The application was filed to direct the Respondent Bank to deposit funds towards Fixed Deposits of the Corporate Debtor (CD) with accrued interest into the Liquidation Account. The main CP was admitted into CIRP on 23.02.2018, and the Applicant was appointed as Liquidator on 31.03.2022. The Applicant discovered that the CD had Fixed Deposits in the Respondent Bank worth Rs 69,305, Rs 1,97,53,689, and Rs 41,81,056. The Respondent Bank did not transfer the deposits, claiming they were attached by the Maharashtra Sales Tax Department, Income Tax Department, and Customs & Central Excise Departments.
The Indian Bank, acting as the financial creditor, initiated Corporate Insolvency Resolution Process (CIRP) against Kadevi Industries Limited. The CIRP was admitted on 23.02.2018. Subsequently, a liquidator was appointed on 31.03.2022. The liquidator discovered that Kadevi Industries Limited held fixed deposits in Axis Bank amounting to Rs 69,305, Rs 1,97,53,689, and Rs 41,81,056. The liquidator requested Axis Bank to transfer these funds to the liquidation account. Axis Bank refused, stating that the fixed deposits were attached by the Maharashtra Sales Tax Department, Income Tax Department, and Customs & Central Excise Departments. Axis Bank had received a garnishee order under Section 226(3) of the Income Tax Act, 1961, on 16.06.2016, for Rs 1,97,53,689. Notices
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The main Company Petition (CP) was admitted…
The Applicant was…
The application was filed to direct the Respondent Bank to deposit funds towards Fixed Deposits of the Corporate Debtor (CD) with accrued interest into the Liquidation Account. The main CP was admitted into CIRP on 23.02.2018, and the Applicant was appointed as Liquidator on 31.03.2022. The Applicant discovered that the CD had Fixed Deposits in the Respondent Bank worth Rs 69,305, Rs 1,97,53,689, and Rs 41,81,056. The Respondent Bank did not transfer the deposits, claiming they were attached by the Maharashtra Sales Tax Department, Income Tax Department, and Customs & Central Excise Departments.
The Indian Bank, acting as the financial creditor, initiated Corporate Insolvency Resolution Process (CIRP) against Kadevi Industries Limited. The CIRP was admitted on 23.02.2018. Subsequently, a liquidator was appointed on 31.03.2022. The liquidator discovered that Kadevi Industries Limited held fixed deposits in Axis Bank amounting to Rs 69,305, Rs 1,97,53,689, and Rs 41,81,056. The liquidator requested Axis Bank to transfer these funds to the liquidation account. Axis Bank refused, stating that the fixed deposits were attached by the Maharashtra Sales Tax Department, Income Tax Department, and Customs & Central Excise Departments. Axis Bank had received a garnishee order under Section 226(3) of the Income Tax Act, 1961, on 16.06.2016, for Rs 1,97,53,689. Notices
…The main Company Petition (CP) was admitted…
The Applicant was…