Refusal of the Bank to invoke the Bank Guarantee - Adjudicating ...

Bank Guarantee Invocation Allowed Despite CIRP; Case Sent Back for Further Orders on Appellant's Claim.

February 7, 2022

Case Laws     Insolvency and Bankruptcy     AT

Refusal of the Bank to invoke the Bank Guarantee - Adjudicating Authority has taken the view that since CIRP proceedings were continuing the Bank Guarantee cannot be invoked - The Appellant was clearly entitled for invocation of Bank Guarantee, hence, we remit the matter back to the Adjudicating Authority to pass appropriate orders with regard to claim of the Appellant to the amount as included in the Bank Guarantee. - AT

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