AI Structured Summary
Not yet generated for this judgment
Judgment
O R D E R
Per: Bidisha Banerjee, Member (Judicial)
Heard the learned Counsel for the parties.
This application being IA 1495 of 2023 is preferred by Bhaaskar Biswas, the Suspended Director of oxford Facilities Management, the Corporate Debtor to seek the following reliefs inter alia:
The order dated 16th August, 2023 passed by the Adjudicating Authority be clarified to the extent that the principal sum covered under the FDRs is Rs.2,22,50,000/-;
The FC is entitled to a sum of Rs.2.07 crores being the principal sum after adjustments as paid by the flat buyers;
The application being IA 373/KB/2023 be decided on merits;
The concerned Bank be directed not to disburse any amount to the Liquidator during the pendency of the instant application;
The order dated 16th August, 2023 be stayed and/or kept in abeyance during pendency of this application;
Ad-interim order in terms of prayers above;
Such further order/s and/or direction/s be passed as would afford complete relief to the applicant;
In a connected matter being IA(I.B.C)/574(KB)2023 we have passed the following order:
“2 This is an application under Section 60 (5) read with Section 35 (1) (n) of the Insolvency and Bankruptcy Code, 2016 along with Rule 11 of the National Company Law Tribunal Rules, 2016.
3.An order of liquidation of Oxford Facilities Management, the Corporate Debtor, was passed by this Tribunal on 30.12.2022. By way of this application, the applicant/liquidator seeks direction upon the respondent to release the 30 FDRs towards liquidation estate, for effective liquidation of the Corporate Debtor, as the FDRs are the only assets of the Corporate Debtor. The direction is sought for in terms of Section 35 (1) (n) of IBC, 2016 as well as Section 60 (5) of IBC, 2016 read with inherent powers available to this Adjudicating Authority under Rule 11 of the National Company Law Tribunal Rules, 2016.
4.It is submitted that as on date, the only asset of the company is 30 numbers of FDRs for a sum of Rs.3.70 crores approximately, on account of sinking fund and maintenance deposit received from the flat owners, lying with the respondent Union Bank of India. The fact that it is the only asset of the Financial Debtor has also been recorded by this Adjudicating Authority while passing its order on 30th December, 2022 by the applicant was appointed as Liquidator.
5.That the Liquidator has the right to take possession and custody of all the assets of the Corporate Debtor so that the liquidation estate can be formed for the purpose of effective liquidation of the Financial Debtor and liquidation estate is formed to liquidate the assets for the purpose of distribution of assets of the company in terms of Section 53 of IBC, 2016.
6.That the details of the FDRs from the Bank Account of the Corporate Debtor maintained with the respondent bank, shows that the total valuation of the FDRs as on 25th January, 2023 is Rs.3,68,34,520/- as evident from a copy of the Bank Statement issued by the Bank Manager of the Union Bank of India, Ballygunge Branch annexed as Annexure “C”.
7.The list of 30 FDRs of the CD lying with the respondent Bank is depicted as follows:
Sl. Nos. FD Account Numbers 1. 6220100127623 2. 6220100127632 3. 6220100127641 4.6220100127650 5. 6220100127669 6. 6220100127678 7. 6220100127687 8. 6220100127696 9. 6220100127702 10. 6220100127711 11. 6220100127720 12. 6220100127739 13. 6220100127748 14. 6220100127757 15. 6220100127766 16. 6220100127775 17. 6220100127784 18. 6220100127793 19. 6220100127809 20. 6220100127818 21. 6220100127827 22. 6220100127836 23. 6220100127845 24. 6220100127854 25. 6220100127401 26. 6220100093478 27. 6220100025237 28. 6220100025194 29. 6220100031672 30. 6220100052268
The details of the liquidation Bank Account of the company is as under:
8.
Name of the Branch Address Account Number Bank Union Bank of Ballygunge 006211010000065 India (e-Andhra Branch, Bank) 87, Rashbehari Avenue, Kolkata – 700026.
9.Such being the position, we allow the application directing the respondent Bank to release the 30 numbers of FDRs lying with the Bank in favour of the applicant, the details of which have been given in the letter dated 15th March, 2023 being Annexure “E” along with accrued interest, forthwith and preferably in 7 (seven) days from the date of receipt of a copy of this order.
10.The Registry is directed to serve a copy of this order upon the Union Bank of India, Ballygunge Branch.”
In view of such order as supra, we feel it appropriate to indicate that the said order passed in IA(I.B.C)/1495(KB)2023 will also govern the prayer made in this application.
Accordingly IA(I.B.C)/1495(KB)2023 stands disposed of in view of the order already passed today in IA(I.B.C)/574(KB)2023.