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        Case ID :
        Insolvency and Bankruptcy

        CIRP - Recovery proceedings initiated by the bank under SARFAESI...

        Bank Can Recover Collateral Independently of NCLT Plan; Section 33(3) Details Liquidation Steps for Non-Compliance.

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                          Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
                            Provisions expressly mentioned in the judgment/order text.
                                CIRP - Recovery proceedings initiated by the bank under SARFAESI Act - Respondent No. 1 certainly has the right to proceed against the collateral securities for recovery of its dues, which are independent of the resolution plan approved by the NCLT. If the resolution plan approved by the Adjudicating Authority is contravened by the concerned corporate debtor, any person other than the corporate debtor, whose interests are prejudicially affected, may make an application to the Adjudicating Authority for an order for liquidation. Where a resolution applicant succeeds as a corporate debtor, but fails to comply with its assurance in terms of the resolution plan, then subsequent step to be taken has been specified in Section 33(3) of the IBC - HC
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