https://www.taxtmi.com/caselaws?id=751787 NCLAT Principal Bench upheld Adjudicating Authority's rejection of Section 7 application filed by bank against corporate debtor regarding live Performance Bank Guarantees. Court found no error as settlement amount was paid and guarantees were not invoked requiring deposit. Corporate debtor remained ready to provide cash margin or counter-guarantees. NCLAT directed corporate debtor to deposit Rs.3.68 crores with bank in no-lien account for clearing PBG liabilities, with bank to release securities and refund balance after adjustment. Appeal disposed with modified terms for guarantee settlement. en-us Tue, 23 Apr 2024 00:00:00 +0530 Thu, 25 Apr 2024 07:22:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=751787 NCLAT Principal Bench upheld Adjudicating Authority's rejection of Section 7 application filed by bank against corporate debtor regarding live Performance Bank Guarantees. Court found no error as settlement amount was paid and guarantees were not invoked requiring deposit. Corporate debtor remained ready to provide cash margin or counter-guarantees. NCLAT directed corporate debtor to deposit Rs.3.68 crores with bank in no-lien account for clearing PBG liabilities, with bank to release securities and refund balance after adjustment. Appeal disposed with modified terms for guarantee settlement. Case-Laws Insolvency and Bankruptcy Tue, 23 Apr 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=751787