Back
NATIONAL COMPANY LAW TRIBUNAL
Mr. Pankaj Majithia – Appellant
Versus
Yes Bank Limited – Respondent
MUMBAI - BENCH-II IN CP No. 364/MB/2021 [Under Sections 60 (5) of the Insolvency and Bankruptcy Code, 2016 read with Rule 11 of NCLT Rules, 2016}
IN MATTER OF:
PANKAJ RAMDAS MAJITHIA RP of E Commerce Magnum Solution Limited, Suite No. 301, 304, Metro Avenue, Opposite Gurunanak Petrol Pump, Near Magicbricks Weh Metro Station, Andheri East, Mumbai 400069 …Applicant/Resolution Professional V/s YES BANK LIMITED G1, 893, Mezzanine Flr, Notan Chamber, Turner Road, Bandra West, Mumbai-400050 … Respondent In the matter of J.C. FLOWERS ASSET RECONSTRUCTION PRIVATE LIMITED …Financial Creditor V/s E COMMERCE MAGNUM SOLUTION LIMITED …Corporate Debtor Pronounced on: 30.01.2026 CORAM:
HON’BLE SHRI ASHISH KALIA, MEMBER (JUDICIAL)
HON’BLE SHRI SANJIV DUTT, MEMBER (TECHNICAL)
Appearances: Hybrid Applicant : Adv. Khushboo Shah Rajani I/b.AKR Legal Respondent : Adv. Stenna Fernandes ______________________________________________________________________
ORDER
[PER: ASHISH KALIA, MEMBER (JUDICIAL)]
1. BACKGROUND
1.1.This Application bearing I.A. 384/2025 has been filed on 22.02.2025 under Section
60 (5) of the Insolvency and Bankruptcy Code 2016 (“Code”) read with Rule 11 of the National Company Law Tribunal Ru
Recovery actions during the CIRP moratorium are void; funds withdrawn must be refunded to the corporate debtor.
The court determined that the monitoring agency lacks locust standi post-liquidation, and set-off can be permissible if it qualifies as equitable set-off supported by transactional links.
The moratorium under the IBC prevents creditors from adjusting dues against a Corporate Debtor during insolvency proceedings, ensuring equitable treatment of all stakeholders.
Directors' duties under CIRP entail full cooperation; unauthorized withdrawals during moratorium require restitution.
Payments made from a co-applicant's account do not violate moratorium provisions under the IBC.
An indispensable Tool for Legal Professionals, Endorsed by Various High Court and Judicial Officers
Please visit our Training & Support
Center or Contact Us for assistance
Scan Me!
India’s Legal research and Law Firm App, Download now!
For Daily Legal Updates, Join us on :
Back to top
