https://www.taxtmi.com/caselaws?id=401523 The Tribunal dismissed the application, ruling that the margin money held as Fixed Deposits Receipts (FDRs) was not considered an asset of the Corporate Debtor but rather held in trust for the beneficiaries of the bank guarantees. The Resolution Plan could not extinguish the bank guarantees, as they were independent contracts. The Tribunal emphasized that pre-existing rights of third parties could not be invalidated by the Resolution Plan, and the margin money could only be released upon discharge of the bank guarantees. Consequently, the application was deemed misconceived and dismissed. en-us Tue, 04 Aug 2020 00:00:00 +0530 Thu, 10 Dec 2020 08:21:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=401523 The Tribunal dismissed the application, ruling that the margin money held as Fixed Deposits Receipts (FDRs) was not considered an asset of the Corporate Debtor but rather held in trust for the beneficiaries of the bank guarantees. The Resolution Plan could not extinguish the bank guarantees, as they were independent contracts. The Tribunal emphasized that pre-existing rights of third parties could not be invalidated by the Resolution Plan, and the margin money could only be released upon discharge of the bank guarantees. Consequently, the application was deemed misconceived and dismissed. Case-Laws Insolvency and Bankruptcy Tue, 04 Aug 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=401523