2021 (6) TMI 736

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....Mal Branch; IA No. 158/KB/2021 has been filed against HDFC Bank, BBD Bag Branch, and IA No. 361/KB/2021 has been filed concerning amount deposited with HDFC Bank in IA No. 158/KB/2021. 3. On an application filed by Sangita Fiscal Private Limited, Navnita Tradefin Private Limited, Sudhir Credit Private Limited and Ruchi Trades & Holdings Private Limited, the Financial Creditors, against Duncans Industries Limited, the Corporate Debtor in underlying Company Petition bearing CP (IB) No. 184/KB/2018 under section 7 of the Code, this Adjudicating Authority had admitted the Corporate Debtor into Corporate Insolvency Resolution Process (CIRP) on 05.03.2020. 4. Mr. Ram Ratan Modi, the then Interim Resolution Professional of the Corporate Debtor, made a public announcement - Pages 16 & 17 of IA No. 1475/KB/2020, Pages 18 & 19 of IA No. 158/KB/2021, Pages 15 & 16 of IA No. 361/KB/2021 in Financial Express (English) and Duranta Barta (Bengali) of Kolkata editions of newspapers on 11.03.2020 intimating that the CIRP against the said Corporate Debtor had been initiated. 5. The Applicant-RP intimated the Respondents in all the three applications regarding the initiation of CIRP against ....

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....e Corporate Debtor had accepted deposits from the general public during its business. In 2012-2013, under the scheme approved by the Board of Industrial and Financial Reconstruction (BIFR) on 16.01.2012, the Corporate Debtor was directed to pay Rs. 66.07 crore to the extent of 85% of the principal amount of fixed deposits towards a full and final settlement of all the dues of fixed deposit holders. Unclaimed sums of Rs. 6,11,72,126.00 (Rupees six crore eleven lakh seventy-two thousand one hundred and twenty-six only) and Rs. 1,66,045.87 (Rupees one lakh sixty-six thousand forty-five and eighty-seven paise only) in fixed deposits are still lying in Account Nos. 00082220000233 and 00142220000493, maintained by the Respondent. 12. The RP has requested the Registrar and Transfer Agent of the Corporate Debtor to provide information about the holders of the aforesaid two fixed deposits, however, it did not provide any information to the RP. The RP even requested the bank to provide the detail of the holder, however, the bank only informed the RP of the amount that was deposited in the accounts and stated that the details of the account holder was not available with them. 13. On 28.....

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....is amount to any fixed deposit holder during the period of CIRP. Therefore, the RP wants to use the said amount for the benefit of creditors of the Corporate Debtor and towards the smooth functioning of the CIRP. 18. Through this application, the RP prays as follows: a. To allow the Applicant to use the amount of Rs. 6,11,72,126.00 (Rupees six crore eleven lakh seventy-two thousand one hundred and twenty-six only) as available in the current account of the Corporate Debtor with HDFC Bank for the benefit of the Creditors and for the smooth functioning of CIRP; b. To direct the Respondent to remove the lien on the said account for the purpose of allowing the Resolution Professional to use the said amount as per the directions of this Tribunal." 19. Since the prayers IA No. 1475/KB/2020 and IA No. 158/KB/2021 are similar and the prayers in IA No. 158/KB/2021 and IA No. 361/KB/2021 are interconnected, the four applications have been heard and taken up for disposal together. 20. We have heard the learned counsel appearing on both sides and have gone through the records. 21. The Corporate Debtor has several accounts with Respondents in IA No. 1475/KB/2020 an....

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....ll the bankers of the corporate debtor are hereby restrained from giving effect to any lien or attachment order issued by any authority without leave of this Adjudicating Authority, for the duration of the CIRP of the corporate debtor. Any existing lien, attachment or restraint order of any kind issued by any authority, shall be considered to have been removed and the balance at credit shall be available in full to the Resolution Professional to carry out his duties during the course of the CIRP. 28. We direct so in view of the decision of the Hon'ble NCLAT in Director ate of Enforcement v. Sh. Manoj Kumar Agarwal & others, judgment delivered on 09.04.2021 that any hindrance created by the attachment or taking over of the possession of property would be a question of priority arising out of or in relation to the CIRP or liquidation proceedings which can be decided under section 60(5)(c) of IBC (para 61 of the judgment). 29. We extend the applicability of the directions contained in this order to all the accounts that may be discovered by the RP in future, in the present company petition, that might have been attached or on which lien might have been created by any of the ....

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....t 1,27,818 No lien (Sachandi) Account (2594) 13 Shuklaganj 00000010651653046 Current 1,927.11 No lien (3909) Account 14 Shivaji 00000030029085548 Current 41,047.50 No lien Nagar Account (7473) 15 SAMB, 00000030411508083 Current No lien Kolkata Account (4151) 16 SAMB, 00000030392174748 Current 34,210.73 No lien Kolkata (4151) Account Sub Total 50,22,738.87 18 Bengdubi 00000011168585577 Current (3333) 41,764.15 1,21,39,847 IT Account Attachment Order dated 17.07.2019 21,58,809 CGST Department Order dated 1,00,81,181 20.02.2019 EPFO Attachment Order dated 05.12.2018 19 Siliguri 00000034955490439 Current 4,75,811.83 (184) Account 4,62,213 CGST Department Document 3 20 Siliguri 00000011168585566 | Current (184) Account Arya 00000030024998698 Current 21 Nagar, Kanpur (1783) Account ° Order dated 01.03.2021 Stop Order from Revenue Authority 6,23,000 Cease Order dated 23.02.2011 22 CAG, 00000033993293897 Current 15,42,436.60 1,21,39,847 Kolkata (9998) Account IT Atta....