Bank must reverse post-insolvency fund transfers, maintain amounts in separate interest-bearing accounts until final decision.

Bank must reverse post-insolvency fund transfers, maintain amounts in separate interest-bearing accounts until final decision. https://www.taxtmi.com/highlights?id=83192 Order directing reversal of actions taken after the insolvency commencement date (ICD) of 22.02.2023 until 01.06.2023. Respondents opposed interim relief, arguing appropriation of funds violated the moratorium effective 22.02.2023. Held: Notices issued, hearing date fixed; in the interests of justice, Axis Bank and other appellant lenders directed to maintain reversed amounts in separate interest-bearing accounts, protecting the corporate debtor's interests pending final decision. As banks/financial institutions, no apprehension of non-compliance. Interim arrangement safeguards parties' interests. Appeals listed for 03.12.2024 hearing and disposal. en-us Mon, 18 Nov 2024 08:55:03 +0530 Mon, 18 Nov 2024 08:55:03 +0530 TaxTMI RSS Generator Bank must reverse post-insolvency fund transfers, maintain amounts in separate interest-bearing accounts until final decision. https://www.taxtmi.com/highlights?id=83192 Order directing reversal of actions taken after the insolvency commencement date (ICD) of 22.02.2023 until 01.06.2023. Respondents opposed interim relief, arguing appropriation of funds violated the moratorium effective 22.02.2023. Held: Notices issued, hearing date fixed; in the interests of justice, Axis Bank and other appellant lenders directed to maintain reversed amounts in separate interest-bearing accounts, protecting the corporate debtor's interests pending final decision. As banks/financial institutions, no apprehension of non-compliance. Interim arrangement safeguards parties' interests. Appeals listed for 03.12.2024 hearing and disposal. Highlights IBC Mon, 18 Nov 2024 08:55:03 +0530 https://www.taxtmi.com/highlights?id=83192