# In the matter of Triupati Jute Industries Limited IA(I.B.C)1484(KB)2019 & IA(IBC)-744.757.849.904.960.1442(KB)2020 & IA(IBC)-61(KB)2021 in C.P.(IB)-508(KOB)2017

> NCLT judgment dated 2021-10-06. Citation: TCN-2021-NCLT-00813. Daaksh Jute LLP filed an application (IA/849(KB)2021) against the attachment of their ODCC…

- **Court:** NCLT
- **Order date:** 6 Oct 2021
- **Citation:** TCN-2021-NCLT-00813
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/triupati-jute-industries-limited-iaibc1484kb2019-iaibc-7447578499049601442kb2020-da5c70f3

## Summary

### Background

Daaksh Jute LLP filed an application (IA/849(KB)2021) against the attachment of their ODCC account by R-1 and R-2. The applicant sought a declaration that the notice dated 21/09/2021 is illegal, arguing that the Employees Provident Fund Organisation's claim had already been filed with the Liquidator. The Liquidator and Provident Fund Authorities objected to the application's maintainability. The court considered the situation where the applicant's bank facilities were attached, preventing the payment of workers' wages.

## Facts

Daaksh Jute LLP filed IA/849(KB)2021 against the attachment of their ODCC account (no. 50200055570842) maintained with HDFC Bank Ltd., Liluah Branch, Howrah. The attachment was done by R-1 and R-2. The applicant also has a current account (no. 50200054829521). The applicant sought a declaration that the notice dated 21/09/2021 is illegal because the Employees Provident Fund Organisation's claim was already filed with the Liquidator. The Liquidator and Provident Fund Authorities objected to the maintainability of the application, citing section 60(5) of the Code. The applicant relied on an operating Lease Agreement dated 01/08/2016. The attachment of the bank account prevented the payment of workers' wages, causing potential hardship. The court issued an interim order

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## Issues and analysis

### Issue 1: Whether the attachment of the applicant's ODCC account is justified given the pending claim of the …

**Ratio:** The principle of balancing the interests of all stakeholders, including the workers, and

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**Reasoning:** The court considered the potential hardship to the workers if their wages were not paid

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**Interpretation:** The court interpreted the relevant provisions of the Code to allow for an

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**Application:** The court applied the principle of balancing interests by allowing the

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## Parties

- **Judges:** Rajasekha…; Harish Chander…
- **Appellants:** Daaksh Ju…
- **Respondents:** Tirupati Jute…
- **Advocates:** Ratnanko B…; Manju Bhu…; +10 more

## Timeline

- **2016-08-01 — Operating Lease…**: Date of the operating Lease…
- **2021-09-21 — Attachment…**: Date of the impugned notice…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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