The case involves an application (IA-148/2021) filed by the Resolution Professional (RP), Dhiren Shantilal Shah, of Tuticorin Coal Terminal Private Limited (Corporate Debtor) seeking the transfer of Rs. 60,00,000/- held as a Fixed Deposit with Indian Bank (Respondent). The RP argued that the Fixed Deposit was wrongly appropriated or marked lien towards a Bank Guarantee issued by the Respondent on behalf of the Corporate Debtor. The Corporate Insolvency Resolution Process (CIRP) commenced on 20.02.2020, following an application under Section 7 of the IBC, 2016, filed by Bank of India. The Respondent, a member of the CoC, had submitted a claim of Rs. 52,55,25,548.17 against the Corporate Debtor.
1. The Resolution Professional (RP) of Tuticorin Coal Terminal Private Limited filed an application seeking the transfer of Rs. 60,00,000/- held as Fixed Deposit with Indian Bank.
2. The Corporate Insolvency Resolution Process (CIRP) commenced on 20.02.2020.
3. Indian Bank is a member of the Committee of Creditors (CoC) and had submitted a claim of Rs. 52,55,25,548.17.
4. The RP sent emails to the Respondent seeking the transfer of the monies.
5. The Respondent had issued 3 Bank Guarantees entailing total obligation of Rs. 11,19,50,000/- and held amounts in three fixed deposits (“FDRs”) totalling to a sum of Rs.1,11,95,000/-, being 10% margin money.
6. The Respondent granted a Term Loan Facility to Tuticorin Coal Terminal Private Limited.
7. The Respondent filed an affidavit
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Corporate Ins…
Indian Bank submitted its claim of Rs.…
The case involves an application (IA-148/2021) filed by the Resolution Professional (RP), Dhiren Shantilal Shah, of Tuticorin Coal Terminal Private Limited (Corporate Debtor) seeking the transfer of Rs. 60,00,000/- held as a Fixed Deposit with Indian Bank (Respondent). The RP argued that the Fixed Deposit was wrongly appropriated or marked lien towards a Bank Guarantee issued by the Respondent on behalf of the Corporate Debtor. The Corporate Insolvency Resolution Process (CIRP) commenced on 20.02.2020, following an application under Section 7 of the IBC, 2016, filed by Bank of India. The Respondent, a member of the CoC, had submitted a claim of Rs. 52,55,25,548.17 against the Corporate Debtor.
1. The Resolution Professional (RP) of Tuticorin Coal Terminal Private Limited filed an application seeking the transfer of Rs. 60,00,000/- held as Fixed Deposit with Indian Bank.
2. The Corporate Insolvency Resolution Process (CIRP) commenced on 20.02.2020.
3. Indian Bank is a member of the Committee of Creditors (CoC) and had submitted a claim of Rs. 52,55,25,548.17.
4. The RP sent emails to the Respondent seeking the transfer of the monies.
5. The Respondent had issued 3 Bank Guarantees entailing total obligation of Rs. 11,19,50,000/- and held amounts in three fixed deposits (“FDRs”) totalling to a sum of Rs.1,11,95,000/-, being 10% margin money.
6. The Respondent granted a Term Loan Facility to Tuticorin Coal Terminal Private Limited.
7. The Respondent filed an affidavit
Corporate Ins…
Indian Bank submitted its claim of Rs.…