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TMI Blog2017 (9) TMI 1899X X X X Extracts X X X X X X X X Extracts X X X X ..... rmance guarantee as it has been settled law that the Court should decline interference with the invocation of the bank guarantee except on limited grounds. However, the Law declared and observation made has reference to ordinary commercial transaction and performance guarantee. In the facts of the case, subsequent application of the Insolvency and Bankruptcy Code, 2016 will have to be considered, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r through its Resolution Professional under Article 226 of the Constitution of India as well as under the provision of the Insolvency and Bankruptcy Code, 2016 for the prayers as prayed for inter alia that appropriate writ, order or direction may be issued restraining the respondent no.3 from making any payment pursuant to the request for invocation of the bank guarantee for the reasons stated in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t as per the provision of the Insolvency and Bankruptcy Code, 2016, the petitioner would be covered under Section 14(1)(c) of the Insolvency and Bankruptcy Code, 2016 and, therefore, moratorium has been prescribed and as stated in the order dated 01.08.2017, the National Company Law Tribunal, Ahmedabad Bench has clearly restrained the recovery or enforcement of any security interest including unde ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... arantee. In the facts of the case, subsequent application of the Insolvency and Bankruptcy Code, 2016 will have to be considered, which provides for a separate procedure in case of such Company, which is under resolution process. 6. Hence following order : th Notice to the respondents returnable on 5 October, 2017. Ad interim relief in terms of Para Nos.6(c) 6(d) till then. Direct serv ..... X X X X Extracts X X X X X X X X Extracts X X X X
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