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Insolvency and BankruptcyMarch 26, 2021Case LawsTri
Seeking to withdraw resolution plan after approval - EMD and the Performance Bank Guarantee - With the withdrawal of the Plan by the Applicant and the entire CIRP coming to nought, the Applicant should bear a part of the burden of expenses incurred during the CIRP. Also some amount may be lost as the liquidation value of the project may be very low, though however the Applicant has submitted that there is a small gap between what was offered in the Plan and the estimated liquidation value, ie of about ₹ 13 lakh only. - it would meet the interests of justice if an amount of ₹ 75,00,000/- is forfeited in total and the balance amount of ₹ 2,76,32,780/-, is refunded to the Resolution Applicant. - Tri
Seeking to withdraw resolution plan after approval - EMD and the Performance Bank Guarantee - With the withdrawal of the Plan by the Applicant and the entire CIRP coming to nought, the Applicant should bear a part of the burden of expenses incurred during the CIRP. Also some amount may be lost as the liquidation value of the project may be very low, though however the Applicant has submitted that there is a small gap between what was offered in the Plan and the estimated liquidation value, ie of about ₹ 13 lakh only. - it would meet the interests of justice if an amount of ₹ 75,00,000/- is forfeited in total and the balance amount of ₹ 2,76,32,780/-, is refunded to the Resolution Applicant. - Tri
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