TMI Blog2018 (7) TMI 2144X X X X Extracts X X X X X X X X Extracts X X X X ..... est do not include the Performance Bank Guarantee , therefore, we hold that the security interest mentioned in clause (c) of Section 14(1) do not include the Performance Bank Guarantee . Thereby the Performance Bank Guarantee given by the Corporate Debtor in favour of the Appellant- GAIL (India) Ltd. is not covered by Section 14. The Appellant- GAIL (India) Ltd. is entitled to invoke ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... M/s. Petron Engineering Construction Limited . The Resolution Professional moved before the Adjudicating Authority (National Company Law Tribunal), Mumbai Bench, Mumbai, to stay the invocation of the Performance Bank Guarantee . The Adjudicating Authority by impugned order dated 15th September, 2016 prohibited the Appellant- GAIL (India) Ltd. from invoking the Performance Bank Guarantee on t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ct to provisions of subsections (2) and (3), on the insolvency commencement date, the Adjudicating Authority shall by order declare moratorium for prohibiting all of the following, namely: - Xxx xxx xxx (c) any action to foreclose, recover or enforce any security interest created by the corporate debtor in respect of its property including any action under the Securitisation and Reconstruct ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... not include the Performance Bank Guarantee , therefore, we hold that the security interest mentioned in clause (c) of Section 14(1) do not include the Performance Bank Guarantee . Thereby the Performance Bank Guarantee given by the Corporate Debtor in favour of the Appellant- GAIL (India) Ltd. is not covered by Section 14. The Appellant- GAIL (India) Ltd. is entitled to invoke its Per ..... X X X X Extracts X X X X X X X X Extracts X X X X
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