# In the matter of ICICI Bank vs. Chanchal Dua & Ors.

> NCLAT judgment dated 2025-07-16. Citation: TCN-2025-NCLAT-00320. The appeal challenges an order dated 22.12.2023 passed by the NCLT, New Delhi, Court – III in…

- **Court:** NCLAT
- **Order date:** 16 Jul 2025
- **Citation:** TCN-2025-NCLAT-00320
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/icici-bank-vs-chanchal-dua-ors-05118169

## Summary

### Background

The appeal challenges an order dated 22.12.2023 passed by the NCLT, New Delhi, Court – III in IA No. 2162/2020, filed by the Resolution Professional (RP) under Section 19(2) read with Sections 14, 43 & 74(2) of the Insolvency and Bankruptcy Code, 2016.

## Facts

Corporate Insolvency Resolution Process (CIRP) against Trend Flooring Pvt. Ltd. commenced on 09.10.2019.

A loan facility was obtained by Trend Flooring Pvt. Ltd. along with Mr. Arvind Narayan Singh for purchase of a vehicle.

After CIRP initiation, Rs. 8,92,980/- was paid into the loan account maintained by ICICI Bank from an account with HDFC Bank in the name of 'BORN TO RIGHT'.

The said account was closed in January 2020, and a NoC was issued for the vehicle.

The RP inquired about the whereabouts of vehicles registered in the name of the corporate debtor.

ICICI Bank provided details to the RP, leading to the filing of I.A. 2162/2020.

The adjudicating authority directed ICICI Bank to reverse the payment of Rs. 8,92,980/-.

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## Issues and analysis

### Issue 1: Whether the direction of the adjudicating authority to reverse the amount of Rs. 8,92,980/- to the …

**Ratio:** The direction is not

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**Reasoning:** The amount was not paid from the account of the corporate debtor or by the corporate

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**Interpretation:** Section 14 and Section 43 of the IBC are not applicable when the payment is not

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**Application:** Since the payment was not made by the corporate debtor, the direction to

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## Parties

- **Judges:** Ashok Bh…; Barun M…
- **Appellants:** ICICI Ban…
- **Respondents:** Trend Flooring…; Chanchal Dua &…; +1 more
- **Advocates:** Gautam Si…; Rajat Cha…; +3 more

## Timeline

- **2019-10-09 — CIRP Commen…**: Corporate Insolvency Resolution Process (CIRP)…
- **2020-01-01 — Account C…**: The account from which the payment was…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 19(2) — Personnel to extend co-operation to interim…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-19)

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