Recent judgments under IBC (July- August, 2021)

1) The NCLAT ruled on several cases related to IBC in July-August 2021, providing clarifications on key issues. 

2) In one case, the NCLAT allowed the withdrawal of CIRP proceedings after full payment to operational creditors, noting that mere claims do not constitute default before the CoC is constituted. 

3) In another case, the NCLAT held that bank guarantees are the responsibility of banks to release funds, minus amounts provided by CDs, as the assets of sureties are separate from CDs.

4) The NCLAT dismissed several intervenor applications filed prior to CoC constitution, noting the objective of IBC is revival, not just recovery.

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