:59:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=458776 The Bombay HC held that moratorium under the Insolvency and Bankruptcy Code did not bar withdrawal of money deposited in court under earlier security directions. The deposited amount remained outside the property of either party until entitlement was determined, and once the arbitral award in favour of the applicant became enforceable and remained unchallenged, the amount could no longer be treated as property of the corporate debtor. The withdrawal application was also not a suit, proceeding, or execution for recovery of property within the moratorium provisions. Accordingly, the court-deposited amount could be withdrawn by the entitled party despite insolvency proceedings against the respondent. Case-Laws Indian Laws Tue, 21 Jan 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=458776