2026 (3) TMI 1455

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..... Nagesh & Mr. Saurabh Soparkar, Sr. Advocates with Mr. Parth Gokale, Mr. Prateek Gupta, Mr. Shalin Jani, Ms. Apeksha and Ms. Rachna Dubey, Advocates. ORDER These two appeals have been filed by the same appellant challenging the order dated 06.03.2026 & 13.03.2026 respectively passed by the adjudicating authority (National Company Law Tribunal, Division Bench, Court - I, Ahmedabad) in C.P. (IB) No.35(AHM)/2026. 2. The Section 9 was application filed by the respondent herein which came to be heard on 06.03.2026, on which date, Court passed order permitting the corporate debtor to deposit the amount involved in the present matter in the name of Assistant Registrar, National Company Law Tribunal, Ahmedabad. In paragraph 6 of the order....

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....a period of three days only Hence, the same cannot be taken on record, and accordingly, the same is returned in original to the respondent/corporate debtor with direction to the Assistant Registrar to release the fixed deposit to the respondent/corporate debtor forthwith. The order is reserved." 4. The submission of the counsel for the appellant is that in pursuance of the order dated 06.03.2026, appellant was directed to deposit the entire amount which amount was deposited. It is submitted that with respect to release of the amount, in the affidavit paragraph 8 has been mentioned which has been noticed by the adjudicating authority. It is submitted that the said paragraph 8 of the affidavit in no manner can be a reason for dire....

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.... b. the Operational Creditor continues to remain in the SDN List; and c. CJ Shah does not have any licence/authorization from the OFAC, permitting remittance by the Respondent to the Operational Creditor. Any release of the deposited amount to the Operational Creditor prior to the satisfaction of all of the above conditions would expose the Respondent to U.S. sanctions risks." 8. What has been stated in paragraph 8 was submission of the corporate debtor that the amount ought not to be released or remitted to the operational creditor so long as: "a. the U.S. primary sanctions under E.O. 13846 continue to apply Lo the Operational Creditor; b. the Operational Creditor continues to remain in the SDN List;....