TaxTMI 
TaxTMI 
2022 (2) TMI 421
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....9, 785, 786, 888, 889, 1849, 2404 of 2021 Comp. App. (AT) No. 347 of 2018 Comp. App. (AT) No. 256 of 2019 Comp. App. (AT) No. 36 of 2021 Contempt Case (AT) No. 04 of 2022 - -<br>Insolvency & Bankruptcy<br>Comp. App. (AT) No. 346 of 2018 & I.A. No. 185, 2074 & 2075 of 2020 & 59, 785, 786, 888, 889, 1849, 2404 of 2021 Comp. App. (AT) No. 347 of 2018 Comp. App. (AT) No. 256 of 2019 Comp. App. (AT) No. 36 of 2021 Contempt Case (AT) No. 04 of 2022 IN Comp. App. (AT) No. 346 of 2018 [Justice Ashok Bhushan] Chairperson, [Dr. Ashok Kumar Mishra] Member (Technical) And [Dr. Alok Srivastava] Member (Technical) For the Appellant : Mr. Sanjay Shorey, Director Legal & Prosecution, MCA, Mr. Rakesh Tiwari (RD, Western Region) and Ms. Wamika Trehan (....
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....ari, Advocates Mr. Sanjeev Singh, Mr. Prashant Tripathi, Ms. Ridhi Pahuja, Advocates Mr. Chetan Mittal, Sr. Advocate Mr. Aabhas Kshetarpal, Mr. Rajesh Goel, Mr. Jatin Kumar, Mr. Udit Garg, Advocates Mr. Rajiv S. Roy, Mr. Avrojyoti Chatterjee Mr. Rahul Kripalani, Rea Bhalla, Intervenors Mr. Anuj Aggarwal, Mr. Vikrant Chawla, Ms. Ayushi Bansal, Mr. Sanyam Suri, Ms Aishwarya Sharma (for KIOCL) Mr. Dhruv Mehta, Sr. Advocate with Mr. PBA Srinivasan, Mr. Parth Tandon, Mr. Keith Varghese, Ms. Prerna Sabharwal, Ms. Sneha Iyer, Ms. Nikitha Ross, Advocates. Mr. Sandeep Singhvi, Mr. Udity Mendiratta, Mr. Dhruv Bhatnagar, Advocates, Ms. Liz Mathew, Advocate Mr. Krishna Kumar, Ms. Harshita Singh, Mr. Nitin Pal, Advocates for Indian Overseas Bank. Mr, Vi....
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....h Thakur, Learned Counsel submits that he may be permitted to file Intervention Application along with the Response. He may do it within three days. I.A No. 2404 of 2021 2. This Application has been filed by the 'Rapid MetroRail Gurgaon Limited' and 'Rapid MetroRail Gurgaon South Limited' praying for making following prayers:- "(a) Directing the creation of fixed deposits from the monies received in the Escrow Accounts of RMGL and RMGSL with the relevant escrow bank (with whom the escrowed amounts are currently deposited); (b) Directing that creation of such fixed deposits would not amount to an appropriation of the monies lying in the respective Escrow Account; and (c) Pass such other order(s) as this Hon'b....
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....nk and Union Bank of India. Shri Dhruv Mehta, Learned Senior Counsel for the Canara Bank submitted that the Canara Bank was not heard when the interim order was passed on 01.12.2021. In its Reply, it has submitted that after the judgment of the Hon'ble Supreme Court dated 26.03.2021, an I.A praying for clarification of the order dated 26.03.2021 was filed before the Hon'ble Supreme Court in which clarification Application being Clarification Application No. 1470-1471 of 2021, following prayers was made before the Hon'ble Supreme Court:- "(a) Clarification the Judgment dated March 26, 2021 to the extent that it does not prohibit the creation of fixed deposits from the monies received in the Escrow Accounts with the relevant escrow b....
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....20 direction (ii) issued in Para 60 clearly mentioned that the deposit into the Escrow Account shall continue to be maintained in Escrow, subject to any order that may be passed by NCLAT or any competent authority, and shall not be appropriated by the Escrow Bank without specific permission. 9. The above direction issued in para 60 (ii) of the order of the Hon'ble Supreme Court is clear that Escrow Account shall continue to be maintained in Escrow, subject to any order passed by the NCLAT or any competent authority. We may notice that there are other I.As filed by the Bank namely I.A 1982/2021 and other I.As claiming for appropriation of the amount which is lying in the Escrow. 10. It is submitted by Shri Ramji Srinivasan and Shri Mit....
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....t to be kept in the fixed deposits in a Nationalised Bank. We recall our order dated 01.12.2021 for keeping the amount in fixed deposits and prayers in I.A No. 2404 of 2021 as on date cannot be granted. We, however, give liberty to the Applicants to make submission on the Application when the matters are heard on the question of appropriation or interim distribution of the amount. 15. In view of the above order, Application I.A Nos. 311 and 292 of 2022 also stand closed. In view of the aforesaid, we close the Contempt Application No. 04 of 2022 also. 16. In Application I.A 1982 of 2021 which has been filed on behalf of 'Haryana Mass Rapid Transport Corporation Limited' and 'Haryana Shehri Vikas Pradhikaran', we permit the Applicants t....