There was Hypothecation Agreement between the Corporate Debtor and the Appellant. CIRP had started on 25.01.2019 and the Appellant in pursuance to the Arbitral Award, proceeded to repossess two trucks belonging to the Corporate Debtor and sold one on 15.03.2019 and another on 8th April, 2019. The Appellant claims that the Appellant did not have knowledge of the moratorium. The Resolution Professional (RP) before the Adjudicating Authority (NCLT, Jaipur Bench) calling upon the Appellant to deposit the money and the Appellant filed IA 258 of 2019 that the Appellant was being restrained from filing claim with the RP who is insisting for first deposit of the value of the trucks already sold. By the Impugned Order, the Adjudicating Authority has directed the Appellant to deposit Rs.25,10,000/- and then participate. NCLAT rejected the appeal and upheld the NCLT decision.
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