The case involves an application (CA No.277/2018) filed by the Resolution Professional (RP) under Section 60(5)(b) of the Insolvency & Bankruptcy Code, 2016, seeking the recovery of Rs.32,40,000/- from IDBI Bank Limited, the respondent. The Corporate Debtor, Uniworld Sugars Private Limited, was undergoing Corporate Insolvency Resolution Process (CIRP). The RP contested the deduction of Rs.32,40,000/- by IDBI Bank towards lead bank charges from the Corporate Debtor's account, arguing that it was inappropriate post-CIRP initiation. The respondent bank claimed the deduction was for outstanding lead bank fees for the years 2015-16, 2016-17, and 2017-18, predating the CIRP commencement.
Uniworld Sugars Private Limited (Corporate Debtor) was undergoing CIRP, initiated on 29.05.2018. Pramod Kumar Sharma was the Resolution Professional (RP). IDBI Bank Limited was a financial creditor and a member of the Committee of Creditors (COC). The Corporate Debtor maintained an account with IDBI Bank. On 25.04.2018, IDBI Bank debited Rs.32,40,000/- from the Corporate Debtor's Trust and Retention Account (TRA) No.0412102000009133 and transferred it to a suspense account. The RP contended this was done without informing the Corporate Debtor. The RP argued that the amount should be restored to the Corporate Debtor. IDBI Bank claimed the deduction was towards outstanding lead bank fees for FY 2015-16, 2016-17, and 2017-18. The Corporate Debtor had entered into an Asset
…Sign in to view the parties.
Consortium of bankers sanctioned credit…
Respondent acted as lead bank under the…
The case involves an application (CA No.277/2018) filed by the Resolution Professional (RP) under Section 60(5)(b) of the Insolvency & Bankruptcy Code, 2016, seeking the recovery of Rs.32,40,000/- from IDBI Bank Limited, the respondent. The Corporate Debtor, Uniworld Sugars Private Limited, was undergoing Corporate Insolvency Resolution Process (CIRP). The RP contested the deduction of Rs.32,40,000/- by IDBI Bank towards lead bank charges from the Corporate Debtor's account, arguing that it was inappropriate post-CIRP initiation. The respondent bank claimed the deduction was for outstanding lead bank fees for the years 2015-16, 2016-17, and 2017-18, predating the CIRP commencement.
Uniworld Sugars Private Limited (Corporate Debtor) was undergoing CIRP, initiated on 29.05.2018. Pramod Kumar Sharma was the Resolution Professional (RP). IDBI Bank Limited was a financial creditor and a member of the Committee of Creditors (COC). The Corporate Debtor maintained an account with IDBI Bank. On 25.04.2018, IDBI Bank debited Rs.32,40,000/- from the Corporate Debtor's Trust and Retention Account (TRA) No.0412102000009133 and transferred it to a suspense account. The RP contended this was done without informing the Corporate Debtor. The RP argued that the amount should be restored to the Corporate Debtor. IDBI Bank claimed the deduction was towards outstanding lead bank fees for FY 2015-16, 2016-17, and 2017-18. The Corporate Debtor had entered into an Asset
…Consortium of bankers sanctioned credit…
Respondent acted as lead bank under the…