https://www.taxtmi.com/caselaws?id=290656 The Tribunal held that a Performance Bank Guarantee does not fall under the definition of 'security interest' as per the Insolvency and Bankruptcy Code, allowing the Appellant, 'GAIL (India) Ltd.,' to invoke it either in full or in part during the Moratorium period. The Adjudicating Authority's order prohibiting the invocation was set aside, and GAIL was directed to inform the Interim Resolution Professional if the guarantee is invoked. Additionally, GAIL was permitted to extend the Bank Guarantee period for another six months to align with the Moratorium period. en-us Tue, 24 Jul 2018 00:00:00 +0530 Fri, 09 Oct 2020 10:52:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=290656 The Tribunal held that a Performance Bank Guarantee does not fall under the definition of 'security interest' as per the Insolvency and Bankruptcy Code, allowing the Appellant, 'GAIL (India) Ltd.,' to invoke it either in full or in part during the Moratorium period. The Adjudicating Authority's order prohibiting the invocation was set aside, and GAIL was directed to inform the Interim Resolution Professional if the guarantee is invoked. Additionally, GAIL was permitted to extend the Bank Guarantee period for another six months to align with the Moratorium period. Case-Laws Insolvency and Bankruptcy Tue, 24 Jul 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=290656