https://www.taxtmi.com/caselaws?id=407833 A resolution applicant may withdraw a plan before tribunal approval where materially inaccurate or incomplete disclosures in the information memorandum undermine the plan's feasibility and commercial viability, especially where the applicant reserved a contractual right to withdraw on adverse change. On the facts, a discrepancy concerning land and generation capacity, including an additional essential land parcel, made the plan commercially unsafe, so withdrawal was permitted. The earnest money deposit and performance bank guarantee were not forfeited in full; the tribunal ordered only partial forfeiture and refund of the balance, balancing process consequences against the applicant's withdrawal. en-us Fri, 19 Mar 2021 00:00:00 +0530 Mon, 24 May 2021 08:36:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=407833 A resolution applicant may withdraw a plan before tribunal approval where materially inaccurate or incomplete disclosures in the information memorandum undermine the plan's feasibility and commercial viability, especially where the applicant reserved a contractual right to withdraw on adverse change. On the facts, a discrepancy concerning land and generation capacity, including an additional essential land parcel, made the plan commercially unsafe, so withdrawal was permitted. The earnest money deposit and performance bank guarantee were not forfeited in full; the tribunal ordered only partial forfeiture and refund of the balance, balancing process consequences against the applicant's withdrawal. Case-Laws Insolvency and Bankruptcy Fri, 19 Mar 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=407833