# In the matter of Santosh Kumar Jaiswal & Ors. vs. Meena Sureka, Liquidator

> NCLAT judgment dated 2024-08-21. Citation: TCN-2024-NCLAT-00246. This is an appeal against the order passed by the Adjudicating Authority (National Company…

- **Court:** NCLAT
- **Order date:** 21 Aug 2024
- **Citation:** TCN-2024-NCLAT-00246
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/santosh-kumar-jaiswal-ors-vs-meena-sureka-liquidator-6e13c398

## Summary

### Background

This is an appeal against the order passed by the Adjudicating Authority (National Company Law Tribunal) Guwahati Bench, Guwahati, which directed that Rs.7,50,000/- be remitted to the account of the Corporate Debtor. The appellant had deposited this amount in pursuance of an OTS proposal given to SBI, towards settlement for Rs.50 lakhs against the release of personal guarantee of all promoters and directors. The appellant refers to a letter dated 18.01.2022.

## Facts

Santosh Kumar Jaiswal & Ors. filed an appeal against an order by the Adjudicating Authority (National Company Law Tribunal) Guwahati Bench, Guwahati. The Adjudicating Authority had directed that Rs.7,50,000/- be remitted to the account of the Corporate Debtor. This amount was initially deposited by the appellant in pursuance of an OTS proposal given to SBI, towards settlement for Rs.50 lakhs against the release of personal guarantee of all promoters and directors. The appellant referred to a letter dated 18.01.2022. The SBI withdrew the offer, and the amount was to be remitted back only after the initiation of proceedings under Section 10 of the IBC. The letter dated 18.01.2022 was written on behalf of 'Brahmaputra TMT Bars Pvt. Ltd.', and the SBI account statement

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority committed an illegality in directing the amount to be remitted …

**Ratio:** The Adjudicating Authority has the power to direct the remittance of funds to the

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**Reasoning:** The court reasoned that the amount was drawn from the account of the corporate debtor.

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**Interpretation:** This issue involves interpreting the powers and jurisdiction of the

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**Application:** The court applied the principle that since the funds originated from the

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## Parties

- **Judges:** Ashok Bh…; Barun M…; +1 more
- **Appellants:** Santosh Kumar…
- **Respondents:** Meena S…

## Timeline

- **2024-08-21 — I.A No. 4840…**: Application for condonation of 14 days' delay…
- **2022-01-18 — Letter Ref…**: Counsel for the Appellant…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 10 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-10)

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