https://www.taxtmi.com/caselaws?id=441881 The appeal filed by the Liquidator challenging the rejection of the return of Bank Guarantees (BGs) and Fixed Deposit Receipts (FDRs) was dismissed. The Tribunal affirmed that BGs can be invoked during the moratorium period under Section 14 of the Insolvency and Bankruptcy Code. The decision emphasized that BGs are not assets of the corporate debtor and can be utilized by customs authorities. The Tribunal held that customs authorities' claims should be addressed within the liquidation process as per Section 53 of the IBC, implicitly rejecting the return of FDRs. en-us Fri, 18 Aug 2023 00:00:00 +0530 Fri, 18 Aug 2023 22:23:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=441881 The appeal filed by the Liquidator challenging the rejection of the return of Bank Guarantees (BGs) and Fixed Deposit Receipts (FDRs) was dismissed. The Tribunal affirmed that BGs can be invoked during the moratorium period under Section 14 of the Insolvency and Bankruptcy Code. The decision emphasized that BGs are not assets of the corporate debtor and can be utilized by customs authorities. The Tribunal held that customs authorities' claims should be addressed within the liquidation process as per Section 53 of the IBC, implicitly rejecting the return of FDRs. Case-Laws Insolvency and Bankruptcy Fri, 18 Aug 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=441881