https://www.taxtmi.com/caselaws?id=775654 The HC held that the unconditional and irrevocable BGs issued by the Plaintiff in favor of MoRTH must be honored upon demand, irrespective of disputes between the principal debtor and beneficiary. The Plaintiff's contention that the opening of an Escrow Account was a contract term was rejected, as it was not part of the underlying agreements. The Court found no discharge of the principal debtor's liability, and thus the Plaintiff cannot be discharged from its obligations under the BGs. The suit seeking declaration of discharge was dismissed. The Plaintiff was granted liberty to pursue claims against the principal debtor through the Liquidator or other legal remedies. en-us Thu, 24 Jul 2025 00:00:00 +0530 Tue, 29 Jul 2025 08:30:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=775654 The HC held that the unconditional and irrevocable BGs issued by the Plaintiff in favor of MoRTH must be honored upon demand, irrespective of disputes between the principal debtor and beneficiary. The Plaintiff's contention that the opening of an Escrow Account was a contract term was rejected, as it was not part of the underlying agreements. The Court found no discharge of the principal debtor's liability, and thus the Plaintiff cannot be discharged from its obligations under the BGs. The suit seeking declaration of discharge was dismissed. The Plaintiff was granted liberty to pursue claims against the principal debtor through the Liquidator or other legal remedies. Case-Laws IBC Thu, 24 Jul 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=775654