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TMI Blog2022 (12) TMI 618X X X X Extracts X X X X X X X X Extracts X X X X ..... s the application of moratorium under Section 14 of the IBC. The NCLAT order extracted above primarily directs the RP not to take any steps, but the moratorium itself has not been stayed by the NCLAT. Therefore, the said order only concerns the first part of the NCLT decision extracted above. In view thereof, the moratorium would continue to apply even qua the forfeiture of the security deposit. Accordingly, it is directed that invocation of the bank guarantees shall not be given effect to by the banks till 4th January, 2023. If an application before the NCLT is filed by the Petitioner by the said date i.e., 4th January, 2023, the protection granted qua encashment of the bank guarantees shall continue till the date of first listing befo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... guarantees for a total sum of approximately Rs.25 crores were furnished in terms of the FSA. However, for various reasons which are not relevant for the present purposes, there was a delay in the formal commissioning of the plant. 4. In the meantime, the Ministry of Power was also considering solutions to solve the problems in the power sector. At the same time, owing to a petition filed by M/s Shapoorji Pallonji Pvt. Ltd. under Section 9 of the Insolvency and Bankruptcy Code, 2016 (hereinafter IBC ), the NCLT, vide order dated 19th September, 2022 initiated insolvency resolution proceedings against STPL and a Resolution Professional (hereinafter IRP ) was also appointed. Vide the said order, a moratorium has also been declared by the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the show cause dated 22nd November, 2022 to be quashed. 7. Today, it has also been brought to the Court s notice that post the filing of this writ petition, SECL has terminated the FSA on 8th December, 2022 and has forfeited the security deposit of Rs.21,24,99,840/-. Ld. Counsel for the Petitioner highlights that the amount of the bank guarantee invoked is different in the invocation letter sent to the Petitioner and that sent to the banks on 8th December, 2022, which cites the amount of Rs.23,40,60,400/-. 8. At the outset, Mr. Dass, ld. Counsel for Respondent No.3, doubts the maintainability of the present petition considering that the IRP has not authorized the filing of such a petition. He also contends that there is no territorial ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... a (Insolvency Resolution Process for Corporate Person) Regulations, 2016. The needful shall be done within one week from the date of receipt of this order by the Operational Creditor. The amount however be subject to adjustment by the Committee of Creditors, as accounted for by Interim Resolution Professional, and shall be paid back to the Operational Creditor. 28. We also declare moratorium in terms of Section 14 of the Code. The necessary consequences of imposing the moratorium flows from the provisions of Section 14 (1) (a), (b), (c) (d) of the Code. Thus, the following prohibitions are imposed: (a) The institution of suits or continuation of pending suits or proceedings against the corporate debtor including execution of any j ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... RP not to take any steps, but the moratorium itself has not been stayed by the NCLAT. Therefore, the said order only concerns the first part of the NCLT decision extracted above. In view thereof, the moratorium would continue to apply even qua the forfeiture of the security deposit. 12. Accordingly, it is directed that invocation of the bank guarantees shall not be given effect to by the banks till 4th January, 2023. If an application before the NCLT is filed by the Petitioner by the said date i.e., 4th January, 2023, the protection granted qua encashment of the bank guarantees shall continue till the date of first listing before the NCLAT. It is reiterated that the banks shall not encash the bank guarantees and if the same have been enc ..... X X X X Extracts X X X X X X X X Extracts X X X X
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