The case involves a Miscellaneous Application filed by the Resolution Professional under Rule 11 of the National Company Law Tribunal Rules, 2016, seeking directions against Axis Bank Limited (the Respondent) regarding the refund of deducted interest and the release of a lien on a fixed deposit belonging to the Corporate Debtor, M/s. Annamalai Foods Private Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated based on an application filed by an Operational Creditor, M/s. Sree Provisions Stores, which was admitted on 25.01.2018. Ms. Deepa Venkat Ramani was appointed as the Interim Resolution Professional. The Respondent Bank had continued to deduct monthly interest on overdraft accounts after the moratorium was declared, which the Resolution
…The Corporate Insolvency Resolution Process (CIRP) was initiated against M/s. Annamalai Foods Private Limited based on an application filed by M/s. Sree Provisions Stores. Ms. Deepa Venkat Ramani was appointed as the Interim Resolution Professional. Axis Bank Limited (the Respondent) had extended overdraft facilities to the Corporate Debtor, secured by a fixed deposit of Rs.50,00,000/-. After the moratorium was declared, the Respondent Bank continued to deduct monthly interest on the overdraft accounts. The Resolution Professional requested the bank to refund the deducted interest and release the lien on the fixed deposit. The Respondent Bank refused, claiming to be a secured creditor with a valid charge on the fixed deposit. The Resolution Professional argued that the
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CP/94/IB/2018 filed by M/s. Sree Provisions…
Ms. Deepa Venkat Ramani…
The case involves a Miscellaneous Application filed by the Resolution Professional under Rule 11 of the National Company Law Tribunal Rules, 2016, seeking directions against Axis Bank Limited (the Respondent) regarding the refund of deducted interest and the release of a lien on a fixed deposit belonging to the Corporate Debtor, M/s. Annamalai Foods Private Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated based on an application filed by an Operational Creditor, M/s. Sree Provisions Stores, which was admitted on 25.01.2018. Ms. Deepa Venkat Ramani was appointed as the Interim Resolution Professional. The Respondent Bank had continued to deduct monthly interest on overdraft accounts after the moratorium was declared, which the Resolution
…The Corporate Insolvency Resolution Process (CIRP) was initiated against M/s. Annamalai Foods Private Limited based on an application filed by M/s. Sree Provisions Stores. Ms. Deepa Venkat Ramani was appointed as the Interim Resolution Professional. Axis Bank Limited (the Respondent) had extended overdraft facilities to the Corporate Debtor, secured by a fixed deposit of Rs.50,00,000/-. After the moratorium was declared, the Respondent Bank continued to deduct monthly interest on the overdraft accounts. The Resolution Professional requested the bank to refund the deducted interest and release the lien on the fixed deposit. The Respondent Bank refused, claiming to be a secured creditor with a valid charge on the fixed deposit. The Resolution Professional argued that the
…CP/94/IB/2018 filed by M/s. Sree Provisions…
Ms. Deepa Venkat Ramani…