Interactive flat panels meeting automatic data processing conditions are distinguished from monitors, while later classification clarifications apply ...
Statutory transfer formalities invalidated alleged share and property transfers, while retrospective record manipulation constituted oppression and mi...
NCLAT upheld the Committee of Creditors' (CoC) invocation of Performance Bank Guarantee (PBG) against the Successful Resolution Applicant (SRA) for failure to implement the approved Resolution Plan. The Appellate Tribunal found the PBG invocation valid under the Process Memorandum, rejected SRA's arguments about equity infusion, and determined that non-disclosure of Transaction Audit Report did not vitiate the Resolution Plan. The Tribunal directed refund of Rs. 22.09 crores to SRA from the fixed deposit after paying Rs. 20.9 crores to Interim Trade Creditors, denied SRA's 12% interest claim, and dismissed the Bank of Baroda's compensation application. The appeal was disposed of with the Resolution Plan implementation deemed unsustainable by the SRA.
NCLAT upheld the Committee of Creditors' (CoC) invocation of Performance Bank Guarantee (PBG) against the Successful Resolution Applicant (SRA) for failure to implement the approved Resolution Plan. The Appellate Tribunal found the PBG invocation valid under the Process Memorandum, rejected SRA's arguments about equity infusion, and determined that non-disclosure of Transaction Audit Report did not vitiate the Resolution Plan. The Tribunal directed refund of Rs. 22.09 crores to SRA from the fixed deposit after paying Rs. 20.9 crores to Interim Trade Creditors, denied SRA's 12% interest claim, and dismissed the Bank of Baroda's compensation application. The appeal was disposed of with the Resolution Plan implementation deemed unsustainable by the SRA.
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