https://www.taxtmi.com/caselaws?id=405719 A successful resolution applicant may withdraw a plan after committee approval but before tribunal approval where later-disclosed material facts materially alter the commercial basis of the proposal and create a genuine apprehension of loss. The note also indicates that, in such circumstances, earnest money deposit and performance bank guarantee need not be fully forfeited; a partial retention may be used to bear part of the resolution process costs, with the balance refunded. The discussion turns on commercial feasibility, subsequent material information, and equitable adjustment of security deposits in insolvency resolution. en-us Fri, 19 Mar 2021 00:00:00 +0530 Fri, 26 Mar 2021 08:48:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=405719 A successful resolution applicant may withdraw a plan after committee approval but before tribunal approval where later-disclosed material facts materially alter the commercial basis of the proposal and create a genuine apprehension of loss. The note also indicates that, in such circumstances, earnest money deposit and performance bank guarantee need not be fully forfeited; a partial retention may be used to bear part of the resolution process costs, with the balance refunded. The discussion turns on commercial feasibility, subsequent material information, and equitable adjustment of security deposits in insolvency resolution. Case-Laws Insolvency and Bankruptcy Fri, 19 Mar 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=405719