2025 (8) TMI 514

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....titution of India directing the Respondent No. 1 to pay total amount of Rs 1,95,41,000/- Rupees One Crore Ninety Five Lakhs Forty One Thousands only secured by it under 4 Bank Guarantees [Exhibit-"C(Colly)"] to the petitioner." 3. Ms. Majumdar, the learned counsel for the petitioner, refers us to the Bank Guarantees at Exhibit "C (colly)". She submits that the wording of all these Bank Guarantees is identical. She further submits that these Bank Guarantees state that they shall continue and shall not be revoked by the surety during their currency without the consent of the Commissioner of Customs. She submits that the Bank Guarantee should be regarded as the personal guarantee of the Bank. 4. Ms. Majumdar submitted that although the 2....

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....Commissioner of Customs. We, Bank of India, Andheri Large Corporate Branch, M.D.I. Building, 1st Floor, 28, S. V. Road, Andheri (West), Mumbai - 400 058, further declare that the above subject bank guarantee will be valid up to 31/05/2011 and we undertake to renew this bank guarantee till the matter is settled and fully discharged by the Commissioner of Customs, Mumbai. Notwithstanding anything contained hereinabove our liability under this guarantee is restricted to Rs. 1,02,11,000/- (Rupees One Crore Two Lacs Eleven Thousand Only) and this guarantee is valid upto 31/05/2011 and we shall be released and discharged from all liabilities thereunder unless a written claim for payment under this guarantee is lodged on us in writing on ....

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....he argument overlooks the other parts of that very clause and the subsequent clause, which begins with a non-obstante clause. 13. Incidentally, the petitioner also sought the same relief in the CIRP. After such relief was denied to the petitioner, there was no further challenge to the orders made in the CIRP. Ms. Majumdar, however, submitted that the petitioner has no issues with the CIRP order rejecting the petitioner's claim, because it is admitted that such a claim was lodged after the prescribed period of limitation. 14. The argument that a personal guarantee survives the CIRP does not apply in the present case because the guarantee had expired even before the CIRP. During the validity period of the guarantee, admittedly, no c....