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Judgment
O R D E R
Per: Bidisha Banerjee, Member (Judicial)
Heard the learned Counsel for the parties.
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.
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.
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.
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.
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”.
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:
| Name of the Bank | Branch Address | Account Number |
|---|---|---|
| Union Bank of India (e-Andhra Bank) | Ballygunge Branch, 87, Rashbehari Avenue, Kolkata – 700026. | 006211010000065 |
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.
The Registry is directed to serve a copy of this order upon the Union Bank of India, Ballygunge Branch.
Accordingly, IA (IB) No. 547/KB/2023 is allowed and disposed of.