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2020 (1) TMI 763 - AT - Insolvency and BankruptcyRestraint from invoking or encashing the Bank Guarantee - direction to Bank of China not to pay any amount to the Corporate Debtor’s Bank - HELD THAT:- In all the cases the appellants have sought direction to Liquidator to restrain from invoking or encashing the Bank Guarantee. However, the Bank Guarantees were invoked. Though it is not clear as to whether the amount have been realised by the Corporate Debtor on invocation of aforesaid Performance Bank Guarantees or not, which was to be released by the Bank of China - Therefore, the direction as sought for by appellants to direct not to pay any amount to the Corporate Debtor, cannot be ordered. In case the Performance Bank Guarantees have been invoked, and the Corporate Debtor has received the amount out of the Performance Bank Guarantees, in such case we are of the view that the appellants can file their respective claim before Liquidator who may decide the claim in terms of Section 40 of I&B Code - Thereafter if any person be aggrieved, such person is entitled to file appeal under Section 42 of Insolvency & Bankruptcy Code, 2016 before the Adjudicating Authority. Appeal disposed off.
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