The National Company Law Appellate Tribunal (NCLAT) held that the Industrial and Commercial Bank of China Limited (ICBC) was not entitled to retain a fixed deposit of Rs. 27.60 crore belonging to Reliance Communication Infrastructure Limited (RCIL), as no dues were owed by the corporate debtor and the lien letter did not extend to the liabilities of other group companies.
The appeal arose from an order passed by the National Company Law Tribunal (NCLT), Mumbai Bench, directing ICBC to lift the lien marked on RCIL’s fixed deposit and release the amount with interest to the Resolution Professional (RP) of RCIL.
The fixed deposit had been made by RCIL on 27 March 2017, and on the same day, the company issued a lien letter…