The case involves two appeals (No. 239 and 240 of 2018) filed against an order dated April 25, 2018, passed by the National Company Law Tribunal (NCLT), Principal Bench, New Delhi. The appeals relate to the 'Corporate Insolvency Resolution Process' against ‘Moser Baer India Limited' (Corporate Debtor). The Resolution Professional sought a direction to the Appellant, ‘Oriental Bank of Commerce', to prematurely cancel Fixed Deposit Receipts (FDRs) held in the name of the Corporate Debtor and transfer the proceeds to the Trust and Retention Account with the ‘Central Bank of India'. The Oriental Bank of Commerce also filed an application to be considered a ‘Financial Creditor' based on a guarantee given by the Corporate Debtor.
Oriental Bank of Commerce (OBC) filed appeals against the NCLT's order regarding the 'Corporate Insolvency Resolution Process' of Moser Baer India Limited. The Resolution Professional sought cancellation of FDRs held by OBC in the name of Moser Baer and transfer of proceeds. OBC also claimed to be a ‘Financial Creditor' based on a guarantee. The NCLT rejected OBC's claim, leading to the appeals. Moser Baer had stood as a ‘corporate guarantor' for credit facilities to Helios Photo voltaic Limited, with an agreement executed on September 12, 2008. Moser Baer created five FDRs with OBC amounting to Rs. 2,45,45,832 during 2012-13. The principal borrower was declared an NPA on March 31, 2013, and demand notices were issued in July 2014 and December 2015. The amount was
…Sign in to view the parties.
Agreement of Guarantee executed between Moser…
Moser Baer India Limited created 5 Fixed…
The case involves two appeals (No. 239 and 240 of 2018) filed against an order dated April 25, 2018, passed by the National Company Law Tribunal (NCLT), Principal Bench, New Delhi. The appeals relate to the 'Corporate Insolvency Resolution Process' against ‘Moser Baer India Limited' (Corporate Debtor). The Resolution Professional sought a direction to the Appellant, ‘Oriental Bank of Commerce', to prematurely cancel Fixed Deposit Receipts (FDRs) held in the name of the Corporate Debtor and transfer the proceeds to the Trust and Retention Account with the ‘Central Bank of India'. The Oriental Bank of Commerce also filed an application to be considered a ‘Financial Creditor' based on a guarantee given by the Corporate Debtor.
Oriental Bank of Commerce (OBC) filed appeals against the NCLT's order regarding the 'Corporate Insolvency Resolution Process' of Moser Baer India Limited. The Resolution Professional sought cancellation of FDRs held by OBC in the name of Moser Baer and transfer of proceeds. OBC also claimed to be a ‘Financial Creditor' based on a guarantee. The NCLT rejected OBC's claim, leading to the appeals. Moser Baer had stood as a ‘corporate guarantor' for credit facilities to Helios Photo voltaic Limited, with an agreement executed on September 12, 2008. Moser Baer created five FDRs with OBC amounting to Rs. 2,45,45,832 during 2012-13. The principal borrower was declared an NPA on March 31, 2013, and demand notices were issued in July 2014 and December 2015. The amount was
…Agreement of Guarantee executed between Moser…
Moser Baer India Limited created 5 Fixed…