Seeking refund of money equivalent to the Bank Guarantees ...

Corporate Debtor Cannot Claim Refund on Invoked Bank Guarantees if Funds Aren't Owned by Them.

May 12, 2022

Case Laws     Insolvency and Bankruptcy     AT

Seeking refund of money equivalent to the Bank Guarantees invoked - What does not belong to the ‘Corporate Debtor’ cannot be sought to be refunded back to the ‘Corporate Debtor’. In the instant case, the ‘Corporate Debtor’ was unable to execute the work with the given advance and the ‘Mobilisation Advance Bank Guarantee’, which is generally issued at the commencement of the contract, viewed from any angle, cannot be said to be ‘an Asset belonging to the Corporate Debtor’ - AT

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