{"id":258758,"date":"2021-12-18T17:00:41","date_gmt":"2021-12-18T11:30:41","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=258758"},"modified":"2021-12-18T16:24:48","modified_gmt":"2021-12-18T10:54:48","slug":"attachment-of-bank-accounts-of-a-corporate-debtor","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2021\/12\/18\/attachment-of-bank-accounts-of-a-corporate-debtor\/","title":{"rendered":"Attachment of Bank Accounts of a Corporate Debtor: Is it violative of S. 14 of IBC during pendency of Corporate Insolvency Resolution Process? NCLT explains"},"content":{"rendered":"

National Company Law Tribunal, Mumbai Bench: <\/strong>The Coram of H.V. Subba Rao, Judicial Member and Chandra Bhan Singh, Technical Member directed that attachment of bank accounts of a Corporate Debtor by tax authorities while Corporate Insolvency Resolution Process was pending is a violation of Section 14 of the Insolvency and Bankruptcy Code.<\/p>\n

The interlocutory application was filed by the liquidator against the respondent Deputy Commissioner of State Tax (respondent 1) and Axis Bank Limited (respondent 2) seeking direction from the tribunal to unfreeze\/lift the attachment on the bank account of Corporate Debtor maintained by the respondent 2.<\/p>\n

It was submitted that the applicant had communicated to respondent 2 about the initiation of the CIRP of the Corporate debtor and further requested respondent 2 to remove the attachment\/lien marked on the said bank accounts.<\/p>\n

Analysis, Law and Decision<\/span><\/h4>\n

Tribunal noted that the applicant had appraised the officials of respondents 1 and 2.<\/p>\n

Bench expressed that,<\/p>\n

\n

\u201c\u2026the attachment is violative of Section 14 of IBC and thus needs to be lifted.\u201d<\/span><\/p>\n<\/blockquote>\n

Elaborating further, the Tribunal stated that since the respondent 1 submitted its claims before the liquidator and the same was accepted by the liquidator, it had to be dealt with in the manner as provided under Section 53 of the IBC and hence, respondent 1 cannot continue to enforce its lien over the bank accounts of the Corporate Debtor.<\/p>\n

Bench referred to the decision of NCLT in OM Prakash Agarwal v. Tax Recovery Officer, <\/em>wherein it was held that,<\/p>\n

\u201cthe monies of the CD lying in the bank account shall be construed to be an asset of the CD even if tan attachment order is passed against the same. It noted that section 178 of the Income-tax Act, 1961 has been amended to allow the Code to have overriding effect and accordingly directed the Bank to defreeze the account\u201d.<\/em><\/p>\n

Concluding the matter, the Tribunal directed respondent 1 and respondent 2 to lift its lien\/attachment over the said bank accounts maintained with respondent 2 bank.<\/p>\n

The direction was issued to respondent 2 to unfreeze the bank account of the Corporate Debtor and allow the applicant to manage its operations. [Asis Global Ltd. In re., CP (IB) 4442 (MB)\/2018, decided on 28-10-2021]<\/p>\n

\n

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

Mr Nausher Kohli, counsel appearing for the liquidator, was present through a virtual hearing.<\/p>\n","protected":false},"excerpt":{"rendered":"

National Company Law Tribunal, Mumbai Bench: The Coram of H.V. Subba Rao, Judicial Member and Chandra Bhan Singh, Technical Member directed that <\/p>\n","protected":false},"author":8808,"featured_media":162604,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3,11],"tags":[7911,11711,43781,30596,22814,29785,42834,48088,22074,12521,43847],"class_list":["post-258758","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-casebriefs","category-tribunals_commissions_regulatorybodies","tag-attachment","tag-bank-accounts","tag-cirp","tag-corporate-debtor","tag-corporate-insolvency-resolution-process","tag-law","tag-legal-news","tag-lien","tag-moratorium","tag-nclt","tag-section-14-ibc"],"yoast_head":"\nAttachment of Bank Accounts of a Corporate Debtor: Is it violative of S. 14 of IBC during pendency of Corporate Insolvency Resolution Process? 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An application was filed to initiate the Corporate Insolvency Resolution Process against Supertech Limited under Section 7 of the Insolvency and Bankruptcy Code 2016\u2026","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 Tribunal","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/10\/NCLT.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/10\/NCLT.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/10\/NCLT.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/10\/NCLT.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/10\/NCLT.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":222575,"url":"https:\/\/www.scconline.com\/blog\/post\/2019\/11\/27\/nclt-company-petition-fit-for-corporate-insolvency-resolution-process-if-corporate-debtor-fails-to-deny-insolvency-charges-with-proof\/","url_meta":{"origin":258758,"position":5},"title":"NCLT | Company Petition fit for Corporate Insolvency Resolution Process if Corporate Debtor fails to deny insolvency charges with proof","author":"Bhumika Indulia","date":"November 27, 2019","format":false,"excerpt":"National Company Law Tribunal (NCLT): Justice Rajeswara Rao Vittanala (Judicial Member) allowed the Company Petition filed by CloudWalker Streaming Technologies Pvt. Ltd. (Corporate Creditor) under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016 read with Section 6 of the Insolvency and Bankruptcy(Application to Adjudicating Authority) Rules, 2016 against\u2026","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 Tribunal","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/10\/NCLT.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/10\/NCLT.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/10\/NCLT.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/10\/NCLT.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/10\/NCLT.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]}],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/258758","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=258758"}],"version-history":[{"count":0,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/258758\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media\/162604"}],"wp:attachment":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media?parent=258758"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/categories?post=258758"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/tags?post=258758"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}