https://www.taxtmi.com/caselaws?id=292176 The Tribunal ruled in favor of the Resolution Professional, holding that the Financial Creditor could not adjust the Fixed Deposit Receipt (FDR) against a Bank Guarantee (BG) during the Corporate Insolvency Resolution Process (CIRP) and moratorium period. The Tribunal directed the Financial Creditor to credit the FDR amount to the Corporate Debtor's bank account for the CIRP proceedings, emphasizing that such adjustment was prohibited under Section 14 of the Insolvency and Bankruptcy Code (IBC). en-us Fri, 22 Feb 2019 00:00:00 +0530 Thu, 10 Dec 2020 05:25:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=292176 The Tribunal ruled in favor of the Resolution Professional, holding that the Financial Creditor could not adjust the Fixed Deposit Receipt (FDR) against a Bank Guarantee (BG) during the Corporate Insolvency Resolution Process (CIRP) and moratorium period. The Tribunal directed the Financial Creditor to credit the FDR amount to the Corporate Debtor's bank account for the CIRP proceedings, emphasizing that such adjustment was prohibited under Section 14 of the Insolvency and Bankruptcy Code (IBC). Case-Laws Insolvency and Bankruptcy Fri, 22 Feb 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=292176