https://www.taxtmi.com/caselaws?id=422734 The Tribunal concluded that the assignment of receivables was a transfer of ownership, not just a security interest. The actions of the Escrow Bank and Lender did not violate the interim order as the assigned receivables were not considered assets of IL&FS. There was no contempt of court found in their actions. The Tribunal directed the reversal of any excess debits from the Escrow Account beyond the principal and interest payable to the Borrower. The request for the Lender to reverse a specific amount was denied, but instructions were given for the reversal of any excess debits. en-us Fri, 13 May 2022 00:00:00 +0530 Sat, 21 May 2022 13:22:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=422734 The Tribunal concluded that the assignment of receivables was a transfer of ownership, not just a security interest. The actions of the Escrow Bank and Lender did not violate the interim order as the assigned receivables were not considered assets of IL&FS. There was no contempt of court found in their actions. The Tribunal directed the reversal of any excess debits from the Escrow Account beyond the principal and interest payable to the Borrower. The request for the Lender to reverse a specific amount was denied, but instructions were given for the reversal of any excess debits. Case-Laws Companies Law Fri, 13 May 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=422734