https://www.taxtmi.com/caselaws?id=398998 The Appellate Tribunal held that the performance bank guarantee is not covered by Section 14 of the Insolvency and Bankruptcy Code, 2016, as it does not constitute a security interest. The Tribunal ruled that the adjustment of margin money by the bank towards the payment of the invoked bank guarantee during the moratorium period was legal, as the margin money is not considered a security interest and does not require registration of charge. Consequently, the bank was not obligated to release the margin money to the Resolution Professional, and the appeal was partly allowed, setting aside the direction to release the margin money. en-us Mon, 28 Sep 2020 00:00:00 +0530 Wed, 30 Sep 2020 11:48:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=398998 The Appellate Tribunal held that the performance bank guarantee is not covered by Section 14 of the Insolvency and Bankruptcy Code, 2016, as it does not constitute a security interest. The Tribunal ruled that the adjustment of margin money by the bank towards the payment of the invoked bank guarantee during the moratorium period was legal, as the margin money is not considered a security interest and does not require registration of charge. Consequently, the bank was not obligated to release the margin money to the Resolution Professional, and the appeal was partly allowed, setting aside the direction to release the margin money. Case-Laws Insolvency and Bankruptcy Mon, 28 Sep 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=398998