Supreme Court upholds NCLAT order against encashing IL&FS’ guarantees

Maharashtra Metro Rail Corp had approached the top court seeking to encash bank guarantees after IL&FS Engineering & Construction Co failed to fulfil its contracts. However, the apex court has upheald the NCLAT order dated October 15, 2018 disallowing any such move. SBI alone has given bank guarantees worth around Rs 700 crore on behalf of IL&FS companies.

from Banking/Finance-Industry-Economic Times https://ift.tt/37pqMK8