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Judgment
24.02.2026 Heard Ld. Counsel for Appellant as well as Counsel appearing for HDFC Bank. Notice was issued to the Income Tax Department, Respondent No. 2, which has been served.
This Appeal has been filed by the Appellant, the Resolution Professional of Panoptes India Pvt. Ltd., challenging the order dated 31/07/2025 passed in I.A. 6043/ND/2022. The I.A. was filed by the RP seeking direction to HDFC Bank to un-lien/ unfreeze and release the lien mark in FDs. The Adjudicating Authority disposed of Application with following directions.
“I.A. 6043/ND/2022 : Mr. Deepak Kumar Garg, Ld. counsel for the Applicant/ RP is present through VC. Mr. Shailendra Singh, Ld. Counsel for the HDFC Bank is present through VC.
This Application has been filed by the applicant to direct the HDFC Bank Limited to unlien, unfreeze and redeem the lien marked FDs. The applicant is directed to visit the office of the Income Tax Department for taking up this issue of release of lien and the Income Tax Department is directed to consider the request made by the RP/ Applicant as per law. Similarly, the applicant is also directed to approach other Government agencies for taking up this issue of release of FD attached by those agencies and the concerned government agencies are directed to consider the request of RP as per law accordingly.
With these observations I.A. 6043/ND/2022 is disposed”.
When the Appeal was taken into consideration, Ld. Counsel for HDFC Bank appears and submitted that Bank has already sent necessary undertaking format to the RP and as and when undertaking, duly filled, is given to the Bank, it shall immediately release the FDs in which no other lien is required.
It is submitted by the Appellant that some of the FDs is already been released by HDFC Bank. In view of the aforesaid submissions by HDFC Bank Ltd, we see no reason to issue any direction to HDFC Bank. The Appellant, however submitted that on two of the FDs, Income Tax Department has marked its lien. The RP, appearing in person, submitted that no claim has been filed by the Income Tax Department in the Corporate Insolvency Resolution Process (CIRP) and when the Appellant approached the Income Tax Authority, it was informed that there were some dues of assessment year prior to date of initiation of CIRP.
5 In the facts of the present case, we permit the RP to give a representation to the Income Tax Department with respect to two FDs, where Income Tax Department has marked its lien and the Income Tax Authorities may take appropriate decision and communicate the same to the RP within a period of 30 days from the date order along with the representation is received.
With the above observations, Appeal is disposed of.