{"id":270015,"date":"2022-07-13T12:00:33","date_gmt":"2022-07-13T06:30:33","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=270015"},"modified":"2025-05-15T12:41:40","modified_gmt":"2025-05-15T07:11:40","slug":"nclat-can-a-resolution-professional-give-freeze-the-bank-accounts-of-corporate-debtor","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2022\/07\/13\/nclat-can-a-resolution-professional-give-freeze-the-bank-accounts-of-corporate-debtor\/","title":{"rendered":"NCLAT | Can a Resolution Professional “freeze” the Bank Accounts of Corporate Debtor?"},"content":{"rendered":"
\n

National Company Law Appellant Tribunal, Chennai<\/span>: The Bench of M.V. Venugopal, J. Judicial Member, and Kanthi Narahari, Technical Member has held that a Resolution Professional under Section 18(1)(f)<\/a> of the Insolvency and Bankruptcy Code, 2016<\/a> (hereinafter as IBC) is only an authority to exercise control over Bank Accounts operated by the \u2018Corporate Debtor\u2019. He cannot freeze the \u2018Bank Accounts’.<\/p>\n

Facts of the case<\/p>\n

The Appellant, Corporate Debtor, is a Real Estate Developer. The Corporate debtor had taken a loan from a bank to complete the construction of a multi-storied housing complex at Perungudi, Chennai. A Resolution Professional was appointed as the appellant defaulted on payments against the loan amount. Resolution Professional issued a letter to the bank for freezing bank accounts belonging to the appellant that was being utilised for the real estate project. The appellant filed a company petition before the National Company Law Tribunal, Chennai (NCLT, Chennai). NCLT, Chennai ordered to release 50% of the amount available in the Bank Accounts. Therefore, the Appellant filed the present company appeal.<\/p>\n

Analysis and Decision<\/p>\n

The Bench observed that as per Section 18(1)(f)<\/a> of the Insolvency and Bankruptcy Code, 2016<\/a> an interim resolution professional can take control and custody of the assets over which the corporate debtor has ownership rights. Therefore, the Bench held that a resolution professional under the law can only exercise authoritative rights over the bank accounts held by the corporate debtor, he cannot order the bank authorities or any other financial institution to freeze the bank accounts of corporate debtors.<\/p>\n

Hence, the impugned order given by NCLT, Chennai was set aside.<\/p>\n

[Beauty Etiole Pvt. Ltd. v. C. Sanjeevi, 2022 SCC OnLine NCLAT 308<\/a>, decided on 07-06-2022<\/span>]<\/p>\n

\n

Advocates who appeared in this case :<\/p>\n

Mr. Ramakrishnan Viraraghavan, Senior Counsel, Mr. Chetan Sagar, Advocates, for the Appellant;<\/p>\n

Ms. M. Savitha Devi, Advocate, for the Respondents.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

National Company Law Appellant Tribunal, Chennai: The Bench of M.V. Venugopal, J. Judicial Member, and Kanthi Narahari, Technical Member has held that <\/p>\n","protected":false},"author":67011,"featured_media":262229,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3,11],"tags":[11711,30596,50172,30361,22064,49819],"class_list":["post-270015","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-casebriefs","category-tribunals_commissions_regulatorybodies","tag-bank-accounts","tag-corporate-debtor","tag-freezing-of-bank-accounts","tag-ibc","tag-insolvency-and-bankruptcy-code","tag-resolution-professionals"],"yoast_head":"\nNCLAT | Can a Resolution Professional "freeze" the Bank Accounts of Corporate Debtor? | SCC Times<\/title>\n<meta name=\"description\" content=\"Resolution Professional under S. 18(1)(f) of the IBC is only authority to exercise control over Bank Accounts operated by \u2018Corporate Debtor\u2019\" \/>\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\/2022\/07\/13\/nclat-can-a-resolution-professional-give-freeze-the-bank-accounts-of-corporate-debtor\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"NCLAT | Can a Resolution Professional "freeze" the Bank Accounts of Corporate Debtor?\" \/>\n<meta property=\"og:description\" content=\"Resolution Professional under S. 18(1)(f) of the IBC is only authority to exercise control over Bank Accounts operated by \u2018Corporate Debtor\u2019\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.scconline.com\/blog\/post\/2022\/07\/13\/nclat-can-a-resolution-professional-give-freeze-the-bank-accounts-of-corporate-debtor\/\" \/>\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=\"2022-07-13T06:30:33+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-05-15T07:11:40+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/02\/NCLAT_New.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1331\" \/>\n\t<meta property=\"og:image:height\" content=\"888\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Editor\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Editor\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.scconline.com\/blog\/post\/2022\/07\/13\/nclat-can-a-resolution-professional-give-freeze-the-bank-accounts-of-corporate-debtor\/\",\"url\":\"https:\/\/www.scconline.com\/blog\/post\/2022\/07\/13\/nclat-can-a-resolution-professional-give-freeze-the-bank-accounts-of-corporate-debtor\/\",\"name\":\"NCLAT | Can a Resolution Professional \\\"freeze\\\" the Bank Accounts of Corporate Debtor? 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Mukhopadhaya (Chairperson); Justice A.I.S Cheema, Member (Judicial) and Kanthi Narahari, Member (Technical) dismissed an appeal filed by the appellant-Director of Corporate Debtor against the order of the National Company Law Appellate Tribunal (New Delhi) whereby it had admitted the application filed\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":252295,"url":"https:\/\/www.scconline.com\/blog\/post\/2021\/08\/05\/insolvency-resolution-process\/","url_meta":{"origin":270015,"position":5},"title":"No bar to amendment of S. 7 IBC petition until final order; Money decree, recovery certificate in financial creditor’s favour gives fresh cause of action to initiate corporate insolvency resolution process: SC \u00a0\u00a0","author":"Editor","date":"August 5, 2021","format":false,"excerpt":"Supreme Court: A Division Bench of Indira Banerjee and V. 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