https://www.taxtmi.com/caselaws?id=385117 Amount realised on encashment of a bank guarantee, once the guarantee had ceased to exist, was treated as an asset of the corporate debtor because entitlement had not yet been finally determined and the sum had been furnished only as security in arbitration. The moratorium under the Insolvency and Bankruptcy Code was therefore already operating, so the retained amount and accrued interest could be dealt with only under orders passed in the insolvency proceedings. Section 14(3)(b) did not apply on the facts. The direction to keep the amount with the Registrar General subject to the insolvency process was upheld, and the challenge failed. en-us Wed, 28 Aug 2019 00:00:00 +0530 Fri, 30 Aug 2019 07:35:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=385117 Amount realised on encashment of a bank guarantee, once the guarantee had ceased to exist, was treated as an asset of the corporate debtor because entitlement had not yet been finally determined and the sum had been furnished only as security in arbitration. The moratorium under the Insolvency and Bankruptcy Code was therefore already operating, so the retained amount and accrued interest could be dealt with only under orders passed in the insolvency proceedings. Section 14(3)(b) did not apply on the facts. The direction to keep the amount with the Registrar General subject to the insolvency process was upheld, and the challenge failed. Case-Laws Insolvency and Bankruptcy Wed, 28 Aug 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=385117