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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 ..... l has been filed against order dated 24.07.2024 passed by the Adjudicating Authority in IA No.699/KB/2023. The IA was field by the Respondent herein for following reliefs: "(a) Direct the respondent bank to forthwith release payment of the amount of the Bank Guarantee bearing no. 0089ILG005612 for the sum of Rs. 3,00,00,000/- Rupees Three Crore only] in favour of the applicant, within a particular time frame; (b) Direct the respondent no. 4 his no objection to the payment of the Bank Guarantee amount in favour of the applicant: (c) Costs and incidental expenses incurred by the applicant to be borne by the respondent bank; (d) Such further or other order or orders be made and/or direction or directions be given as to this Hon'ble ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... earned counsel for the parties and perused the record. 6. There is no dispute that irrevocable bank guarantee was issued by the Bank which was independent and separate contract between the parties. The Adjudicating Authority in Para 23 of the order has relied on judgment of this Tribunal in "IDBI Bank Ltd. Vs. Indian Oil Corporation Ltd.". Following was held in Para 23 of the order: "23. Further in the matter of IDBI Bank Ltd. v. Indian Oil Corporation Ltd., the Hon'ble NCLAT, Delhi has held as hereunder: 10. Bank Guarantees are outside the scope of the moratorium under Section 14 of the Code and Section 3 (31) specifically excludes Performance Bank Guarantees (PBGs). 11. We also find it a fit case to place reliance on the Judgme ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ification and the supporting documents provided by you. Please note : There has been a Bank guarantee issued to you amounting to 3.00 crore. In case any amount is recovered by you by invoking the bank guarantee, you are requested to inform us and revise your claim accordingly. From the office of, Avishek Gupta Resolution Professional Indian Pulp & Paper Private Limited (in CIRP)" 8. 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 herei ..... X X X X Extracts X X X X X X X X Extracts X X X X
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