Non-compliance with submission of Performance Bank Guarantee by ...

Bankrupt firm loses bid for revival due to guarantee non-submission.

Case Laws IBC

October 11, 2024

Non-compliance with submission of Performance Bank Guarantee by the Appellant as per the Request for Resolution Plan's clause obliging the Resolution Applicant to furnish the guarantee after approval of the Resolution Plan. The Committee of Creditors objected to the Appellant's non-compliance and did not oppose applications from other parties to submit Resolution Plans. The Adjudicating Authority rejected the Appellant's application for approval of the Resolution Plan due to non-submission of the Performance Bank Guarantee despite reminders. The Appellate Tribunal upheld the Adjudicating Authority's order, considering the Appellant's non-compliance and granted the Appellant two weeks to submit a fresh Resolution Plan to be considered along with other plans received during the Corporate Insolvency Resolution Process.

View Source

← Previous Next →

Non-compliance with submission of Performance Bank Guarantee by ...

Bankrupt firm loses bid for revival due to guarantee non-submission.

Case Laws IBC

October 11, 2024

You may also like:

TP Adjustment - Addition on account of corporate guarantee - International transaction - guarantee fees / commission @ 0.35% will meet the arm’s length criteria in the...

Due date for submission of DIR-3 KYC extended to 15-9-2018

Bad Debts – The manufacturer has to bear the loss due to sedimentation - claim allowed - AT

Disallowance of bad debts u/s 36(1) - The non-realisation of debt can result in bad debt written off if the same is written off in the books. Since it is not the case...

Since the warrant of search was not executed at the business premises of the assessee firm and from the place of search no material whatsoever relating to the firm was...

This trade circular clarifies various issues related to taxability and valuation of supply of services involving corporate guarantees provided between related persons....

Disallowance of bad debts written off - Admittedly, the provision was created by the assessee in the earlier year out of the profit and loss account. Thus, any...

Transfer pricing addition on account of Corporate guarantee - performance guarantees in the instant case are a specie of the genus of corporate guarantee and cannot be...

Additions u/s 68 - Unsecured loans - partnership firm - Making addition of unsecured loans relating to the partnership firm in the hands of the assessee is bad in law...

Discontinuation of bank guarantee permitted due to prolonged litigation without resolution, causing prejudice to appellant deprived of substantial amount subject to...

Validity of revival notices - original show cause notices were issued to the petitioners between the years 2007 and 2012 - revival of these proceedings after a gross...

The High Court granted relief to the petitioner regarding the cancellation of GST registration due to non-submission of reply to the show cause notice (SCN). The court...

Status of assessee as "AOP" instead of "partnership firm" - The assessee firm was comprised of four individual partners who were representing their respective firms -...

The firm is succeeded by the company, therefore, the cost of acquisition of the company would be as that of acquisition of the firm. The valuation of land and assets of...

Initiation of CIRP - Failure to pay outstanding salary dues to the employees - Operational Creditor has not received his dues from the Corporate Debtor and the...

Quick Updates: