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.

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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

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