# In the matter of GAIL (INDIA) Ltd. Vs Rajeev Manaadiar & Ors. CA (AT) No. 319-2018

> NCLAT judgment dated 2018-06-26. Citation: TCN-2018-NCLAT-00236. This is a Company Appeal (AT) (Insolvency) No. 319 of 2018 before the National Company Law…

- **Court:** NCLAT
- **Order date:** 26 Jun 2018
- **Citation:** TCN-2018-NCLAT-00236
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/gail-india-ltd-vs-rajeev-manaadiar-ors-ca-a3ba1041

## Summary

### Background

This is a Company Appeal (AT) (Insolvency) No. 319 of 2018 before the National Company Law Appellate Tribunal, New Delhi. The appeal concerns the applicability of the prohibition under Section 14(1)(c) of the Insolvency and Bankruptcy Code, 2016, to 'performance guarantee' in relation to 'security interest'.

## Facts

The case involves an appeal before the NCLAT concerning the applicability of Section 14(1)(c) of the Insolvency and Bankruptcy Code, 2016, to 'performance guarantee' in the context of 'security interest'. The appellant argues that the prohibition under Section 14(1)(c) should not apply to 'performance guarantee' due to the definition of 'security interest' under Section 3(31) of the I&B Code. The court issued notices to the respondents and scheduled the case for admission.

## Issues and analysis

### Issue 1: Whether the prohibition imposed under Section 14(1)(c) of the Insolvency and Bankruptcy Code, 2016, …

**Ratio:** The ratio is based on the interpretation of Section 14(1)(c) and Section 3(31) of the

…

**Reasoning:** The court has not yet provided detailed reasoning, but the appellant's argument suggests

…

**Interpretation:** The interpretation revolves around whether a 'performance guarantee'

…

**Application:** The application depends on the specific facts of the case and whether the

…

## Parties

- **Judges:** S.J. Mukhop…; A.I.S. C…
- **Appellants:** GAIL (India)…
- **Respondents:** Rajeev Manaadiar…

## Timeline

- **2018-06-26 — Order Da…**: Learned Counsel appearing on behalf of the Appellant submits that the prohibition imposed…
- **2018-06-27 — Deadline for filing…**: Deadline for Respondents to file…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 14(1) — Moratorium](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-14)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclat-new-delhi/gail-india-ltd-vs-rajeev-manaadiar-ors-ca-a3ba1041