# In the matter of Industrial and Commercial Bank of China Limited vs. Anish Niranjan Nanavaty & Ors.

> NCLAT judgment dated 2025-09-25. Citation: TCN-2025-NCLAT-00501. The appeal challenges the order dated 02.01.2024 passed by the National Company Law Tribunal,…

- **Court:** NCLAT
- **Order date:** 25 Sept 2025
- **Citation:** TCN-2025-NCLAT-00501
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/industrial-and-commercial-bank-of-china-limited-vs-anish-niranjan-nanavaty-ors-68b3d001

## Summary

### Background

The appeal challenges the order dated 02.01.2024 passed by the National Company Law Tribunal, Mumbai Bench-I, allowing IA No.1943 of 2020 filed by the Resolution Professional (RP), directing the Appellant to lift/release/remove the lien marked on the Fixed Deposit (FD) on amount of Rs.27.60 crores, which was opened by the Corporate Debtor (CD) with the Appellant Bank.

## Facts

The Corporate Debtor, Reliance Communication Infrastructure Limited, opened a Fixed Deposit (FD) in the Appellant Bank on 27.03.2017.

A letter dated 27.03.2017 was written by the Corporate Debtor to the Appellant for marking a lien on the FD.

The Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor commenced on 25.09.2019 based on an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 filed by the State Bank of India (SBI).

The Interim Resolution Professional (IRP) informed the Appellant on 03.10.2019 that the Corporate Debtor is undergoing CIRP and the Bank should not debit, freeze, block, transfer, or appropriate any funds from the accounts of the Corporate Debtor.

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## Issues and analysis

### Issue 1: Whether the Appellant Bank was justified in refusing to release the Fixed Deposit (FD) opened by …

**Ratio:** The lien letter has to be interpreted in its plain and normal meaning. When a letter is

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**Reasoning:** The Adjudicating Authority rightly took the view that the word 'us' used in Clause (1)

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**Interpretation:** The letter dated 27.03.2017, which is a letter authorizing the Bank to mark

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**Application:** Since no facilities were taken by the CD from the Bank, and it is not the case

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## Parties

- **Judges:** Ashok Bh…
- **Appellants:** Industrial and…
- **Respondents:** Reliance Communica…; Anish Niranjan…
- **Advocates:** Abhijeet…; Jinal…; +5 more

## Timeline

- **2017-03-27 — FD Opene…**: Reliance Communication Infrastructure…
- **2017-03-27 — Lien Let…**: Reliance Communication Infrastructure Limited wrote to the Bank asking to mark a lien…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 14 — Moratorium](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-14)

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