# In the matter of Oxford Facilities Management

> NCLT judgment dated 2023-10-18. Citation: TCN-2023-NCLT-01131. 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-01131
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/oxford-facilities-management-a91b9924

## 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 undergoing liquidation, with an order passed on 2022-12-30. The company's suspended director, Bhaaskar Biswas, filed an application (IA 1495 of 2023) seeking clarification and stay of previous orders. The primary asset of the Corporate Debtor consists of 30 FDRs, totaling approximately Rs. 3.70 crores, held with Union Bank of India. These FDRs represent sinking fund and maintenance deposits received from flat owners. The liquidator sought the release of these FDRs to form part of the liquidation estate for distribution to creditors as per Section 53 of the IBC, 2016. The total valuation of the FDRs as of 2023-01-25 was Rs. 3,68,34,520/-. The liquidator has the right to take possession and custody of all assets of the Corporate Debtor.

## 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, empowers the liquidator to take into custody or

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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 legal provisions grant the liquidator broad powers to control and manage

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**Application:** Given that the FDRs are the primary assets of Oxford Facilities Management, the

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## Parties

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

## Timeline

- **2016-01-01 — Enactment of Insolvency and Bankruptcy Code,…**: The Insolvency and…
- **2022-12-30 — Liquidation…**: 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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