https://www.taxtmi.com/highlights?id=80382 The Appellate Tribunal held that the Performance Bank Guarantee could be invoked during the moratorium period u/s 14 of IBC. Referring to a Supreme Court case, it clarified that the assets of the surety are separate from those of the Corporate Debtor. The Tribunal found that the Guarantee was rightfully invoked as the Contractor failed to complete the Contract within the specified period. The Adjudicating Authority erred in restraining the Appellant from encashing the Guarantee, and the Appeal was allowed. en-us Tue, 13 Aug 2024 07:06:13 +0530 Tue, 13 Aug 2024 07:06:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=80382 The Appellate Tribunal held that the Performance Bank Guarantee could be invoked during the moratorium period u/s 14 of IBC. Referring to a Supreme Court case, it clarified that the assets of the surety are separate from those of the Corporate Debtor. The Tribunal found that the Guarantee was rightfully invoked as the Contractor failed to complete the Contract within the specified period. The Adjudicating Authority erred in restraining the Appellant from encashing the Guarantee, and the Appeal was allowed. Highlights Insolvency and Bankruptcy Tue, 13 Aug 2024 07:06:13 +0530 https://www.taxtmi.com/highlights?id=80382