https://www.taxtmi.com/caselaws?id=304431 A pre-CIRP invocation of performance bank guarantees made strictly in accordance with their terms could not be reopened in insolvency proceedings, so the request to preserve and refund the encashed proceeds was rejected. The Tribunal noted that the guarantees permitted payment on written demand without inquiry into underlying disputes, and prior interim restraint had lost effect once the invocation had already occurred. Prayers seeking cognizance under sections 66, 70, 73 and 74 of the Insolvency and Bankruptcy Code were also held not maintainable because such relief had to conform to the Code's statutory scheme, be brought by the proper applicant, and involve necessary parties. The interim protection was vacated on disposal. en-us Fri, 11 Dec 2020 00:00:00 +0530 Tue, 27 Sep 2022 07:15:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=304431 A pre-CIRP invocation of performance bank guarantees made strictly in accordance with their terms could not be reopened in insolvency proceedings, so the request to preserve and refund the encashed proceeds was rejected. The Tribunal noted that the guarantees permitted payment on written demand without inquiry into underlying disputes, and prior interim restraint had lost effect once the invocation had already occurred. Prayers seeking cognizance under sections 66, 70, 73 and 74 of the Insolvency and Bankruptcy Code were also held not maintainable because such relief had to conform to the Code's statutory scheme, be brought by the proper applicant, and involve necessary parties. The interim protection was vacated on disposal. Case-Laws Insolvency and Bankruptcy Fri, 11 Dec 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=304431