M.M. Kumar, Member - (1.) Mr. Nayar, Learned Senior counsel for the applicant-Resolution Professional has argued that moratorium as provided under section 14 (1) (b) & (c) of IBC imposes a bar for the encashment of bank guarantee by the unsecured creditors. Despite the aforesaid bar unsecured creditors namely Telangana State Power Generation Corporation Limited has proceeded to encash the bank guarantee and has actually encashed after the filing of the s application i.e. on 16.12.2017. Notice to show cause to Telangana State Power Generation Corporation Limited returnable on 08.01.2018 be issued as to why the prayer made by the Resolution Professional be not accepted. Process dasti. At this stage Mr. Nayar prays that the application is still prelevant in order to direct Telangana State Power Generation Corporation Limited to hold the money in a separate account so that Resolution Professional may even seek the repatriation of the amount in the account of the company.
(2.) In view of the aforesaid, Telangana State Power Generation Corporation Limited shall maintain status quo with the aforesaid amount.
(3.) Copy of this order be given dasti to Mr. Nayar. List for further consideration on 08.01.2018.;