IN THE NATIONAL COMPANY LAW TRIBUNAL MUMBAI BENCH, COURT-V C.P.(IB) No. 3703/MB/2019 Under Section 60(5) of the Insolvency &

Bankruptcy Code, 2016 Mrs. Teena Saraswat Pandey, 378-F, 114, Scheme Part 1, Behind Diksha Boys Hostel, Sant Nagar, Indore

452010 …Applicant Vs Regional Provident Fund Commissioner, Employee Provident Fund office, Bhavishya Nidhi Bhavan, 7th Race Course Road, Indore …Respondent no. 1 In the matter of Rani Agro Private Limited, …Financial Creditor Vs S & H Gears Private Limited ...Original Respondent/

Corporate Debtor Order Pronounced on: 10.07.2023 Coram:

Hon’ble Shri. Kuldip Kumar Kareer, Member (Judicial)

Hon’ble Smt. Anuradha Sanjay Bhatia, Member (Technical)

Appearances For the Applicant: Mr. Maulik Chokshi For the Resolution Professional: Adv. Kunal Kanungo a/w Adv.

Tanushree Sogani For the CoC: Mr. Akshaya Purthran, Advocate i/b S. K. Singhi and Partners LLP Per: Kuldip Kumar Kareer, Member (Judicial)

ORDER

1. The present Application is filed by the Applicant, namely, Mrs. Teena Saraswat Pandey, under section 60(5) of the Insolvency and Bankruptcy Code, 2016 (“Code”) read with rule 11 of the National Company Law Tribunal Rules, 2016 (“NCLT Rules”) seeking directions to the Regional Provident Fund Commissioner (hereinafter referred to as “Respondent” to remove the lien and release the amount which is held in its custody during the Corporate Insolvency Resolution Process.

FACTS OF THE CASE

2. The Applicant is the Insolvency Professional of M/s S & H Gears Private Limited (hereinafter referred to as “Corporate Debtor”).

3. Company Petition No. 3703 of 2019 was admitted vide order dated

24.01.2020 under Section 7 of the Code and the Corporate Insolvency Resolution Process was commenced against the Corporate Debtor. Mr. Navin Khendelwal (Erstwhile IRP) was appointed as the Interim Resolution Professional.

4. The Applicant has submitted that even after the erstwhile IRP had published Form A on 18.03.2020, the Respondent issued a notice through its authorised recovery officer on 15.06.2020 in order to initiate recovery proceedings against the Corporate Debtor.

5. The Applicant has submitted that the Respondent had filed its claim vide email dated 01.12.2020 for an amount of Rs.2,98,11,102/- which the erstwhile IRP had accepted vide email dated 01.12.2020. In respect of the said claim, the Respondent had passed multiple orders calling upon the Corporate Debtor to pay the outstanding dues.

6. Referring to the Item No.7 of the minutes of the sixth Committee of Creditors (COC) Meeting conducted by the erstwhile IRP on 16.12.2020, the Applicant has submitted that the erstwhile IRP had specifically taken the permission of the COC to operate the current account of the Corporate Debtor which was maintained in HDFC Bank, Dewas Branch for the receipts and payments during the CIRP Period, until the new current account was opened.

7. The Applicant has submitted that the erstwhile IRP had communicated to the Respondent via email dated 16.04.2021 about the Initiation of CIRP and informed the Respondent that in order to meet the CIRP expenses, the HDFC bank Account needs to be maintained by the erstwhile IRP only and all the other signatories had to be suspended. Further, the erstwhile IRP had also requested the Respondent to instruct the HDFC Bank to remove the lien on the Corporate Debtors Account. The erstwhile IRP had also acknowledged that the Respondent's dues would be distributed as per the provisions of the Code.

8. The Applicant was appointed as the Resolution Professional by the order of this Tribunal 24.06.2021. Subsequent to her appointment, she had taken over the affairs of the Corporate Debtor. It was brought to the notice of the Resolution Professional that one HDFC Bank Account bearing Account Number 08872320000129 (hereinafter referred to as “Bank Account”) was frozen by the Respondent on 24.08.2018 on the ground the Corporate Debtor was a defaulter. Hence the bank account was frozen by the Respondent.

9. The Applicant h