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2018 (6) TMI 1719 - Tri - Insolvency and BankruptcyStay on invocation of Performance Bank Guarantee - HELD THAT:- The Corporate Debtor had completed the Work Order as assigned by 15.09.2016 to the satisfaction of GAIL India Limited who, in turn, had issued Completion Certificate and the "Defect Liability Period" has also MA 521 OF 2018 Rajeev Mannadiar, Resolution Professional Kohinoor Crane Services Vs. Petron Engineering Construction Limited elapsed on 15.09.2017, GAIL India Limited should not be allowed to demand State Bank of India for revocation of the Bank Guarantee. Further, the admitted factual position is that "Moratorium" has already been commenced vide an Order (supra), therefore, alienation of any asset or recovery from any property of the Corporate Debtor is prohibited, hence action of revocation of the Bank Guarantee is against the provisions of the Insolvency Code - The State Bank is hereby estopped from revocation of Bank Guarantee or discharge in favour of any party including GAIL so that the rights of the stakeholders of the Corporate Debtor should not be prejudiced. Application allowed.
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