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NATIONAL COMPANY LAW TRIBUNAL
Shri. Kuldip Kumar Kareer, Member Judicial, Shri. Anil Raj Chellan, Member Technical
Mr. Abhijit Guhathakurta – Appellant
Versus
Union Bank of India – Respondent
| Table of Content |
|---|
| 1. application under the insolvency code regarding fixed deposit adjustments. (Para 1 , 2 , 3 , 4) |
| 2. arguments concerning appropriations and legal rights to set-off. (Para 11 , 12 , 13 , 14) |
| 3. ruling on locus of monitoring agency post-liquidation. (Para 17) |
| 4. court's observations on equitable set-off and statutory limitations. (Para 18 , 19) |
| 5. final decision dismissing the application. (Para 20) |
ORDER
Per: Kuldip Kumar Kareer, Member Judicial.
1. This is an application under Section 60 (5) of the Insolvency and Bankruptcy Code , 2016 (hereinafter referred to as “the Code”) filed by the Applicant being Monitoring Agency of the Corporate Debtor seeking directions to the Respondent, inter alia, to deposit all the amounts earned on the subject FD from the insolvency commencement date (i.e. from 20th April, 2018) which have been wrongfully adjusted against the interest due on the working capital facility provided by the Respondent Bank, in the TRA Account of the Corporate Debtor bearing A/c No. 0004103000067111 maintained with IDBI Bank.
Case of the Applicant (in brief):
2. On 21st April 2014, the Corporate Debtor had deposited with the Respondent Bank an amount of INR 6,45,
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