2017 (9) TMI 1899

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.... ORDER Mr. Rajesh H.Shukla, 1. It is required to be stated that it was mentioned before this Court that the National Company Law Tribunal, Ahmedabad Bench is not available and no other member is given charge. Hence, the urgent permission was granted to move this Court after the permission by the Hon'ble the Chief Justice and, thereafter, the matter has been taken up for hearing. 2. Th....

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....ppears that, the performance bank guarantee was given by the petitioner, which is now sought to be invoked as per the Notice at Annexure-P4. Learned advocate, Shri Nanavati, however, submitted that the Company is under the resolution process as per the Insolvency and Bankruptcy Code, 2016 and the orders have been passed by the National Company Law Tribunal, Ahmedabad Bench. He pointedly referred t....

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.... 5. In view of the rival submissions, it is required to be stated that normally the Court would declined to interfere with the invocation of the bank guarantee or the performance guarantee as it has been settled law that the Court should decline interference with the invocation of the bank guarantee except on limited grounds. However, the Law declared and observation made has reference to ordina....