Liberty House Group PTE LTD filed two suits, CS(COMM) 1246/2018 and CS(COMM) 1247/2018, against State Bank of India (SBI) & ORS, seeking interim injunctions restraining the encashment of Bank Guarantees (BGs). The suits arose from the Corporate Insolvency Resolution Process (CIRP) of Castex Technologies Limited and ARGL Limited, where Liberty House was a resolution applicant. The plaintiff sought to prevent SBI from invoking and Barclays Bank PLC from remitting funds under a Bid Bond Guarantee (BBG) and a Performance Bank Guarantee (PBG). The suits also challenged the jurisdiction of the Delhi High Court, with SBI arguing that the NCLT had exclusive jurisdiction over matters related to the CIRP under the Insolvency and Bankruptcy Code (IBC).
Liberty House Group PTE LTD participated as a resolution applicant in the Corporate Insolvency Resolution Process (CIRP) of Castex Technologies Limited and ARGL Limited. As part of the process, Liberty House furnished Bid Bond Guarantees (BBGs) and was expected to furnish Performance Bank Guarantees (PBGs). The State Bank of India (SBI) initiated the CIRP for Castex Technologies Limited under Section 7 of the Insolvency and Bankruptcy Code (IBC). The Resolution Professional (RP) prepared a Process Memorandum for the selection of resolution plans. Liberty House submitted a resolution plan that was initially accepted by the Committee of Creditors (CoC). A Letter of Intent (LoI) was issued to Liberty House, requiring them to submit a PBG. Liberty House offered to convert
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Section 14 order was…
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Liberty House Group PTE LTD filed two suits, CS(COMM) 1246/2018 and CS(COMM) 1247/2018, against State Bank of India (SBI) & ORS, seeking interim injunctions restraining the encashment of Bank Guarantees (BGs). The suits arose from the Corporate Insolvency Resolution Process (CIRP) of Castex Technologies Limited and ARGL Limited, where Liberty House was a resolution applicant. The plaintiff sought to prevent SBI from invoking and Barclays Bank PLC from remitting funds under a Bid Bond Guarantee (BBG) and a Performance Bank Guarantee (PBG). The suits also challenged the jurisdiction of the Delhi High Court, with SBI arguing that the NCLT had exclusive jurisdiction over matters related to the CIRP under the Insolvency and Bankruptcy Code (IBC).
Liberty House Group PTE LTD participated as a resolution applicant in the Corporate Insolvency Resolution Process (CIRP) of Castex Technologies Limited and ARGL Limited. As part of the process, Liberty House furnished Bid Bond Guarantees (BBGs) and was expected to furnish Performance Bank Guarantees (PBGs). The State Bank of India (SBI) initiated the CIRP for Castex Technologies Limited under Section 7 of the Insolvency and Bankruptcy Code (IBC). The Resolution Professional (RP) prepared a Process Memorandum for the selection of resolution plans. Liberty House submitted a resolution plan that was initially accepted by the Committee of Creditors (CoC). A Letter of Intent (LoI) was issued to Liberty House, requiring them to submit a PBG. Liberty House offered to convert
…Section 14 order was…
RP issued Expre…