HVR Industries Pvt. Ltd. Vs Bindal And Bindal Batteries (P) Ltd. (NCLT Delhi)
NCLT Delhi held that Fixed Deposit Receipts FDRs’ standing in the name of the Corporate Debtor constitute financial assets and form an integral part of the Corporate Debtor’s estate. Thus, resolution professional is directed to approach concerned bank and request defreezing of FDRs to ensure control over the same.
Facts- Vide the Order dated 30.05.2025 passed by this Adjudicating Authority, the Tribunal had directed the Committee of Creditors (‘CoC’) to pay the professional fee of ₹20,40,476/- along with applicable GST to the Resolution Professional within two weeks. Additionally, the CoC was directed to evaluate and take an appropriate decision regarding the remaining CIRP costs (excluding the professional fee).
During the meeting held on 11.06.2025, the CoC deliberated upon compliance with the Order dated 30.05.2025 regarding payment of the professional fee. However, the CoC declined to release the said amount. Instead, the CoC advised the Resolution Professional to file a compliance report before the Hon’ble Adjudicating Authority and seek appropriation of his professional fee, along with applicable GST, from the maturity proceeds of the Fixed Deposit Receipts (‘FDRs’), alleged to have been created using the funds of the Corporate Debtor. Accordingly, the instant application is filed.
