Under the provisions of the IBC, the liquidator has the right to recover refund amount which is a part of the liquidation estate and hold it as a fiduciary for the benefit of all the creditors – Kanwal Goyal, Liquidator Vs. Uttar Haryana Bijli Vitran Nigam Ltd. – NCLT Chandigarh Bench
October 3, 2023
NCLT Chandigarh Bench held that in the present case, the respondents have admitted that there was a refundable deposit of Rs. 59,40,480/-, out of which Rs. 34,05,003/- has been refunded, and amount of Rs.9,69,997/- has been adjusted against existing liability. It is therefore an admitted fact that an amount of Rs.15,65,480/- is still outstanding to be paid to the corporate debtor. Even after assuming that the adjustments made by the respondents order as per the provisions of the relevant Laws. We therefore, see no justification for asking the corporate debtor to make use of the grievance cell of the respondents to get the undisputed Refund of Rs.15,65,480/-. Under the provisions of the IBC, this refund is a part of the liquidation estate of the corporate data as defined in Section 36 of the code, and the liquidator has the right to recover the same and hold it as a fiduciary for the benefit of all the creditors. In view of the same, the respondents are directed to refund the amount of Rs.15,65,480/- to the applicant within 15 days of this order. As regards the adjustment of Rs. 68,79,075/- towards the existing liability of the corporate debtor, the latter can approach the consumer grievance redressal forum, if so advised.