https://www.taxtmi.com/caselaws?id=781984 NCLAT (Chennai) dismissed the company appeal seeking interest on the refunded Performance Bank Guarantee (PBG). The Tribunal held that in contractual relationships, the parties' rights and liabilities are strictly confined to the terms and conditions of the contract, which are sacrosanct and cannot be altered unilaterally or expanded by later memoranda. The Letter of Intent/Request for Resolution Plan, under which the appellant furnished the PBG, did not provide for payment of interest on refund of the PBG. As interest was neither a contractual term nor otherwise reserved, the appellant's claim for interest was rejected and the appeal was found devoid of merit. en-us Wed, 19 Nov 2025 00:00:00 +0530 Mon, 24 Nov 2025 08:57:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=781984 NCLAT (Chennai) dismissed the company appeal seeking interest on the refunded Performance Bank Guarantee (PBG). The Tribunal held that in contractual relationships, the parties' rights and liabilities are strictly confined to the terms and conditions of the contract, which are sacrosanct and cannot be altered unilaterally or expanded by later memoranda. The Letter of Intent/Request for Resolution Plan, under which the appellant furnished the PBG, did not provide for payment of interest on refund of the PBG. As interest was neither a contractual term nor otherwise reserved, the appellant's claim for interest was rejected and the appeal was found devoid of merit. Case-Laws IBC Wed, 19 Nov 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=781984