2017 (12) TMI 1035

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....iation of 'Corporate Insolvency Resolution Process' against M/s. Amtek Auto Ltd ('Corporate Debtor'). The application was admitted on 24th July, 2017, order of moratorium was passed and 'Interim Resolution Professional' was appointed on 27th July, 2017. While declaring moratorium, the following order was passed by the Adjudicating Authority (National Company Law Tribunal) Chandigarh Bench, Chandigarh in terms of Section 14(1) of the 'I&B Code', as under: - "(a) the institution of suits or continuation of pending suits or proceedings against the corporate debtor including execution of any judgment, decree or order in any court of law, Tribunal, arbitration panel or other authority; (b) transferring, encumbering, alienating ....

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....account of the 'Corporate Debtor' maintained with the Corporation Bank and cheque No. 870093 dated 1st September, 2017 was also enclosed with the said letter. 3. It appears that in spite of reminder to the Appellant-'Indian Overseas Bank' amount having not been transferred, notice was given to the Appellant-Indian Overseas Bank'. The Appellant opposed the application and stated that the amount available in the current account of the 'Corporate Debtor' at Hosur Branch is neither a security interest nor an asset of the 'Corporate Debtor' and therefore, it is not liable to release the amount to the 'Corporate Debtor' and the amount available in the said current amount is to be appropriated towards the dues payable to the Appellant-Indian Ov....