Performance Bank Guarantee invocable post non-implementation of resolution plan

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...