https://www.taxtmi.com/caselaws?id=298483 The Tribunal found that Punjab National Bank violated Section 14 of the Insolvency and Bankruptcy Code by appropriating amounts during the moratorium period. The Tribunal directed the bank to credit specific sums to the Corporate Debtor's Account for amounts debited during the Corporate Insolvency Resolution Process for honoring pre-CIRP LCs. Future issuance of LCs during the CIRP must comply with conditions set by the bank and directives from the IRP/RP in consultation with the CoC. en-us Fri, 29 May 2020 00:00:00 +0530 Sun, 07 Nov 2021 11:04:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=298483 The Tribunal found that Punjab National Bank violated Section 14 of the Insolvency and Bankruptcy Code by appropriating amounts during the moratorium period. The Tribunal directed the bank to credit specific sums to the Corporate Debtor's Account for amounts debited during the Corporate Insolvency Resolution Process for honoring pre-CIRP LCs. Future issuance of LCs during the CIRP must comply with conditions set by the bank and directives from the IRP/RP in consultation with the CoC. Case-Laws Insolvency and Bankruptcy Fri, 29 May 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=298483