Fixed Deposit Receipts Form Part Of Corporate Debtor's Financial Assets, RP Can Seek Their Defreezing & Take Custody: NCLT New Delhi
The National Company Law Tribunal (NCLT), New Delhi Bench of Shri Manni Sankariah Shanmuga Sundaram (Hon'ble Member Judicial) and Shri Atul Chaturvedi (Hon'ble Member Technical) has held that Fixed Deposit Receipts (FDRs) form part of the Corporate Debtor's financial assets; therefore, the Resolution Professional can approach the concerned bank to seek their defreezing and...
The National Company Law Tribunal (NCLT), New Delhi Bench of Shri Manni Sankariah Shanmuga Sundaram (Hon'ble Member Judicial) and Shri Atul Chaturvedi (Hon'ble Member Technical) has held that Fixed Deposit Receipts (FDRs) form part of the Corporate Debtor's financial assets; therefore, the Resolution Professional can approach the concerned bank to seek their defreezing and realise them.
The present application has been filed under section 60(5) of the Insolvency and Bankrutpcy Code, 2016 (IBC) by the Resolution Professional (RP) seeking the following reliefs: payment of professional fees and GST from the maturity proceeds of the FDRs, payment of the CIRP costs as resolved by the Committee of Creditors (CoC) and confirmed by the National Company Law Tribunal (NCLT), direction to the Respondent No. 2 to defreeze and transfer the maturing proceeds of two FDRs to the current account of the corporate debtor and defreezing of the current account of the corporate debtor maintained with the Punjab National Bank.
The Applicant submitted that the maturity proceeds of the Fixed Deposit Receipts (FDRs), are required to be defreezed and the respective maturity proceeds to be credited into the Current Account of the Corporate Debtor maintained with Punjab National Bank, Kasna Branch, Greater Noida, Uttar Pradesh.
The Tribunal observed that the RP is obligated to take custody of all the assets of the corporate debtor including FDRs which form part of the financial assets of the corporate debtor. Given his duty under the IBC, the RP is justified to approach the concerned bank for defreezing and realising and to bring them under his control in order to preserve assets and conduct CIRP in an effective manner. Accordingly, the RP was granted liberty to defreeze and realise the FDRs and if needed approach this tribunal for further directions.
Case Title: ANSHUJ DIDNGRA Vs. COMMITTEE OF CREDITORS (COC) THROUGH ITS SOLE MEMBER HVR INDUSTRIES (P) LTD.
Case Number: IA NO. 3127/2025 IN CP (IB) NO. 199/2018
Order Date: 22/07/2025