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TMI Blog2024 (12) TMI 225X X X X Extracts X X X X X X X X Extracts X X X X ..... e parties - It is well settled that the moratorium under Section 14 shall not come in the way of invocation of bank guarantee which is independent and separate contract. In event, the bank guarantee is invoked and any amount is received by Respondent No.1, the claim of Respondent No.1 has to be revised as intimated by the IRP by his email dated 22.12.2022. Recording the aforesaid, we are of the view that there is no error committed by the Adjudicating Authority in allowing the application filed by the Respondent herein. It will be open for the parties to point out order dated 24.07.2024 passed by the Adjudicating Authority in IA No.699/KB/2023. Appeal is dismissed. - [ Justice Ashok Bhushan ] Chairperson And [ Arun Baroka ] Member ( Techn ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... oke such Bank Guarantee of Rs.3,00,00,000/- and the Respondents should not come in the way of invoking the same. It shall not amount to dual claim as the amount recovered by invoking such Bank Guarantee can be adjusted and the admitted claim shall be revised accordingly. 3. Learned counsel for the Appellant challenging the order submits that invocation would have adverse effect on the claim of the Financial Creditor which has to be received under the waterfall mechanism under Section 53 of the IBC and the invocation of the bank guarantee shall put additional financial burden on the Appellant. It is submitted that the Respondent has filed claim in the CIRP, hence, they have no right to invoke the bank guarantee. 4. Learned counsel for the Re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 13. Having regard to the ratio of the Hon'ble Apex Court in the aforenoted Judgments, and keeping in view the provisions of the Code, we are of the considered view that an irrevocable and unconditional Bank Guarantee can be invoked even during moratorium period in view of the amended provision under Section 14 (3) (b) of the Code. ......... 7. It is well settled that the moratorium under Section 14 shall not come in the way of invocation of bank guarantee which is independent and separate contract. Email dated 22.12.2022, which was written by the IRP is as follows: Acceptance of claim IPPPL [email protected] Thu, Dec 22, 2022 at 5:06 PM To: chief Engineer Commercial [email protected] Good Evening sir, I would like to inform ..... X X X X Extracts X X X X X X X X Extracts X X X X
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