https://www.taxtmi.com/caselaws?id=412587 The tribunal held that the refunded amount from the reversal of the Performance Bank Guarantee (PBG) is not an asset of the Corporate Debtor. The exclusion of PBGs from the definition of "security interest" and the provisions of Section 14(3)(b) of the Insolvency and Bankruptcy Code support this conclusion. Therefore, there is no violation of Section 14 of the IBC, and the bank's appropriation of the refunded amount is justified. The appeal was allowed, and the impugned order was set aside with no order as to costs. en-us Tue, 21 Sep 2021 00:00:00 +0530 Wed, 22 Sep 2021 12:54:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=412587 The tribunal held that the refunded amount from the reversal of the Performance Bank Guarantee (PBG) is not an asset of the Corporate Debtor. The exclusion of PBGs from the definition of "security interest" and the provisions of Section 14(3)(b) of the Insolvency and Bankruptcy Code support this conclusion. Therefore, there is no violation of Section 14 of the IBC, and the bank's appropriation of the refunded amount is justified. The appeal was allowed, and the impugned order was set aside with no order as to costs. Case-Laws Insolvency and Bankruptcy Tue, 21 Sep 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=412587