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Judgment
IA. No. 4634 of 2023:- This Application has been filed by the Appellant praying for certain clarifications in the order dated 12.09.2023. The Appeal has been filed against the order admitting Section 9 Application. We, by our interim order dated 12.09.2023, have stayed the order dated 05.09.2023. Prayer of the Appellant to permit the Corporate Debtor to operate the Bank account cannot be accepted.
In view of the CIRP having been initiated, promoters cannot be allowed to operate the bank account or to deal with the assets of the Corporate Debtor. However, to keep the Company as a going concern, we permit non-promoter Director who is signatory to the Bank account may operate the account and details of all transactions be furnished to IRP weekly and report may also be submitted to the Court. We make it clear that for all bank operation, the signatory shall be held responsible and bank operation may be permitted which is necessary for keeping the company as a going concern. Application is disposed of accordingly.
Learned Counsel for the Appellant is permitted to impleade the IRP as Respondent No.2. Learned Counsel for the Respondent prays further two weeks’ time to file reply. She is allowed to do so. Rejoinder, if any, may be filed within one week thereafter.
List the matter on 07.11.2023.