Darwin Platform Infrastructure Limited Vs Union Bank of India (NCLAT Delhi)
NCLAT Delhi held that when the plan is not implemented by Successful Resolution Applicant (SRA), Performance Bank Guarantee can be statutorily invoked. Thus, dismissal of appeal by SRA justified.
Facts- On an application filed u/s. 9 of the Insolvency and Bankruptcy Code, 2016, the Corporate Debtor – Lavasa Corporation Limited was admitted to insolvency resolution process by order dated 30.08.2018. The appellant submitted its resolution plan on 20.11.2021. In the Committee of Creditors (CoC) meeting held on 13.12.202 1. The resolution plan of the appellant was approved with 96.41% vote shares. Adjudicating Authority also passed an order approving the resolution plan vide its order dated 23.12.2021.
Appellant gave a Performance Bank Guarantee (PBG) of Rs.25 crore on 31.12.2021. Adjudicating Authority passed an order on 21.07.2023, approving the resolution plan of the appellant which is referred herein as plan approval order. On 11.09.2023, State Bank of India (SBI) filed an appeal in this Tribunal challenging the plan approval, which appeal was subsequently dismissed on 13.02.2024.
On 16.09.2023, UBI filed an application, praying for recall of the plan approval order, which application also came to be dismissed on 10.11.2023 and the appeal to this Tribunal also dismissed on 10.01.2024. On 08.04.2024, UBI invoked the PBG.
