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2020 (8) TMI 349 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL, NEW DELHIInvocation of performance guarantee given about another contact - refusal to grant interim relief to the Corporate Debtor - time limitation for filing reply before Appellate Tribunal - HELD THAT:- Appellant has filed this Appeal on 08th June 2019 against the Order dated 31st December 2019 passed by the Adjudicating Authority/NCLT, Chennai Bench, Chennai - As per Section 61 of the Insolvency and Bankruptcy Code, 2016, the Appeal filed before this Appellate Tribunal against Order of the Adjudicating Authority can be filed within 30 days. The proviso to Section 61 of the Insolvency and Bankruptcy Code provides that the Appellate Tribunal may allow an Appeal to be filed after the expiry of the statutory period of 30 days. Still, in no circumstances, such extended period shall exceed 15 days. The language of the proviso to Section 61(1)of the I&B Code makes it clear that this Tribunal does not have the power to extend the time limit beyond 15 days, in addition to the statutory time limit of 30 days. It is also clear that this extension of 15 days depends upon the satisfaction of the Appellate Tribunal, on being shown the sufficient cause for not filing the Appeal within the time limit. The moratorium order passed under sub-section (1) to Sec 14 of the I& B Code does not apply to the surety in a contract of guarantee to a Corporate Debtor. Therefore, in the circumstances, the Adjudicating Authority passed the Order that “the performance guarantee given by the bankers on behalf of the Corporate Debtor, whereby simply to set off the money in the event of an order was passed in favour of the Corporate Debtor, cannot be interfered with the performance guarantee with regard to another contract” - the Adjudicating Authority has rightly refused to grant an interim relief about the invocation of bank guarantee given by bankers on behalf of the Corporate Debtor. Appeal dismissed.
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