No claim can be accepted on the basis of a guarantee that was invoked subsequent to the initiation of the CIRP /during the moratorium under Section 14 of the IBC – Ankur Kumar Vs. Sustainable Agro-Commercial Financial Ltd. – NCLAT New Delhi
The Hon’ble NCLAT referring various judgments held that when the Respondent having invoked the guarantee on 18.09.2020 i.e. subsequent to initiation of the CIRP, on the basis of said invocation no claim could have been accepted in the CIRP. It is, thus, clear that no claim existed of the Respondent on the date of commencement of the CIRP process, hence, the said claim could not have been admitted in the process.