Indian Navy Refund Not an Asset of Corporate Debtor Under IBC, Per Sections 14(3)(b) & 3(31.

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....Asset of the ‘Corporate Debtor’ - Revocation of performance guarantee - the amount refunded on reversal of the invocation by the Indian Navy cannot be said to be an asset of the ‘Corporate Debtor’, under IBC, Performance Guarantees are to be dealt with specifically keeping in view the provisions and exclusions under Section 14(3)(b) and Section 3(31) of the Code - there is no violation of Section 14 of the Code as the money appropriated by the Bank is not the asset of the ‘Corporate Debtor’ - AT....