The appeal was filed by the suspended Director of M/s Ultimate Infovision Pvt. Ltd. against the impugned order dated 29.05.2024 passed by the National Company Law Tribunal, New Delhi Bench. The Bank Guarantees were issued by Bank of Baroda for M/s Ultimate Infovision Pvt. Ltd. in favour of DTCP, Haryana, for the purpose of issuance of license to M/s Jai Krishna Artec J.V. The appellant contends that the bank guarantee could only be invoked upon an event of default and that too on or before 07.07.2017. A letter was issued on 22.05.2017 by the DTCP, Haryana, to the Bank of Baroda stating that the bank guarantee should be extended. An email was written by the borrower to the Bank of Baroda stating that the Bank Guarantee should not be extended. However, on 24.11.2017, the
…The suspended Director of M/s Ultimate Infovision Pvt. Ltd. filed an appeal against an order passed by the National Company Law Tribunal, New Delhi Bench. Bank Guarantees were issued by Bank of Baroda for M/s Ultimate Infovision Pvt. Ltd. in favor of DTCP, Haryana, for license issuance to M/s Jai Krishna Artec J.V. The appellant argues the guarantee could only be invoked upon default and before 07.07.2017. DTCP, Haryana, requested an extension of the guarantee on 22.05.2017, but the borrower emailed Bank of Baroda stating it should not be extended. DTCP then encashed the guarantee on 24.11.2017. In a separate case against M/s Vardhman Buildtech Pvt. Ltd., Bank of Baroda filed a claim admitting the guarantee was invoked on 24.11.2017, but the claim was not admitted.
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Appellant claims the…
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The appeal was filed by the suspended Director of M/s Ultimate Infovision Pvt. Ltd. against the impugned order dated 29.05.2024 passed by the National Company Law Tribunal, New Delhi Bench. The Bank Guarantees were issued by Bank of Baroda for M/s Ultimate Infovision Pvt. Ltd. in favour of DTCP, Haryana, for the purpose of issuance of license to M/s Jai Krishna Artec J.V. The appellant contends that the bank guarantee could only be invoked upon an event of default and that too on or before 07.07.2017. A letter was issued on 22.05.2017 by the DTCP, Haryana, to the Bank of Baroda stating that the bank guarantee should be extended. An email was written by the borrower to the Bank of Baroda stating that the Bank Guarantee should not be extended. However, on 24.11.2017, the
…The suspended Director of M/s Ultimate Infovision Pvt. Ltd. filed an appeal against an order passed by the National Company Law Tribunal, New Delhi Bench. Bank Guarantees were issued by Bank of Baroda for M/s Ultimate Infovision Pvt. Ltd. in favor of DTCP, Haryana, for license issuance to M/s Jai Krishna Artec J.V. The appellant argues the guarantee could only be invoked upon default and before 07.07.2017. DTCP, Haryana, requested an extension of the guarantee on 22.05.2017, but the borrower emailed Bank of Baroda stating it should not be extended. DTCP then encashed the guarantee on 24.11.2017. In a separate case against M/s Vardhman Buildtech Pvt. Ltd., Bank of Baroda filed a claim admitting the guarantee was invoked on 24.11.2017, but the claim was not admitted.
…DTCP, Haryana,…
Appellant claims the…
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