JUDGMENT

1. The issue which arises for consideration in the present suit is whether upon commencement of liquidation proceedings against the defendant no.1 company under the provisions of the Insolvency and Bankruptcy Code, 2016 (IBC) and Liquidator being appointed, the present suit can proceed or not. The said issue was noted in the order dated 17th October, 2019 passed by this Court. Written submissions have been filed on behalf of the plaintiff as well as the defendant no.1 company. Oral submissions on behalf of the counsels have been heard on 23rd May, 2022, 30th May, 2022, 18th August, 2022 and 31st August, 2022.

2. The present suit was filed seeking relief of permanent injunction restraining the defendant no.1 company from encashment of bank guarantees and for recovery of a sum of Rs.10,69,77,650/- against the defendant no.1.

3. It is the case of the plaintiff that the defendant no.1 had wrongfully and unlawfully invoked/encashed the contract performance bank guarantees and advance bank guarantees issued by the defendant no.2 and defendant no.3 respectively.

4. Vide order dated 27th February, 2017, while issuing summons in the suit, this Court had granted an ad interi