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2017 (9) TMI 1899 - GUJARAT HIGH COURTRestraint on respondent no.3 from making any payment pursuant to the request for invocation of the bank guarantee - HELD THAT:- In view of the rival submissions, it is required to be stated that normally the Court would declined to interfere with the invocation of the bank guarantee or the performance guarantee as it has been settled law that the Court should decline interference with the invocation of the bank guarantee except on limited grounds. However, the Law declared and observation made has reference to ordinary commercial transaction and performance guarantee. In the facts of the case, subsequent application of the Insolvency and Bankruptcy Code, 2016 will have to be considered, which provides for a separate procedure in case of such Company, which is under resolution process. Notice to the respondents returnable on 5 October, 2017.
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