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Judgment
13.01.2025: This appeal has been filed against order dated 02.08.2024 by which the Adjudicating Authority has allowed the application filed by the Resolution Professional being IA No.49(AHM)2022. The Adjudicating Authority by the impugned order has directed as following:
“13. In view of the above submissions and documents perused on records, we pass the following order:
ORDER
I. IA 49 of 2021 in CP(IB) 844 of 2019 is allowed.
II. Respondent Bank of Baroda is directed to transfer the amount of Rs.65,78,290.19/-along with interest @ 12% per annum from the date of transfer till its realisation into the bank account of Alcock Ashdown (Gujarat) Limited having Bank Account No.230805500317 with ICICI Bank, Bodakdev Branch, (IFSC Code: ICIC0002308) within 1 month from the date of this order.
From the facts brought on the record, it appears that an OTS was entered with the Corporate Debtor by the Bank for an amount of Rs.20.74 Crores, which amount was duly paid. Amount of Rs.65,78,290.19/- has been directed to be transferred, which was laying in the current account and which was taken by the Bank of Baroda by the Corporate Debtor without there being any consent. Application was filed by the Resolution Professional, which application has been allowed and direction has been issued for transfer of amount.
Learned counsel for the Appellant submits that the Corporate Debtor has gone into liquidation by order dated 03.01.2025, which fact is also admitted by learned counsel for the Respondent. It is submitted that Appellant has been directed for payment of interest @12% per annum, which is excessive.
In facts of the present case, while upholding direction by the Adjudicating Authority to transfer amount of Rs.65,78,290.19/- we reduce the rate of interest to the extent of the rate of interest which was being paid by the bank in the saving account at the relevant time in 2017, on the date when OTS was accepted. The Bank shall transfer the amount within four weeks. Impugned order is modified to the above extent. Appeal is disposed of accordingly.