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2019 (3) TMI 1747 - Tri - Insolvency and BankruptcyDirection to the resolution professional not to invoke bank guarantee - section 60(5) of the Insolvency and Bankruptcy Code, 2016 - HELD THAT:- It is clear that there is no material before the Adjudicating Authority that invocation of bank guarantees by the corporate debtor in the present case is a fraudulent action and that the applicant will sustain irreparable injury. The only grievance of the applicant that it has completed the contract work assigned to it. The question whether the applicant failed to perform part of the contract or not, is a question to be determined by way of evidence. The said dispute cannot be resolved by summary procedure. If bank guarantee is in terms of guarantee, then the corporate debtor is entitled to invoke it - So injunction as prayed cannot be granted in respect of two bank guarantees issued by OBC. Similarly, the corporate debtor cannot be directed to refund and/or indemnify in respect of three bank guarantees already invoked by Union Bank of India. Application dismissed.
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