# In the matter of Rakesh Wadhawan Vs. Bank of India & Anr. CA (AT) (Insolvency) No. 906-2019

> NCLAT judgment dated 2019-12-17. Citation: TCN-2019-NCLAT-00010. This is a Company Appeal (AT) (Insolvency) No. 906 of 2019. The appeal was filed by Rakesh…

- **Court:** NCLAT
- **Order date:** 17 Dec 2019
- **Citation:** TCN-2019-NCLAT-00010
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/rakesh-wadhawan-vs-bank-of-india-anr-ca-0649c985

## Summary

### Background

This is a Company Appeal (AT) (Insolvency) No. 906 of 2019. The appeal was filed by Rakesh Wadhawan against Bank of India & Anr. The case involves issues related to the encashment of amounts deposited by Rakesh Wadhawan without the approval of the Appellate Tribunal during the Corporate Insolvency Resolution Process.

## Facts

Rakesh Wadhawan filed an appeal against Bank of India & Anr. The case concerns the encashment of funds deposited by Rakesh Wadhawan, a shareholder, without the approval of the Appellate Tribunal during the Corporate Insolvency Resolution Process. An interim order was previously issued regarding the constitution of the 'Committee of Creditors'. The 'Resolution Professional' is involved in the process.

## Issues and analysis

### Issue 1: Whether notice should be issued to 'Bank of India' regarding the encashment of amounts deposited by …

**Ratio:** The principle of requiring prior approval for actions affecting the assets of a company

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**Reasoning:** The court seeks to understand why the bank officers encashed the amount without the

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**Interpretation:** This involves interpreting the powers and limitations of parties involved in

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**Application:** The ratio is applied to the specific fact that the bank officers encashed the

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## Parties

- **Judges:** S.J. Mukhop…; Bansi Lal…; +1 more
- **Appellants:** Rakesh Wa…
- **Respondents:** Bank of…
- **Advocates:** S. N.…; Subir K…; +6 more

## Timeline

- **2019-12-17 — Order for…**: Notice issued to 'Bank of India'…
- **2020-01-16 — Case for…**: Case posted fo…

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This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclat-new-delhi/rakesh-wadhawan-vs-bank-of-india-anr-ca-0649c985