2022 (2) TMI 252

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....ency & Bankruptcy<br>[Justice Ashok Bhushan] Chairperson , [Dr. Ashok Kumar Mishra] Member (Technical) And [Dr. Alok Srivastava] Member (Technical) For the Appellant : Mr. Pradeep Mishra and Mr. Daleep Dhyani, Advocates For the Respondents : Mr. Rajendra Beniwal, Mr. Sajal Jain, Mr. Vishal Raval, Mr. Kumar Sumit, Advocates for R-1 ORDER (Virtual Mode) Heard learned counsel for the Appellant a....

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....n of proceedings, on 03.01.2020, the Appellant wrote to the Bank - Respondent No. 2 for invocation of the Bank Guarantee. Bank on 08.01.2020 replied to the Appellant in following words: "Sir, With reference to the trail mail we have to advise that the Corporate Debtor has been admitted for CIRP by the NCLT. And the RP has informed that the moratorium is in operation. Hence, the bank has been r....

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....ce, the application is not maintainable and stands rejected." 4. Learned counsel for the Appellant submits that Appellant has right to invoke Bank Guarantee which is now settled by this Tribunal vide its judgment dated 26.02.2021 in 'Bharat Aluminum Company Ltd. Vs. J. P. Engineers Pvt. Ltd.' reported in (2021) SCC Online NCLAT 57. This Appellate Tribunal was considering the same issue in aforesa....

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....in the above judgment. We are of the view that above judgment of this Tribunal fully covers the issue and the order of the Adjudicating Authority deserves to the set aside in view of the law laid down by this Tribunal in the matter of 'Bharat Aluminum Company Ltd.' (supra). 6. Learned counsel for the Appellant has also referred to clause 11 of the Bank Guarantee where he was entitled to claim wit....