HERO EXPORTS Vs. TIFFINS BARYTES

JUDGEMENT

(1.) The present application has been filed by the Resolution Professional ('RP') seeking release/transfer of funds of the Respondent company secured with ABN Amro /RBS Bank, pursuant to the orders dated 18th July, 2008 and 26th November, 2008 passed by this Court.

(2.) The background of the present application is that a Section 9 petition came to be filed being OMP 369/2008. The same related to a sale/purchase transaction between the Petitioner and the Respondent. In the said OMP, order dated 18th July, 2008 was passed by the ld. Single Judge of this Court wherein this Court was of the opinion that the amount, which was due to the Petitioner, was liable to be secured. The relevant portion of the said order reads as under:

(3.) Subsequently, further orders came to be passed dated 26th November, 2008 wherein the amount lying with ABN Amro/RBS Bank was attached and was directed to be kept in the form of fixed deposit yielding maximum interest. The said order reads as under: