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        IBC

        The NCLAT affirmed that the Earnest Money Deposit (EMD) and...

        EMD and PBG forfeiture upheld; only equity infusion refundable under Insolvency rules

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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.
                                The NCLAT affirmed that the Earnest Money Deposit (EMD) and Performance Bank Guarantee (PBG) invoked by the Committee of Creditors (CoC) are rightly forfeited and not refundable to the appellant. Only the equity infusion amount held in a separate escrow account is subject to refund. The Tribunal clarified that it lacks jurisdiction to review its prior judgment, and the instant application was strictly for clarification, not modification. The operative portion of the judgment was directed to be aligned with the main findings, confirming that the invoked EMD of Rs. 5 crore, included in the total Rs. 42.99 crore, remains excluded from distribution to Interim Trade Creditors or the appellant. The application was accordingly disposed of.
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