2018 (4) TMI 1849

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....18 passed by Adjudicating Authority (National Company Law Tribunal) Principal Bench, New Delhi relevant portion of which reads as follows:   "We also place reliance on para 5 of the judgement dated 15.11.2017 of Hon'ble National Company Appellate Tribunal rendered in the case of Indian Overseas Bank Vs Mr. Dinkar T. Venkatsubramaniam Resolution Professional for Amtek Auto Ltd., which is reproduced below:  "Having heard learned counsel for the Appellant, we do not accept the submissions made on behalf of the Appellant in view of the fact that after admission of an application under Section 7 of the 'I&B Code', once moratorium has been declared it is not open to any person including 'Financial Creditors' and the appellant bank t....

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....17.   The Resolution Professional shall be liberty to operate the account as per the provisions of the Insolvency and Bankruptcy Code and non-applicant shall defreeze the account immediately.   The application stands disposed of."   62. On 21st March, 2018 when the matter was heard the following observation was made by this Appellate Tribunal:   "O R D E R 21.03.2018─ Prima facie, we are of the view that the appellant cannot debit any amount from the 'Corporate Debtor's account' after the order of moratorium, as it may amount to recovery amount in spite of the order of moratorium passed by the Adjudicating Authority in violation of Section 14 of the Insolvency and Bankruptcy Code.   However, it may be ....