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2023 (3) TMI 1176 - HC - Insolvency and BankruptcyStay on invocation and encashing of the bank guarantee by the petitioner - HELD THAT - This Court has not considered the merits, which have arisen in the present dispute, and is only passing a direction in furtherance of the directions already passed by this Court on 14.03.2022 in the aforesaid CM Main. Despite the fact that there was an order already passed by this Court on 14.03.2022, it is informed that 19 hearings have already taken place, without the learned NCLT disposing of the said application filed on behalf of the petitioner. It is directed that the NCLT takes up the matter on 28.03.2023, when the petition is stated to be listed before the learned Tribunal and dispose of the same in accordance with law, not later than 25.04.2023 - Petition disposed off.
Issues involved:
- Application seeking exemption from filing certified copies of annexures - Application seeking leave to file a lengthy list of dates - Challenge to the order of National Company Law Tribunal (NCLT) staying the invocation and encashing of a bank guarantee Exemption from filing certified copies of annexures: - Application for exemption allowed, subject to all just exceptions - Applications seeking exemption disposed of Leave to file a lengthy list of dates: - Application for leave to file a lengthy list of dates allowed and disposed of Challenge to NCLT order on bank guarantee: - Petitioner challenges NCLT order staying bank guarantee encashment - Petitioner's counsel argues against interference in bank guarantee invocation without fraud being pleaded - Petitioner seeks direction for expeditious disposal of the matter by NCLT - Liquidator's counsel mentions an alternative remedy under Section 61 of The Insolvency and Bankruptcy Code, 2016 - Court directs NCLT to hear and dispose of the matter by a specified date, in line with previous court directions - Despite previous court orders, NCLT had not disposed of the matter after multiple hearings - NCLT directed to take up the matter on a specific date and dispose of it by a specified deadline - Petition disposed of with no costs awarded
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