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2024 (1) TMI 460 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL , PRINCIPAL BENCH , NEW DELHIWrongful and fraudulent invocation of guarantee by the Concessionaire - Invocation of bank guarantee by Concessionaire after termination of the agreement - HELD THAT:- The Adjudicating Authority have already granted leave to the Liquidator to proceed in arbitration against the Concessionaire where claim on basis of wrongful invocation of guarantee is also included, the Adjudicating Authority did not commit any error in directing deletion of name of Respondent No. 1 in application under Section 66 of the Code. It is observed that after a decision by the Arbitrator in the arbitration proceeding to be filed by the Liquidator in event facts and findings come in the proceeding which may oblige the Liquidator to file an application under Section 66 against the Concessionaire, the liberty is granted to the Appellant and the deletion of name by the order impugned shall not come into way in filing a fresh application under Section 66 of the Code, if any such circumstance arises. Appeal dismissed.
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