2019 (8) TMI 875

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....on Process' against 'Moser Baer India Limited' (Corporate Debtor) an application was filed by the 'Resolution Professional' for direction to the Appellant - 'Oriental Bank of Commerce' to prematurely cancel the Fixed Deposit Receipt Nos. 06193031032707, 06193031032714, 06193031032721, 06193021014928 and 06193031032691 lying with it in the name of the 'Corporate Debtor' and transfer the proceeds of the 'Fixed Deposit Receipts' into the account known as the Trust and Retention Account with the 'Central Bank of India'. 2. The 'Oriental bank of Commerce' also filed an application to consider it as a 'Financial Creditor' as guarantee given by the 'Corporate Debtor' having invoked by it. 3. The Adjudicating Authority (National Company Law T....

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....ccordance with the provisions of Regulation 13 of the Insolvency and Bankruptcy Board of India (Corporate Resolution Process for Corporate Persons) Regulations, 2016 the Interim Resolution Professional/ Resolution Professional has to verify every claim as on the insolvency commencement date. Therefore, as per the books of account, on 14.11.2017 the amount in Fixed Deposits stood in the name of the Corporate Debtor. Any withdrawal from the account/FDR by appropriation by OBC has to be regarded as violative of Regulation 19 also. In the absence of such a bar, it will not be possible for the Resolution Professional to verify the claim and the object of moratorium as contemplated under Section 14(1) (c) would stand defeated. The Appellate Tribu....

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....'Non-Performing Asset (NPA) on 31st March, 2013 and by Demand Notices dated 22nd July 2014 and 1st December, 2015 the amount was recalled by the Appellant from the principal borrower. A copy of the said notice was sent to the 'Corporate Debtor' to which 'Corporate Debtor' replied by letter dated 24th December, 2015 accepting its indebtedness towards the Appellant. Thereafter, the 'Corporate Insolvency Resolution Process' was initiated against the 'Moser Baer India Limited' (Corporate Debtor). Pursuant to the invocation aforesaid, the Appellant Bank sent notice dated 30th November, 2017 subject to encashment of the FDRs to the 'Corporate Debtor' with a copy to the 'Resolution Professional' and pursuant to the commencement of the 'CIRP', the ....