TaxTMI 
TaxTMI 
2025 (7) TMI 1082
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....he amount of Rs. 8,92,980/- into the account of the corporate debtor. Appellant aggrieved by the said order has come up in this appeal. 2. Brief facts of the case necessary to be noticed for deciding the appeal are: i. Corporate Insolvency Resolution Process (CIRP) against the corporate debtor M/s. Trend Flooring Pvt. Ltd. commenced vide order dated 09.10.2019 in which Interim Resolution Professional (IRP) was appointed who was confirmed as the RP. ii. A loan facility was obtained by the corporate debtor along with Mr. Arvind Narayan Singh co-applicant for purchase of vehicle Innova/Zx AT vide loan account No. LADEL00035353966. After initiating of CIRP, payment of Rs.8,92,980/- was made in the loan account maintained by ICICI Bank from account bearing No. 50200009263001 with HDFC Bank in the name of "BORN TO RIGHT", IFSC Code - HDFC0000247 vide transaction ID - HDFCR52020012766322736. iii. The said account was closed in the month of January 2020 and NoC in respect to vehicle was issued by the ICICI Bank. Email was sent by the RP to the appellant Bank on 05.02.2020 enquiring about the whereabouts of certain vehicles registered in the name of corporate d....
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....ned counsel for Respondent No. 4 refuting the submissions of the counsel for the appellant submits that by release of the charge by Bank by receiving amount from the director of the corporate debtor has felicitated the vehicle to be taken by the director and to abscond. The bank ought not to have release the charge by receiving the amount of Rs.8,92,980/-. It is submitted that after enforcement of moratorium the bank could not have received any amount in the loan account of corporate debtor. Learned counsel for respondent supported the order of the adjudicating authority directing for reversal of amount by ICICI Bank. 6. We have considered the submissions of counsel for the parties and perused the records. 7. The application I.A. 2162/2020 was filed by the RP praying for following reliefs: "a. Allow the present application; b. Direct the Respondent No. 3 to co-operate and provide information specifically but not limited to the information as sought by the Applicant vide emails dated 05.02.2020 and email dated 25.02.2020. c. Consequentially, direct Respondent No.3 to reverse the amount received towards its satisfaction of Loan Account during the mora....
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....the brother of Co-applicant namely Mr Arvind Narayan Singh and an additional director of the Corporate Debtor. It was informed by Mr Amit Narayan Singh (brother of Mr Arvind Narayan Singh) that Mr Arvind Narayan Singh was not well and unable to meet people, hence, he would be settling the loan account on behalf of his brother. Hence, Mr Amit Narayan Singh settled the loan account on behalf of Mr Arvind Narayan Singh for total amount of Rs. 8,92,980/- The said settlement amount of Rs. 8,92,980/- was paid through NEFT/RTGS ICRL20027000043 on 27.01.2020 from account bearing No. 50200009263001 with HDFC Bank in the name of "BORN TO RIGHT", IFSC Code HDFC0000247 vide transaction ID -HDFCR52020012766322736. Consequently the said loan account was closed in the month of January 2020 and NOC with respect to vehicle was issued by the respondent no. 3. The respondent bank has not received any amount from the Corporate Debtor after initiation of CIRP. 5. That the Corporate Debtor i.e M/s Trend Flooring Private Limited had also availed availed a loan of Rs 55,81,000/- along with Mr Arvind Narayan Singh (Co- applicant) on 27.02.2017 for the purchase of vehicle Make "Jaguar/Xf/ 2.01 Luxu....
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....ng for the use or continuation of the license, permit, registration, quota, concession, clearances or a similar grant or right during the moratorium period;] (2) The supply of essential goods or services to the corporate debtor as may be specified shall not be terminated or suspended or interrupted during moratorium period. (2A) Where the interim resolution professional or resolution professional, as the case may be, considers the supply of goods or services critical to protect and preserve the value of the corporate debtor and manage the operations of such corporate debtor as a going concern, then the supply of such goods or services shall not be terminated, suspended or interrupted during the period of moratorium, except where such corporate debtor has not paid dues arising from such supply during the moratorium period or in such circumstances as may be specified. (3) The provisions of sub-section (1) shall not apply to - (a) such transactions, agreements or other arrangements as may be notified4 by the Central Government in consultation with any financial sector regulator or any other authority;] (b) a surety in a contract of....
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....n to any person. Present is not a case where transaction has been made of depositing of the amount by the corporate debtor rather the amount has been deposited by co-applicant from a different account. We, thus do not find case under Section 43 to which suggestion is being made by the adjudicating authority. 15. Learned counsel for the respondent has relied on one judgment of Hon'ble Supreme Court and two judgments of this Tribunal which need to be noticed. Reliance has been placed on the judgment of the Hon'ble Supreme Court in Civil Appeal No. 8800 - 8801/2019 in the matter of 'Mr. Anand Rao Korada, RP' Vs. 'M/s. Varsha Fabrics (P) Ltd. & Ors.', where Hon'ble Supreme Court after referring to provisions of Sections 14, 238 & 231 of the IBC, laid down following in paragraph 9: "9. In view of the provisions of the IBC, the High Court ought not to have proceeded with the auction of the property of the Corporate Debtor + Respondent No. 4 herein, once the proceedings under the IBC had commenced, and an Order declaring moratorium was passed by the NCLT. The High Court passed the impugned Interim Orders dated 14.08.2019 and 05.09.2019 after the CIRP had commenced in this case....