Amount lying in No Lien Account is asset of corporate-debtor if OTS not materialized-NCLAT Rules Against BOI

Bank of India Vs Naren Sheth (NCLAT Delhi) In a recent ruling, the Delhi bench (NCLAT) while dismissing the appeal of the bank have held that Once the CIRP was initiated, the amount lying in the “No Lien Account”, is an asset of the Corporate Debtor if OTS did not materialize. The application for initiation of CIRP was allowed and the Corporate Debtor, M/s Jaybharat Textiles & Real Estate Ltd. was admitted into CIRP on 03.01.2020. The IRP called for the claims and thereafter constituted COC (Committee of Creditors).  IRP initiated steps to takeover the assets of the Corporate Debtor...