Rajasthan State Road Development & Construction Corporation Ltd, Vs. Vasundhra Gupta (Suspended Director of Aesthetic Stone Arts India Pvt. Ltd.) -NCLAT New Delhi
The Appeal is preferred against the order passed by the Adjudicating Authority whereby Ld. Adjudicating Authority disposed of both the Applications with the direction that the termination of Work Orders are inconsistent with Section 20 of IBC and are invalid and prohibited under Section 238 of IBC. Moreover, the termination proceeding could not be initiated or continued under bar of moratorium of Section 14 of IBC. Consequently, invocation of performance bank guarantees is untenable.
