The National Company Law Appellate Tribunal (NCLAT), Principal Bench, New Delhi, has dismissed an appeal filed by Industrial and Commercial Bank of China (ICBC) and upheld the order of the National Company Law Tribunal (NCLT), Mumbai Bench, directing the bank to release a fixed deposit of ₹27.60 crore belonging to Reliance Communication Infrastructure Ltd. (RCIL).
The dispute revolved around whether ICBC could retain the FD under a lien to secure loans advanced to other Reliance Group companies, despite RCIL itself having no outstanding liability to the bank.
The facts date back to March 2017, when RCIL opened a fixed deposit with ICBC and simultaneously issued a lien letter authorising the bank to place a lien on the…