{"id":249530,"date":"2021-06-10T11:57:38","date_gmt":"2021-06-10T06:27:38","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=249530"},"modified":"2021-06-18T11:10:22","modified_gmt":"2021-06-18T05:40:22","slug":"moratorium","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2021\/06\/10\/moratorium\/","title":{"rendered":"NCLAT | Can Banks debit amounts from Corporate Debtor Company after Moratorium Order? Is there an obligation of releasing \u2018title deeds\u2019 under Resolution Process? Read on"},"content":{"rendered":"

National Company Law Appellate Tribunal (NCLAT): <\/strong>The Division Bench of Justice Anant Bijay Singh, Judicial Member and Shreesha Merla, Technical Member held that the Banks cannot freeze accounts, nor can they prohibit the \u2018Corporate Debtor\u2019 from withdrawing the amount as available on the date of the moratorium for its day-to-day functioning.<\/span><\/p>\n

Instant appeal was filed by Bank of India, Central Bank of India, Syndicate Bank and State Bank of India against the National Company Law Tribunal\u2019s decision wherein the Adjudicating Authority allowed the application filed by the Resolution Professional under Section 14 read with Section 17 and Section 60(5) of the Insolvency and Bankruptcy Code, 2016.<\/p>\n

Resolution Professional had sought a direction against the appellant Banks and Financial Institutions to reimburse the amounts appropriated by them after Insolvency Commencement Date, together with the amount appropriated towards interest payments and further to resume the working capital limits as available to the \u2018Corporate Debtor\u2019 as on the Insolvency Commencement Date.<\/p>\n

Analysis, Law and Decision<\/u><\/span><\/h3>\n

Tribunal noted that the main case of the Appellant Banks was that this Tribunal vide an Order dated 09-08-2017 passed an interim order directing the Company to be run as a going concern, engaging all Banks where the Company had accounts, to co-operate with the IRP for the operation of the accounts.<\/p>\n

Further, the IRP requested the banks to make available the limits which were subsisting as on the date of commencement of the process of Resolution. The LC facility was continued on request of the erstwhile RP and the LC Bills negotiated by the beneficiary Banks were retired by the \u2018Corporate Debtor\u2019. The amount was paid by the Company into their Cash Credit Account so that fresh LCs could be opened within the sanctioned limits to purchase necessary raw materials to keep the Company a going concern.<\/p>\n

\n

Section 17(1)(d) of the Insolvency and Bankruptcy Code states that the Financial Institutions maintaining the accounts of the \u2018Corporate Debtor\u2019 have to act on the instructions of the Interim Resolution Professional in relation to such accounts and furnish all information relating to \u2018Corporate Debtor\u2019. <\/em><\/p>\n<\/blockquote>\n

Bench reiterated that Banks cannot debit any amounts from the account of the \u2018Corporate Debtor Company\u2019 after the Order of moratorium, as it amounts to the recovery of the amount.<\/strong><\/p>\n

\u00a0Moratorium Period<\/u><\/span><\/strong><\/p>\n

Tribunal expressed that Section 14 of the I&B Code overwrites any other provision contrary to the same and any amount due prior to the date of CIRP cannot be appropriated during the period of moratorium.<\/p>\n

Keeping in view the above discussion, Bench opined that merely because the \u2018Corporate Debtor\u2019 had enough liquidity to run the Company as a going concern, the act of the Appellant Banks to adjust the credit balance in the Cash Credit Account towards the debit balance after CIRP commenced, cannot be justified.<\/p>\n

Present appeal failed and hence was dismissed.<\/p>\n

Further, the new management of the \u2018Corporate Debtor Company\u2019 sought the release of the title deeds of the Immovable Properties of the Company which were in possession of Bank of India.<\/p>\n

Applicant stated that the non-applicant Bank declined to release the title deeds as conformation from Canara Bank was pending. Though vide an email Bank of India had cited \u2018Issuance of No objection Certificate by Canara Bank\u2019 as the ground for non-release of the title deeds.<\/p>\n

Further, Section 31 of the Insolvency and Bankruptcy Code was referred which provided that the terms of the \u2018Resolution Plan\u2019 are binding on the Company, its employees, creditor and stakeholders. Clauses 3(c)(vii) and 3(c)(viii) of the Plan contemplate that title deeds are required to be released immediately upon distribution of Resolution Process.<\/strong><\/p>\n

Therefore, Bench held that since the debt had been legally extinguished, therefore withholding the title deeds and preventing the Company from being able to create security interest for securing the non-convertible Debentures issued to the Debenture Holders, in terms of the Plan would be unjustifiable.<\/p>\n

Tribunal allowed the release of title deeds for effective implementation of the terms of the \u2018Resolution Plan\u2019.[Bank of India v. Bhuban Madan, 2021 SCC OnLine NCLAT 189<\/b><\/a>, decided on 28-05-2021]<\/p>\n

\n

Advocates before the Court:<\/strong><\/p>\n

Appellants:<\/strong><\/p>\n

Mr Rajiv Ranjan, Sr. Advocate alongwith Dr Sudhir Bisla and Mr Rahul Adlakha, Advocates.<\/p>\n

Respondents:<\/strong><\/p>\n

Mr Abhinav Vashisht, Sr. Advocate alongwith Mr Rajat Bector and Ms Charu Bansal, for R-1.<\/p>\n

Ms Malak Bhatt, Mr Saurav Panda and Ms Anannya Ghosh, Advocates.<\/p>\n","protected":false},"excerpt":{"rendered":"

National Company Law Appellate Tribunal (NCLAT): The Division Bench of Justice Anant Bijay Singh, Judicial Member and Shreesha Merla, Technical Member held <\/p>\n","protected":false},"author":8808,"featured_media":153604,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3,11],"tags":[9631,30596,43680,22064,29785,41012,22014,32456,46182],"class_list":["post-249530","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-casebriefs","category-tribunals_commissions_regulatorybodies","tag-banks","tag-corporate-debtor","tag-financial-institutions","tag-insolvency-and-bankruptcy-code","tag-law","tag-moratorium-period","tag-nclat","tag-resolution-process","tag-title-deeds"],"yoast_head":"\nNCLAT | Can Banks debit amounts from Corporate Debtor Company after Moratorium Order? Is there an obligation of releasing \u2018title deeds\u2019 under Resolution Process? Read on | SCC Times<\/title>\n<meta name=\"description\" content=\"Moratorium\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.scconline.com\/blog\/post\/2021\/06\/10\/moratorium\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"NCLAT | Can Banks debit amounts from Corporate Debtor Company after Moratorium Order? Is there an obligation of releasing \u2018title deeds\u2019 under Resolution Process? Read on\" \/>\n<meta property=\"og:description\" content=\"Moratorium\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.scconline.com\/blog\/post\/2021\/06\/10\/moratorium\/\" \/>\n<meta property=\"og:site_name\" content=\"SCC Times\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/scc.online\/\" \/>\n<meta property=\"article:published_time\" content=\"2021-06-10T06:27:38+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-06-18T05:40:22+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1330\" \/>\n\t<meta property=\"og:image:height\" content=\"844\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Bhumika Indulia\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Bhumika Indulia\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/post\\\/2021\\\/06\\\/10\\\/moratorium\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/post\\\/2021\\\/06\\\/10\\\/moratorium\\\/\"},\"author\":{\"name\":\"Bhumika Indulia\",\"@id\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/#\\\/schema\\\/person\\\/919ec47cc1b871b362af05740398033a\"},\"headline\":\"NCLAT | Can Banks debit amounts from Corporate Debtor Company after Moratorium Order? Is there an obligation of releasing \u2018title deeds\u2019 under Resolution Process? Read on\",\"datePublished\":\"2021-06-10T06:27:38+00:00\",\"dateModified\":\"2021-06-18T05:40:22+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/post\\\/2021\\\/06\\\/10\\\/moratorium\\\/\"},\"wordCount\":743,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/post\\\/2021\\\/06\\\/10\\\/moratorium\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/wp-content\\\/uploads\\\/2017\\\/08\\\/NCLAT.jpg\",\"keywords\":[\"Banks\",\"Corporate Debtor\",\"Financial Institutions\",\"insolvency and bankruptcy code\",\"law\",\"Moratorium Period\",\"NCLAT\",\"Resolution Process\",\"Title Deeds\"],\"articleSection\":[\"Case Briefs\",\"Tribunals\\\/Commissions\\\/Regulatory Bodies\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.scconline.com\\\/blog\\\/post\\\/2021\\\/06\\\/10\\\/moratorium\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/post\\\/2021\\\/06\\\/10\\\/moratorium\\\/\",\"url\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/post\\\/2021\\\/06\\\/10\\\/moratorium\\\/\",\"name\":\"NCLAT | Can Banks debit amounts from Corporate Debtor Company after Moratorium Order? Is there an obligation of releasing \u2018title deeds\u2019 under Resolution Process? Read on | SCC Times\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/post\\\/2021\\\/06\\\/10\\\/moratorium\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/post\\\/2021\\\/06\\\/10\\\/moratorium\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/wp-content\\\/uploads\\\/2017\\\/08\\\/NCLAT.jpg\",\"datePublished\":\"2021-06-10T06:27:38+00:00\",\"dateModified\":\"2021-06-18T05:40:22+00:00\",\"author\":{\"@id\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/#\\\/schema\\\/person\\\/919ec47cc1b871b362af05740398033a\"},\"description\":\"Moratorium\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/post\\\/2021\\\/06\\\/10\\\/moratorium\\\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.scconline.com\\\/blog\\\/post\\\/2021\\\/06\\\/10\\\/moratorium\\\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/post\\\/2021\\\/06\\\/10\\\/moratorium\\\/#primaryimage\",\"url\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/wp-content\\\/uploads\\\/2017\\\/08\\\/NCLAT.jpg\",\"contentUrl\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/wp-content\\\/uploads\\\/2017\\\/08\\\/NCLAT.jpg\",\"width\":1330,\"height\":844},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/post\\\/2021\\\/06\\\/10\\\/moratorium\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"NCLAT | Can Banks debit amounts from Corporate Debtor Company after Moratorium Order? Is there an obligation of releasing \u2018title deeds\u2019 under Resolution Process? Read on\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/#website\",\"url\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/\",\"name\":\"SCC Times\",\"description\":\"Bringing you the Best Analytical Legal News\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/#\\\/schema\\\/person\\\/919ec47cc1b871b362af05740398033a\",\"name\":\"Bhumika Indulia\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/wp-content\\\/uploads\\\/2021\\\/04\\\/Me-150x150.jpg\",\"url\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/wp-content\\\/uploads\\\/2021\\\/04\\\/Me-150x150.jpg\",\"contentUrl\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/wp-content\\\/uploads\\\/2021\\\/04\\\/Me-150x150.jpg\",\"caption\":\"Bhumika Indulia\"},\"url\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/post\\\/author\\\/editor_1\\\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"NCLAT | Can Banks debit amounts from Corporate Debtor Company after Moratorium Order? Is there an obligation of releasing \u2018title deeds\u2019 under Resolution Process? Read on | SCC Times","description":"Moratorium","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.scconline.com\/blog\/post\/2021\/06\/10\/moratorium\/","og_locale":"en_US","og_type":"article","og_title":"NCLAT | Can Banks debit amounts from Corporate Debtor Company after Moratorium Order? Is there an obligation of releasing \u2018title deeds\u2019 under Resolution Process? Read on","og_description":"Moratorium","og_url":"https:\/\/www.scconline.com\/blog\/post\/2021\/06\/10\/moratorium\/","og_site_name":"SCC Times","article_publisher":"https:\/\/www.facebook.com\/scc.online\/","article_published_time":"2021-06-10T06:27:38+00:00","article_modified_time":"2021-06-18T05:40:22+00:00","og_image":[{"width":1330,"height":844,"url":"https:\/\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg","type":"image\/jpeg"}],"author":"Bhumika Indulia","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Bhumika Indulia","Est. reading time":"4 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.scconline.com\/blog\/post\/2021\/06\/10\/moratorium\/#article","isPartOf":{"@id":"https:\/\/www.scconline.com\/blog\/post\/2021\/06\/10\/moratorium\/"},"author":{"name":"Bhumika Indulia","@id":"https:\/\/www.scconline.com\/blog\/#\/schema\/person\/919ec47cc1b871b362af05740398033a"},"headline":"NCLAT | Can Banks debit amounts from Corporate Debtor Company after Moratorium Order? Is there an obligation of releasing \u2018title deeds\u2019 under Resolution Process? Read on","datePublished":"2021-06-10T06:27:38+00:00","dateModified":"2021-06-18T05:40:22+00:00","mainEntityOfPage":{"@id":"https:\/\/www.scconline.com\/blog\/post\/2021\/06\/10\/moratorium\/"},"wordCount":743,"commentCount":0,"image":{"@id":"https:\/\/www.scconline.com\/blog\/post\/2021\/06\/10\/moratorium\/#primaryimage"},"thumbnailUrl":"https:\/\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg","keywords":["Banks","Corporate Debtor","Financial Institutions","insolvency and bankruptcy code","law","Moratorium Period","NCLAT","Resolution Process","Title Deeds"],"articleSection":["Case Briefs","Tribunals\/Commissions\/Regulatory Bodies"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/www.scconline.com\/blog\/post\/2021\/06\/10\/moratorium\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/www.scconline.com\/blog\/post\/2021\/06\/10\/moratorium\/","url":"https:\/\/www.scconline.com\/blog\/post\/2021\/06\/10\/moratorium\/","name":"NCLAT | Can Banks debit amounts from Corporate Debtor Company after Moratorium Order? Is there an obligation of releasing \u2018title deeds\u2019 under Resolution Process? Read on | SCC Times","isPartOf":{"@id":"https:\/\/www.scconline.com\/blog\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.scconline.com\/blog\/post\/2021\/06\/10\/moratorium\/#primaryimage"},"image":{"@id":"https:\/\/www.scconline.com\/blog\/post\/2021\/06\/10\/moratorium\/#primaryimage"},"thumbnailUrl":"https:\/\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg","datePublished":"2021-06-10T06:27:38+00:00","dateModified":"2021-06-18T05:40:22+00:00","author":{"@id":"https:\/\/www.scconline.com\/blog\/#\/schema\/person\/919ec47cc1b871b362af05740398033a"},"description":"Moratorium","breadcrumb":{"@id":"https:\/\/www.scconline.com\/blog\/post\/2021\/06\/10\/moratorium\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.scconline.com\/blog\/post\/2021\/06\/10\/moratorium\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.scconline.com\/blog\/post\/2021\/06\/10\/moratorium\/#primaryimage","url":"https:\/\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg","contentUrl":"https:\/\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg","width":1330,"height":844},{"@type":"BreadcrumbList","@id":"https:\/\/www.scconline.com\/blog\/post\/2021\/06\/10\/moratorium\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.scconline.com\/blog\/"},{"@type":"ListItem","position":2,"name":"NCLAT | Can Banks debit amounts from Corporate Debtor Company after Moratorium Order? Is there an obligation of releasing \u2018title deeds\u2019 under Resolution Process? Read on"}]},{"@type":"WebSite","@id":"https:\/\/www.scconline.com\/blog\/#website","url":"https:\/\/www.scconline.com\/blog\/","name":"SCC Times","description":"Bringing you the Best Analytical Legal News","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.scconline.com\/blog\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.scconline.com\/blog\/#\/schema\/person\/919ec47cc1b871b362af05740398033a","name":"Bhumika Indulia","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/04\/Me-150x150.jpg","url":"https:\/\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/04\/Me-150x150.jpg","contentUrl":"https:\/\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/04\/Me-150x150.jpg","caption":"Bhumika Indulia"},"url":"https:\/\/www.scconline.com\/blog\/post\/author\/editor_1\/"}]}},"jetpack_featured_media_url":"https:\/\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":249820,"url":"https:\/\/www.scconline.com\/blog\/post\/2021\/06\/15\/encashment-of-bank-guarantee\/","url_meta":{"origin":249530,"position":0},"title":"Encashment of bank guarantee and relevance of moratorium Bharat Aluminium Co. Ltd. v. J.P. Engineers (P) Ltd.: A Case Comment","author":"Editor","date":"June 15, 2021","format":false,"excerpt":"by Sriharsh Raj\u00b1","rel":"","context":"In "Op Eds"","block_context":{"text":"Op Eds","link":"https:\/\/www.scconline.com\/blog\/post\/category\/op-ed\/legal-analysis\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":299832,"url":"https:\/\/www.scconline.com\/blog\/post\/2023\/08\/22\/nclat-rejects-liquidators-petition-retrieve-bank-guarantees-fixed-deposit-receipts-under-ibc\/","url_meta":{"origin":249530,"position":1},"title":"NCLAT rejects Liquidator’s petition to retrieve Bank Guarantees\/Fixed Deposit Receipts under IBC","author":"Ritu","date":"August 22, 2023","format":false,"excerpt":"NCLAT held that during the moratorium period under Section 14 of IBC, Customs Authorities are authorized to utilize Bank Guarantees and Fixed Deposits furnished against Zero Import Duty.","rel":"","context":"In "Case Briefs"","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"national company law appellate tribunal","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/05\/national-company-law-appellate-tribunal-1.webp?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/05\/national-company-law-appellate-tribunal-1.webp?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/05\/national-company-law-appellate-tribunal-1.webp?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/05\/national-company-law-appellate-tribunal-1.webp?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":217692,"url":"https:\/\/www.scconline.com\/blog\/post\/2019\/08\/05\/nclat-relief-for-consortium-of-banks-which-extended-loans-to-jaiprakash-associates-nclt-order-cancelling-mortgage-of-858-acres-of-land-by-jil-in-favour-of-banks-quashed\/","url_meta":{"origin":249530,"position":2},"title":"NCLAT | Relief for Consortium of Banks which extended loans to Jaiprakash Associates, NCLT order cancelling mortgage of 858 acres of land by JIL in favour of Banks quashed","author":"Bhumika Indulia","date":"August 5, 2019","format":false,"excerpt":"National Company Law Appellate Tribunal (NCLAT):\u00a0A 2-Member Bench of Justice S.J. Mukhopadhaya (Chairperson) and Justice Bansi Lal Bhat, Member (Judicial), set aside the order of National Company Law Tribunal (Allahabad), whereby it had cancelled the mortgage of 858 acres of land worth around Rs 5900 crores made by Jaypee Infratech\u2026","rel":"","context":"In "Case Briefs"","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":306156,"url":"https:\/\/www.scconline.com\/blog\/post\/2023\/11\/02\/irrevocable-and-unconditional-bank-guarantees-can-be-invoked-during-moratorium-period-nclat-scc-blog\/","url_meta":{"origin":249530,"position":3},"title":"Irrevocable and unconditional bank guarantees can be invoked during moratorium period: NCLAT","author":"Ritu","date":"November 2, 2023","format":false,"excerpt":"\u201cThe \u2018Bank Guarantee\u2019 is a \u2018contract of Guarantee\u2019 provided\/furnished by the Bank, the \u201csurety\u201d, to perform the \u2018promise\u2019, or \u2018discharge\u2019 the liability, of the third person, being the Corporate Debtor herein, in case of his \u2018default\u2019.\u201d","rel":"","context":"In "Case Briefs"","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"national company law appellate tribunal","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/05\/national-company-law-appellate-tribunal-1.webp?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/05\/national-company-law-appellate-tribunal-1.webp?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/05\/national-company-law-appellate-tribunal-1.webp?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/05\/national-company-law-appellate-tribunal-1.webp?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":203934,"url":"https:\/\/www.scconline.com\/blog\/post\/2018\/10\/18\/nclt-not-to-entertain-application-under-section-9-ib-code-before-expiry-of-10-days-from-date-of-giving-notice-under-section-81-nclat\/","url_meta":{"origin":249530,"position":4},"title":"NCLT not to entertain application under Section 9 I&B Code before expiry of 10 days from date of giving notice under Section 8(1): NCLAT","author":"Bhumika Indulia","date":"October 18, 2018","format":false,"excerpt":"National Company Law Appellate Tribunal (NCLAT): A two-member bench comprising of Justice S.J. Mukhopadhaya, Chairperson and Justice Bansi Lal Bhat, Member (Judicial) allowed an appeal filed against an order of National Company Law Tribunal (Mumbai). The respondent preferred an application under Sections 433 and 434 of the Companies Act, 1956\u2026","rel":"","context":"In "Case Briefs"","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":233025,"url":"https:\/\/www.scconline.com\/blog\/post\/2020\/07\/29\/nclat-upholds-nclt-judgment-allowing-liquidator-to-sell-companys-assets-attached-by-ed\/","url_meta":{"origin":249530,"position":5},"title":"NCLAT upholds NCLT Judgment allowing liquidator to sell company\u2019s assets attached by ED","author":"Editor","date":"July 29, 2020","format":false,"excerpt":"National Company Law Appellate Tribunal (NCLAT): A Bench comprising of Justice S.J. Mukhopadhaya (Chairperson) and Justice B.L. Bhat (Judicial member) rejected an appeal challenging an NCLT judgement where it allowed a liquidator to sell the assets of a company which had been attached by the Directorate of Enforcement (ED) during\u2026","rel":"","context":"In "Case Briefs"","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]}],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/249530","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/users\/8808"}],"replies":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/comments?post=249530"}],"version-history":[{"count":0,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/249530\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media\/153604"}],"wp:attachment":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media?parent=249530"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/categories?post=249530"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/tags?post=249530"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}