CP (IB)/ 983 (MB) 2019

Under Section 60(5) of the Insolvency and

Bankruptcy Code, 2016.

Ankit International

... Applicant/Successful

Resolution Applicant

Vs.

Bank of India & Anr

… Respondent

In the matter of

Company Petition No. 983 of 2019, Under Section 7 of the Insolvency and

Bankruptcy Code, 2016.

Bank of India

…. Financial Creditor

Vs.

Provogue Personal Care Private Limited

…Corporate Debtor

Order delivered on: 19.11.2025

Coram :

Shri. Prabhat Kumar Shri Sushil Mahadeorao Kochey

Hon’ble Member (Technical) Hon’ble Member (Judicial)

CP (IB)/ 983 (MB) 2019 Appearances:

For the Applicant : Adv. Amish Tandon, a/w Adv.

Anushree Kulkarni, Adv. Swankit Nanda, Adv. A. Shaikh For the Respondent : Adv. Prakash Shinde, a/w Adv.

Niyati Merchant For the RP :Adv. Vishwas V Shah

ORDER

1. The present interlocutory application has been filed under Section 60(5) of the Insolvency and Bankruptcy Code of India, 2016 ("IBC") read with Rule 11 of the National Company Law Tribunal Rules, 2016 by Ankit International herein (Successful Resolution Applicant of the Provogue Personal Care Private Limited (“Corporate Debtor”) through its Sole Proprietor, Mr. Pranav Jain against Bank of India & Anr (hereinafter referred to as “the Respondent”) in the matter of Company Petition No. 983 of 2019, filed under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Applicant has prayed for following :

a. Direct Respondent No. 1 Bank to release the Fixed Deposit amounts belonging to the Corporate Debtor along with interest at 12% p.a. in favour of the Applicant;

b. Award damages of ₹5,00,000/- to the Applicant for losses suffered due to the illegal withholding of the FDs by the Bank;

c. Grant costs of this Application; and Pass such other and further orders as this Hon’ble Tribunal may deem fit in the interest of justice.

CP (IB)/ 983 (MB) 2019

2. The Applicant is Ankit International herein (Successful Resolution Applicant “SRA” of the Provogue Personal Care Private Limited (“Corporate Debtor”). The Applicant has taken over the business of the Corporate Debtor as a going concern pursuant to the approval of the Resolution Plan by this Tribunal vide its order dated 31.03.2023.

3. Respondent no 1, Bank of India was the financial creditor and the sole COC member of the Corporate Debtor.

4. Respondent no 2 is Mr. Vinod Tarachand Agrawal erstwhile Resolution Professional of Provogue Personal Care Private Limited.

5. The Applicant has filed the present Interlocutory Application, inter-alia, seeking directions against Respondent No. 1 for release of the Fixed Deposits/margin monies (along with interest earned till date) deposited by the Corporate Debtor for issuance of the Bank Guarantees by the Respondent No. 1 Bank in accounts, maintained with the Respondent No. 1 Bank.

6. The Respondent No. 1 Bank had issued two Bank Guarantees on behalf of the Corporate Debtor in favour of the Canteen Stores Department, Ministry of Defence, bearing BG No. 0002IPEBG160067 dated 22.04.2016 for ₹33.48 lakh (expired on 21.04.2019) and BG No. 0002IPEBG170035 dated 21.04.2017 for ₹11 lakh (expired on 19.04.2020). Both guarantees admittedly expired uninvoked, and in terms of the non-obstante clause contained in the last paragraph of the CP (IB)/ 983 (MB) 2019 guarantees, the Corporate Debtor stood fully discharged from all liabilities unless a written claim was lodged within one year of expiry i.e., by 24.04.2020 and 19.04.2020 irrespective of whether the original guarantees were returned. The margin money securing these guarantees was maintained by the Corporate Debtor in the form of Fixed Deposits in Account Nos. 000245110025259 and 000245110025260.

7. The CIRP of the Corporate Debtor commenced pursuant to the order dated 26.09.2019, and the IRP took charge on 09.03.2021. The Resolution Professional admitted claims aggregating to ₹9,25,98,378.51, including that of the Respondent No. 1 Bank, who was the sole member of the Committee of Creditors. Throughout the CIRP, the aforesaid Fixed Deposits/margin money were con