Resolution Professional can exercise control only over Bank Accounts operated by ‘Corporate Debtor’

Beauty Etiole Pvt. Ltd. Vs C. Sanjeevi & 2 Ors. (NCLAT Chennai) It is clear that the ‘Adjudicating Authority’ had not addressed the legal aspects of the matter that whether the Respondent No.1 / Resolution Professional had any authority in Law to freeze Bank Account belonging to the Appellant. Since that aspect of the matter was not addressed by the ‘Adjudicating Authority’ at the time of passing of impugned order dated 01.11.2021 in IA(IBC)/926(CHE)/2021 in IBA/1423/2019, this ‘Tribunal’ is constrained to interfere with the said order, and sets aside the same because of the fa...