# In the matter of Oxford Facilities Management

> NCLT judgment dated 2023-10-18. Citation: TCN-2023-NCLT-01115. The case involves an application under Section 60(5) read with Section 35(1)(n) of the…

- **Court:** NCLT
- **Order date:** 18 Oct 2023
- **Citation:** TCN-2023-NCLT-01115
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/oxford-facilities-management-a1dcfe1c

## Summary

### Background

The case involves an application under Section 60(5) read with Section 35(1)(n) of the Insolvency and Bankruptcy Code, 2016, along with Rule 11 of the National Company Law Tribunal Rules, 2016. The application, IA 1495 of 2023, was filed by Bhaaskar Biswas, the Suspended Director of Oxford Facilities Management, the Corporate Debtor, seeking certain reliefs. A connected matter, IA(I.B.C)/574(KB)2023, involved a prior order of liquidation of Oxford Facilities Management passed on 2022-12-30. The liquidator sought directions regarding the release of funds.

## Facts

Oxford Facilities Management is the Corporate Debtor. Avaani Oxford Owners Association is the Financial Creditor. Mr. Bhaskar Biswas is the Suspended Director of Oxford Facilities Management. The liquidator sought the release of 30 FDRs, amounting to approximately Rs. 3.70 crores, held with Union Bank of India, Ballygunge Branch. These FDRs represent sinking fund and maintenance deposits received from flat owners. The total valuation of the FDRs as of January 25, 2023, was Rs. 3,68,34,520/-. An order for liquidation of Oxford Facilities Management was passed on December 30, 2022. The FDRs are considered the only assets of the Corporate Debtor. The liquidator has the right to take possession and custody of all assets of the Corporate Debtor for effective liquidation.

## Issues and analysis

### Issue 1: Whether the respondent bank should be directed to release the 30 FDRs to the liquidator for the …

**Ratio:** Section 35(1)(n) of the IBC, 2016, grants the liquidator the power to take possession of

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**Reasoning:** The court considered that the FDRs are the only assets of the Corporate Debtor and are

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**Interpretation:** The provisions of Section 35(1)(n) and Section 60(5) of the IBC, 2016, are

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**Application:** The court applied the ratio to the specific facts, noting that the FDRs are the

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## Parties

- **Judges:** BIDISHA BA…; ARVIND DEVA…
- **Respondents:** Oxford Facilities…; Sneh Mahe…

## Timeline

- **2016-01-01 — Enactment of Insolvency and Bankruptcy Code,…**: The Insolvency and Bankruptcy…
- **2022-12-30 — Order of Liqu…**: An order of liquidation of Oxford Facilities…

## 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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