Challenges in corporate insolvency, particularly when dealing with contract terminations and arbitration proceedings

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....lux Corsan India Engineering & Construction Pvt. Ltd., and SOMA-Indus Varanasi Aurangabad Tollway Pvt. Ltd. (formerly SOMA Isolux Varanasi Aurangabad Tollway Pvt. Ltd.). Key Points of the Case: * Background: The case arises from a dispute between Isolux Corsan India Engineering & Construction Pvt. Ltd. (the Corporate Debtor) and SOMA-Indus Varanasi Aurangabad Tollway Pvt. Ltd. (the Concessionai....

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.... and Bankruptcy Code. This was challenged by the Liquidator in the appellate tribunal. The document outlines the arguments presented by both parties: * The Liquidator argued that the invocation of bank guarantees by the Concessionaire was wrongful and fraudulent. * The Concessionaire contended that since the Liquidator had already sought to initiate arbitration proceedings, there was no need ....