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NCLAT determined that invocation of corporate guarantee after CIRP commencement is impermissible under Section 14 IBC moratorium provisions. The corporate guarantee was invoked on 18.09.2020, subsequent to CIRP initiation date of 27.01.2020. Following precedents from SC in Ghanshyam Mishra and NCLAT in Edelweiss Asset Reconstruction, the tribunal held that claims based on guarantees invoked post-CIRP cannot be admitted as they had not matured when CIRP commenced. The guarantee should have been invoked prior to CIRP initiation for any valid claim. The appeal was allowed, invalidating the respondent's claim filed based on post-CIRP guarantee invocation, as it violated moratorium restrictions under IBC.
NCLAT determined that invocation of corporate guarantee after CIRP commencement is impermissible under Section 14 IBC moratorium provisions. The corporate guarantee was invoked on 18.09.2020, subsequent to CIRP initiation date of 27.01.2020. Following precedents from SC in Ghanshyam Mishra and NCLAT in Edelweiss Asset Reconstruction, the tribunal held that claims based on guarantees invoked post-CIRP cannot be admitted as they had not matured when CIRP commenced. The guarantee should have been invoked prior to CIRP initiation for any valid claim. The appeal was allowed, invalidating the respondent's claim filed based on post-CIRP guarantee invocation, as it violated moratorium restrictions under IBC.
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