https://www.taxtmi.com/caselaws?id=762645 The Tribunal upheld the Adjudicating Authority's decision, allowing the invocation of the bank guarantee amounting to Rs. 3 Crores, emphasizing its irrevocable and unconditional nature. It ruled that the moratorium under Section 14 of the Insolvency and Bankruptcy Code (IBC) does not impede such invocation. The Tribunal dismissed the appeal, affirming that the Respondent could invoke the bank guarantee and that any funds received must lead to a revision of the claim amount in the Corporate Insolvency Resolution Process (CIRP). The Resolution Plan's approval remained pending, and the appeal was dismissed. en-us Wed, 04 Dec 2024 00:00:00 +0530 Thu, 05 Dec 2024 08:37:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=762645 The Tribunal upheld the Adjudicating Authority's decision, allowing the invocation of the bank guarantee amounting to Rs. 3 Crores, emphasizing its irrevocable and unconditional nature. It ruled that the moratorium under Section 14 of the Insolvency and Bankruptcy Code (IBC) does not impede such invocation. The Tribunal dismissed the appeal, affirming that the Respondent could invoke the bank guarantee and that any funds received must lead to a revision of the claim amount in the Corporate Insolvency Resolution Process (CIRP). The Resolution Plan's approval remained pending, and the appeal was dismissed. Case-Laws IBC Wed, 04 Dec 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=762645