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NATIONAL COMPANY LAW TRIBUNAL
Ms. Lakshmi Gurung, Member (Judicial), Sh. Charanjeet Singh Gulati, Member (Technical)
The Federal Bank Limited – Appellant
Versus
Mr. Pramod Dattaram Rasam – Respondent
| Table of Content |
|---|
| 1. contentions raised concerning the resolution process and rights of creditors. (Para 1 , 17 , 30) |
| 2. overview of pool account operations and obligations. (Para 2 , 4 , 5 , 6 , 10) |
| 3. ownership of funds in the pool account examined regarding rbi guidelines. (Para 35 , 36 , 46) |
| 4. court's directive for customer refunds amidst insolvency proceedings. (Para 50 , 51) |
ORDER
1. The above I.A. is filed by the Applicant, Federal Bank Limited, under section 60(5) of the Insolvency and Bankruptcy Code, 2016 (“the Code”), seeking following reliefs:
a) To allow the application and reject the Resolution Plan as accepted by the COC which includes the Pool Account as a part of the Resolution Plan;
b) Clarify that the funds in the Pool Account do not belong to the Corporate Debtor;
c) Pass an ad-interim ex-parte order permitting the Applicant to utilize the funds in the Pool Account for making refunds to the customers of the TMW Program.
Brief Background:
2. The Applicant is a banking company, licensed under the Banking Regulation Act, 1949, and is classified as a scheduled commercial bank under second schedule of Reserve Bank of India Act, 1934.
3. M/s TMW Fintech Private Limited (Corpora
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