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2018 (7) TMI 2144 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL, NEW DELHIStay on invocation of the ‘Performance Bank Guarantee - stand of the ‘Resolution Professional’ is that the ‘Performance Bank Guarantee’ cannot be invoked during the ‘Moratorium’ - HELD THAT:- From sub-section (31) of Section 3, it is clear that the ‘security interest’ 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 its ‘Performance Bank Guarantee’ in full or in part - If it is invoked, the Appellant will inform it to the ‘Interim Resolution Professional’ who will maintain the record and make it clear that the ‘Performance Bank Guarantee’ in full or part has been invoked by the Appellant which should also be brought to the notice of the ‘Resolution Applicant(s)’. Appeal allowed.
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