The case involves an appeal against an order dated 01.11.2021 passed by the National Company Law Tribunal (NCLT), Chennai Bench, in IA(IBC)/926(CHE)/2021 in IBA/1423/2019. The appellant, a real estate developer, had entered into a Joint Development Agreement with Respondent No.3 for constructing a housing complex. The appellant borrowed money from Respondent No.2, securing the loan by mortgaging the land. The Resolution Professional (Respondent No.1) issued a letter dated 16.06.2021 to ICICI Bank and Respondent No.2, freezing four bank accounts belonging to the appellant, believing they belonged to the Corporate Debtor. The appellant contends that the Resolution Professional lacked the authority to freeze these accounts.
Beauty Etiole Pvt. Ltd., a real estate developer, entered into a Joint Development Agreement with Respondent No.3 for constructing a multi-storeyed housing complex on 4.23 acres of land in Perungudi, Chennai. To finance the project, the Appellant borrowed money from Respondent No.2, securing the loan by mortgaging the land to Respondent No.2. The Resolution Professional (Respondent No.1) issued a letter dated 16.06.2021 to ICICI Bank and Respondent No.2, freezing four bank accounts belonging to the Appellant, under the mistaken impression that these accounts belonged to the Corporate Debtor. The Appellant's bank accounts included an Escrow Current Account (No.777705220088), a Master Escrow Account (No.777705220066), a RERA Account (No. 777705220077), and a Current
…Sign in to view the parties.
The National Company Law Tribunal…
The Resolution Professional (Respondent…
The case involves an appeal against an order dated 01.11.2021 passed by the National Company Law Tribunal (NCLT), Chennai Bench, in IA(IBC)/926(CHE)/2021 in IBA/1423/2019. The appellant, a real estate developer, had entered into a Joint Development Agreement with Respondent No.3 for constructing a housing complex. The appellant borrowed money from Respondent No.2, securing the loan by mortgaging the land. The Resolution Professional (Respondent No.1) issued a letter dated 16.06.2021 to ICICI Bank and Respondent No.2, freezing four bank accounts belonging to the appellant, believing they belonged to the Corporate Debtor. The appellant contends that the Resolution Professional lacked the authority to freeze these accounts.
Beauty Etiole Pvt. Ltd., a real estate developer, entered into a Joint Development Agreement with Respondent No.3 for constructing a multi-storeyed housing complex on 4.23 acres of land in Perungudi, Chennai. To finance the project, the Appellant borrowed money from Respondent No.2, securing the loan by mortgaging the land to Respondent No.2. The Resolution Professional (Respondent No.1) issued a letter dated 16.06.2021 to ICICI Bank and Respondent No.2, freezing four bank accounts belonging to the Appellant, under the mistaken impression that these accounts belonged to the Corporate Debtor. The Appellant's bank accounts included an Escrow Current Account (No.777705220088), a Master Escrow Account (No.777705220066), a RERA Account (No. 777705220077), and a Current
…The National Company Law Tribunal…
The Resolution Professional (Respondent…