https://www.taxtmi.com/caselaws?id=763219 NCLAT dismissed bank's appeal regarding ownership of Rs. 1 crore in No Lien Account. Amount was deposited by corporate debtor for OTS proposal which failed to materialize. Tribunal held that since amount belonged to corporate debtor when CIRP commenced, it became corporate debtor's asset under IRP/RP control per Section 18 IBC. Bank could not appropriate funds due to moratorium. Following precedent, NCLAT confirmed amount rightfully belongs to corporate debtor for CIRP utilization. en-us Fri, 13 Dec 2024 00:00:00 +0530 Sat, 14 Dec 2024 13:49:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=763219 NCLAT dismissed bank's appeal regarding ownership of Rs. 1 crore in No Lien Account. Amount was deposited by corporate debtor for OTS proposal which failed to materialize. Tribunal held that since amount belonged to corporate debtor when CIRP commenced, it became corporate debtor's asset under IRP/RP control per Section 18 IBC. Bank could not appropriate funds due to moratorium. Following precedent, NCLAT confirmed amount rightfully belongs to corporate debtor for CIRP utilization. Case-Laws IBC Fri, 13 Dec 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=763219