2023 (3) TMI 1176

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....Sr. Advocate with Mr. Anuj Berry, Ms. Anusha Ramesh, Ms. Bhargavi Vadeyar, Ms. Neharika Modgil, Mr. Brian Moses and Ms. Mrinalini Mishra, Advocates For the Respondent : Mr. Sunil Fernandes, Mr. Raghav Chadda, Ms. Priyansha Sharma and Ms. Diksha, Advocates for Liquidator. Mr. Ankur Mittal, Mr. Raushal Kumar and Mr. Abhay Gupta, Advocate for R-2. JUDGMENT TUSHAR RAO GEDELA, J. (ORAL) [Th....

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....senior counsel appearing for the petitioner submits that the law is well settled on the aspect that the invocation of bank guarantee ordinarily cannot be interfered with unless and until a case of fraud is pleaded. Learned senior counsel submits that no such case was pleaded. Learned senior counsel also submits that the NCLT could not have restrained the encashment of Performance Bank Guarantee, t....

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....hat despite passage of one year, the issue is under limbo and there has been no compliance of the order dated 14.03.2022 passed by this Court. 10. Per Contra, Mr. Sunil Fernandes, learned counsel for the Liquidator submits that the petitioner has an equally efficacious remedy under Section 61 of The Insolvency and Bankruptcy Code, 2016, and ought not to have filed the present petition under Art....