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Performance Bank Guarantee invocable post non-implementation of resolution plan
Case Law Details
- Case Name
- Darwin Platform Infrastructure Limited Vs Union Bank of India (NCLAT Delhi)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2012-2013
- Courts
- NCLAT
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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 ...
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