under Section 60(5) read of the Insolvency and Bankruptcy Code, 2016 Avil Menezes Interim Resolution Professional of Future Corporate Resources Private Limited ...Applicant Central Depository Services (India) Limited And Ors ...Respondent In the matter of COMPANY PETITION NO. 1113 OF 2022 CENTRAL BANK OF INDIA …Petitioner/Financial Creditor V/s FUTURE CORPORATE RESOURCES PRIVATE LIMITED …Respondent/Corporate Debtor Order delivered on: 31.10.2025 Coram Shri Prabhat Kumar Shri Sushil Mahadeorao Kochey Hon’ble Member (Technical) Hon’ble Member (Judicial)

Appearances:

C.P.(IB) NO. 1113 (MB) OF 2022 For the Applicant : Mr. Dhrupad Vaghani a/w Mr. M. K.

For the Respondents : Mr. Suraj Chaudhary Mr. Abhay Chauhan, Mr. Ajit Shah Mr. Parikshit Pania, Mr. Ajit Singh Tawar and Mr.

Prakhar Tandon.

ORDER

1. This Application IA 2590/2025 was filed by Mr. Avil Menezes, (Applicant) Interim Resolution Professional of Future Corporate Resources Private Limited under section 60(5) READ of the Insolvency and Bankruptcy Code, 2016, seeking following reliefs:-

a) Allow this Application;

b) To remove the debit freeze on the Demat Account having Client ID: 00009754 of the Corporate Debtor with immediate effect;

c) Pass such order(s) and /or direction(s) in the interest of justice which this Hon'ble Tribunal deems fit.

2. The Applicant is the Interim Resolution Professional of the Corporate Debtor, whose CoC in its meeting vide on 05^th December 2024 decided to undertake a process for the sale of certain assets of the Corporate Debtor under Regulation 29 of the CIRP Regulations in addition to the process for submission of resolution plans.

3. The Corporate Debtor holds shares holds shares in its group companies under the demat accounts having Client ID No.

00009754 ("Demat Account"), inter alia the following:

C.P.(IB) NO. 1113 (MB) OF 2022 (i) 0.82% Equity Shares of Generali Central Life Insurance Company Limited (formerly known as Future Generali India Life Insurance Company Limited).

(ii) 2.22% Equity stake in Shendra Advisory Services Private Limited (in liquidation) ("Shendra Advisory") which translates to 1.09% Equity stake in Generali Central Insurance Company Limited (formerly known as Future Generali India Insurance Company Limited). Shendra Advisory is in voluntary liquidation from 27 April 2022. The distribution of assets in Shendra Advisory happened on 06 March 2025 post which the Corporate Debtor holds 1.09% in Generali Central Insurance Company Limited (formerly known as Future Generali India Insurance Company Limited).

4. The Applicant came to now about debit freeze on said account from Respondent No. 4 Samurai Securities Pvt. Ltd., the prospective buyer. Upon Respondent No. 4's enquiry with Respondent No. I on the reason for such debit freeze and the steps required to be taken to unfreeze the same, Respondent No. 1 informed that the debit freeze on the Demat Account was initiated based on the instructions received from Respondent No. 2 BSE Limited and asked Respondent No. 4 to provide with confirmation from Respondent No. 2 for lifting of the debit freeze. Furthermore, the reason for the freeze was stated as "SEBI Directive".

5. Thereafter, the Applicant issued letter to Respondent No. 2 and Respondent No. 1 copying Respondent No. 4 wherein the Applicant informed Respondent No. 1 and 2 regarding the initiation of the CIRP of the Corporate Debtor and sought to remove the debit freeze on the Demat Account C.P.(IB) NO. 1113 (MB) OF 2022

6. The Respondent No. 2 then responded vide email stating that the debit freeze on the Demat Account was pursuant to the default committed by Future Retail Limited ("FRL") in paying the Annual Listing Fee to Respondent No. 2 as per the listing agreement entered into by and between Respondent No. 2 and FRL

7. The Applicant further addressed a letter to Respondent No. 2 and Respondent No. 1 reiterating the facts as mentioned in the letter dated 25^th February 2025 and also apprising Respondent No. 1 and Respondent No. 2 that su