https://www.taxtmi.com/caselaws?id=430332 The Tribunal found that IDBI Bank lacked the authority to unilaterally declare an 'Event of Default' and file a section 7 application under the Insolvency and Bankruptcy Code. The Bank's failure to follow the required procedures resulted in a lack of locus standi. Additionally, the non-disbursement of additional loan amounts by Standard Chartered Bank did not discharge the guarantee as per the terms of the Deed of Guarantee. The Impugned Order admitting the application was set aside, freeing the corporate debtor from the Corporate Insolvency Resolution Process and related provisions of the IBC. en-us Tue, 15 Nov 2022 00:00:00 +0530 Sat, 19 Nov 2022 10:10:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=430332 The Tribunal found that IDBI Bank lacked the authority to unilaterally declare an 'Event of Default' and file a section 7 application under the Insolvency and Bankruptcy Code. The Bank's failure to follow the required procedures resulted in a lack of locus standi. Additionally, the non-disbursement of additional loan amounts by Standard Chartered Bank did not discharge the guarantee as per the terms of the Deed of Guarantee. The Impugned Order admitting the application was set aside, freeing the corporate debtor from the Corporate Insolvency Resolution Process and related provisions of the IBC. Case-Laws Insolvency and Bankruptcy Tue, 15 Nov 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=430332