Bank must transfer income tax refund to corporate debtor's CIRP account; security interest claim rejected under CIRP rules

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....The NCLAT upheld the direction that the appellant bank must transfer the income tax refund amount received during the CIRP into the corporate debtor's CIRP account maintained by the RP, rejecting the appellant's claim of a security interest preventing such transfer. The tribunal found that the amount belonged to the corporate debtor and could not be withheld or redirected by the appellant. The appellant's refusal to transfer the funds post-order led to a contempt application, which was allowed, though the adjudicating authority only directed compliance without penal action. The appellant's subsequent attempt to recall the transfer order was dismissed for lack of grounds. The realization of the appellant's security interest and claims is to .........