# In the matter of Macro Infra Contractors Pvt. Ltd.

> NCLT judgment dated 2024-02-29. Citation: TCN-2024-NCLT-02314. The application IA No. 666/JPR/2023 was filed by the Resolution Professional (RP) of M/s Macro…

- **Court:** NCLT
- **Order date:** 29 Feb 2024
- **Citation:** TCN-2024-NCLT-02314
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/macro-infra-contractors-pvt-ltd-4b016b25

## Summary

### Background

The application IA No. 666/JPR/2023 was filed by the Resolution Professional (RP) of M/s Macro Infra Contractors Pvt. Ltd., the Corporate Debtor, under Section 60(5) of the Insolvency and Bankruptcy Code, 2016 (IBC). The RP sought reliefs related to the operation of the Corporate Debtor's bank accounts during the Corporate Insolvency Resolution Process (CIRP). The Adjudicating Authority had admitted the CIRP application filed by RG Colonizers Private Limited, the Operational Creditor, on 04.07.2023, under Section 9 of the Code. The RP requested the Respondent bank to cooperate and perform certain actions related to the Corporate Debtor's bank accounts, including including the RP as a signatory, providing bank statements, details of open cheques, and freezing the

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## Facts

The Resolution Professional (RP) of Macro Infra Contractors Pvt. Ltd. filed an application (IA No. 666/JPR/2023) seeking directions to Malviya Urban Co-Op Bank Ltd. to facilitate the operation of the Corporate Debtor's bank accounts during the CIRP. The CIRP was initiated on 04.07.2023, based on an application by RG Colonizers Private Limited. The RP requested the bank to include the RP as a signatory, provide bank statements, details of open cheques, and freeze accounts. The RP also requested the removal of any attachment orders, citing Section 14 of the IBC. The bank contended that it had already provided the necessary information and that the Income Tax Department had attached the accounts following a letter from the Income Tax Department dated 21.01.2022. The RP

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## Issues and analysis

### Issue 1: Whether the Respondent bank is obligated to act on the instructions of the Resolution Professional …

**Ratio:** Section 17(1)(d) of the Insolvency and Bankruptcy Code (IBC) obligates financial

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**Reasoning:** The court reasoned that the IBC places a clear obligation on financial institutions to

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**Interpretation:** This section is interpreted to mean that financial institutions must prioritize

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**Application:** In this case, the court applied this ratio by directing the Respondent bank to

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## Parties

- **Judges:** Deep Chandr…; RAJEEV ME…
- **Appellants:** Babu Lal…
- **Respondents:** M/S Macro Infra…; Malviya Urban…

## Timeline

- **2023-07-04 — CIRP Init…**: The Adjudicating Authority admitted the application filed by RG Colonizers Private…
- **2023-08-02 — RP Appoin…**: Babu Lal Sharma was appointed as the Resolution Professional as approved by the CoC vide…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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