Supreme Court set asides NCLAT order allowing adjustment against Performance Bank Guarantee instead of payment

State Bank of India and Ors Vs Consortium of Mr Murari Lal Jalan and Mr Florian Fritsch and Anr (Supreme Court of India) Supreme Court rejected the NCLAT order allowing adjustment of last tranche against the Performance Bank Guarantee issued by Successful Resolution Applicant as accordingly to condition of State Bank of India the same was required to be paid by Successful Resolution Applicant. Facts- This batch of appeals arises from three orders of the National Company Law Appellate Tribunal. A Resolution Plan was submitted under the Insolvency and Bankruptcy Code, 2016 by a consortium of Mur...