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Insolvency and BankruptcyAugust 13, 2024Case LawsAT
The Appellate Tribunal held that the Performance Bank Guarantee could be invoked during the moratorium period u/s 14 of IBC. Referring to a Supreme Court case, it clarified that the assets of the surety are separate from those of the Corporate Debtor. The Tribunal found that the Guarantee was rightfully invoked as the Contractor failed to complete the Contract within the specified period. The Adjudicating Authority erred in restraining the Appellant from encashing the Guarantee, and the Appeal was allowed.
The Appellate Tribunal held that the Performance Bank Guarantee could be invoked during the moratorium period u/s 14 of IBC. Referring to a Supreme Court case, it clarified that the assets of the surety are separate from those of the Corporate Debtor. The Tribunal found that the Guarantee was rightfully invoked as the Contractor failed to complete the Contract within the specified period. The Adjudicating Authority erred in restraining the Appellant from encashing the Guarantee, and the Appeal was allowed.
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