TaxTMI 
TaxTMI 
2019 (8) TMI 1306
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....bitration and Conciliation Act, 1996 ('Act') filed by the present Appellant. 2. The background to the present appeal is that an Award dated 29th April, 2013 was passed in favour of the Appellant and against the Respondent/ Videocon Industries Limited (VIL). That Award was challenged by VIL before the learned Single Judge by filing O.M.P. No.665/2013 under Section 34 of the Act. During the pendency of the said petition, the following order was passed by the learned Single Judge on 13th November, 2013: "Mr. Sethi, learned senior counsel for Videocon Industries Ltd. (VIL), says that for the moment, VIL will be able to furnish a bank guarantee in the sum of Rs. 20 crores. He says that the bank guarantee will be furnished within two ....
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....nvoke the bank guarantee issued by Allahabad Bank Industrial Finance Branch) Mumbai bearing no. 0156113IFG000104 for a sum of Rs. 20 crores. The said amount be credited with the Registrar General's account within 10 days. The amount shall be kept in an interest earning fixed deposit initially for a period of six months on an automatic renewal mode. 4. With the above directions, I.A. is disposed of List before the Registrar General for issuing the invocation of the bank guarantee and appropriate orders on 21st August 2018." 4. Subsequently, on 7th February, 2019 the learned Single Judge dismissed OMP No. 665/2013, affirming the Award dated 1st March, 2013 (as corrected on 29th April, 2013). By a separate order on the same dat....
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....ate, the Adjudicating Authority shall by order declare moratorium for prohibiting all of the following, namely: (a) the institution of suits or continuation of pending suits or proceedings against the corporate debtor including execution of any judgement, decree or order in any court of law, tribunal, arbitration panel or other authority; (b) transferring, encumbering, alienating or disposing off by the corporate debtor any of its assets or any legal right or beneficial interest therein; (c) any action to foreclose, recover or enforce any security interest created by the corporate debtor in respect of its property including any action under the Securitisation and Reconstruction of Financial Assets and Enforcement ....
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.... to the orders of the NCLT, Mumbai in the insolvency proceedings involving VIL. Mr. Datta has also referred to the judgment of the Supreme Court of India in State Bank of India v. V. Ramakrishnan AIR 2018 SC 3876, where the background to the introduction to the above amendment to the IBC was discussed. 8. This Court is unable to accept the above submission concerning the applicability of Section 14 (3) (b) of the IBC as amended, to the facts of the present case. The BG in question was encashed on 16th August, 2018 and the amount as a result of such encashment was kept as Fixed Deposit in the name of the Registrar General of this Court, so that it could earn interest. After that day and definitely on the date of passing of the impugned or....