Dues against another Group company doesn’t permit bank to retain securities of Corporate Debtor

Industrial and Commercial Bank of China Limited Vs Anish Niranjan Nanavaty & Ors. (NCLAT Delhi)

NCLAT Delhi held that bank doesn’t have any jurisdiction to retain the securities [i.e. fixed deposit amount] since Corporate Debtor was not part of any facility against which any amount is due. Thus, retention on ground that there were dues against another Group Company not justified.

Facts- The Corporate Debtor– Reliance Communication Infrastructure Limited opened an FDR in the Appellant Bank on 27.03.2017. On the same date a letter dated 27.03.2017 was

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