https://www.taxtmi.com/caselaws?id=400865 The Tribunal ruled in favor of the applicant, restraining respondent no. 1 from invoking Bank Guarantees before the 120-month period from the date of import expires or until the conclusion of the Corporate Insolvency Resolution Process (CIRP), whichever is earlier. The Bank Guarantees were classified as Non-Performance Bank Guarantees (NBGs) and were deemed subject to the moratorium under section 14 of the Insolvency and Bankruptcy Code. Respondent no. 1's attempt to invoke the Bank Guarantees after filing a claim was deemed contrary to the objectives of the IBC. The application was disposed of in favor of the applicant. en-us Wed, 02 Sep 2020 00:00:00 +0530 Sat, 21 Nov 2020 10:10:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=400865 The Tribunal ruled in favor of the applicant, restraining respondent no. 1 from invoking Bank Guarantees before the 120-month period from the date of import expires or until the conclusion of the Corporate Insolvency Resolution Process (CIRP), whichever is earlier. The Bank Guarantees were classified as Non-Performance Bank Guarantees (NBGs) and were deemed subject to the moratorium under section 14 of the Insolvency and Bankruptcy Code. Respondent no. 1's attempt to invoke the Bank Guarantees after filing a claim was deemed contrary to the objectives of the IBC. The application was disposed of in favor of the applicant. Case-Laws Insolvency and Bankruptcy Wed, 02 Sep 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=400865