Release of Bank Guarantee directed as claim not part of resolution plan: Bombay HC

Garden Silk Mills Limited Vs Gayatri Industries (Bombay High Court) Bombay High Court directed release of bank guarantees since claim stood extinguished due to default on part of respondent to lodge their claim with Resolution Professional. Accordingly, interim application stands allowed. Facts- The First Appeal was preferred by the original Defendant No.1 challenging the judgment and decree dated 20th January 2003 decreeing the suit for sum of Rs.28,97,629/- together with interest @ 24% per annum. First Appeal was permitted to be withdrawn by order of 25th February 2025. The present Interim A...