https://www.taxtmi.com/caselaws?id=761893 The Bombay HC permitted withdrawal of Rs. 20,00,000 deposited as security, along with accrued earnings, following SC's release of ICICI Guarantee in the same matter. The court held that security interests over corporate debtor assets to secure judgment amounts must yield to IBC provisions. The deposited money remains the corporate debtor's asset despite court possession. Given IBC's governance over corporate insolvency and the SC's decision on similar pleadings, continuing the deposit served no purpose since judgment creditor rights would be subject to CIRP proceedings and liquidation waterfall mechanisms under IBC. en-us Wed, 13 Nov 2024 00:00:00 +0530 Tue, 19 Nov 2024 17:23:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=761893 The Bombay HC permitted withdrawal of Rs. 20,00,000 deposited as security, along with accrued earnings, following SC's release of ICICI Guarantee in the same matter. The court held that security interests over corporate debtor assets to secure judgment amounts must yield to IBC provisions. The deposited money remains the corporate debtor's asset despite court possession. Given IBC's governance over corporate insolvency and the SC's decision on similar pleadings, continuing the deposit served no purpose since judgment creditor rights would be subject to CIRP proceedings and liquidation waterfall mechanisms under IBC. Case-Laws IBC Wed, 13 Nov 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=761893