https://www.taxtmi.com/caselaws?id=294854 The Tribunal dismissed the Applicant's application to invoke the Bank Guarantee during the moratorium period under Section 14 of the Insolvency and Bankruptcy Code. It held that bank guarantees are considered security interests and cannot be enforced during the moratorium, relying on precedent and the specific wording of the guarantee in question. The non-applicant's application was granted, prohibiting the release of the Bank Guarantee amount during the moratorium. The decision was grounded in a strict interpretation of legal provisions and established precedents regarding the nature and treatment of bank guarantees in insolvency proceedings. en-us Fri, 31 Jul 2020 00:00:00 +0530 Thu, 06 May 2021 08:40:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=294854 The Tribunal dismissed the Applicant's application to invoke the Bank Guarantee during the moratorium period under Section 14 of the Insolvency and Bankruptcy Code. It held that bank guarantees are considered security interests and cannot be enforced during the moratorium, relying on precedent and the specific wording of the guarantee in question. The non-applicant's application was granted, prohibiting the release of the Bank Guarantee amount during the moratorium. The decision was grounded in a strict interpretation of legal provisions and established precedents regarding the nature and treatment of bank guarantees in insolvency proceedings. Case-Laws Insolvency and Bankruptcy Fri, 31 Jul 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=294854