PBG amount of Corporate Debtor can be demanded by Liquidator u/s. 60(5)(c): NCLAT Delhi

Arkay Logistics Limited Vs Abhijit Guhathakurta (NCLAT Delhi) NCLAT Delhi held that held that considering the text of Section 60(5)(c) of IBC liquidators can ask for the refund of the Performance Bank Guarantee (PBG) amount, which was given by the Corporate Debtor towards margin money for securing a PBG. Facts- This Appeal has been filed challenging order dated 08.01.2024 passed by National Company Law Tribunal, Mumbai Bench filed by the Liquidator. By the impugned order, the Adjudicating Authority allowed the appeal and directed the Appellant to return an amount of Rs.18,10,00,000/- to the Co...