The Resolution Professional (RP) filed CA 622/2019 seeking directions for Axis Bank to release money held as security. The purpose of this release was to cover the Corporate Insolvency Resolution Process (CIR) costs. The court considered the request, taking into account the need to preserve the company's assets and the stage of the insolvency proceedings. The court ultimately dismissed the RP's petition, stating that the request should not be granted at this stage. The court also emphasized that the company's assets should not be dissipated and should be considered during liquidation, and that the CIR costs should be addressed by the Committee of Creditors (COC).

The Resolution Professional (RP) filed CA 622/2019 seeking directions for Axis Bank to release money held as security. The purpose of this release was to cover the Corporate Insolvency Resolution Process (CIR) costs. The court considered the request, taking into account the need to preserve the company's assets and the stage of the insolvency proceedings. The court ultimately dismissed the RP's petition, stating that the request should not be granted at this stage. The court also emphasized that the company's assets should not be dissipated and should be considered during liquidation, and that the CIR costs should be addressed by the Committee of Creditors (COC).