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2020 (6) TMI 125 - HC - Insolvency and BankruptcyTermination of Works Contract - Liquidation proceedings pending against the petitioner company - writ petition is filed during the pendency of the liquidation proceeding - Chapter-III read with Section 33 of I&B Code - HELD THAT:- Section 33 (5) of the Insolvency & Bankruptcy Code, 2016 stipulates that when a liquidation order has been passed, no suit or other legal proceeding shall be instituted by or against the corporate debtor. Further a suit or other legal proceeding may be instituted by the liquidator, on behalf of the corporate debtor, with the prior approval of the executing authority. From the reliefs sought for by the petitioner it cannot be inferred that the petitioner is seeking for protection of its fundamental rights. The reliefs as indicate are issues arising out of the contractual obligations entered into by the parties vide agreement dated 16.12.2011. The said agreement as includes an arbitration Clause. Under such circumstance, the power under Article 226 of the Constitution of India is exercised, keeping in view the disputes as raised through this writ petition arose out of the said agreement and as the parties decided their own forum for their redressal in the event of dispute between them. The interim relief is granted for a period of 2 (two) months from today, thereby directing the respondent Nos. 2 to 4 to maintain the status quo as on 05.02.2020 i.e. date on which the interim order was passed in this writ petition in respect of securities and the performance guarantee - petition disposed off.
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