https://www.taxtmi.com/caselaws?id=423504 A resolution applicant under an approved insolvency plan was treated as bound by the original bid terms and by the obligation to furnish the balance performance security. The note states that repeated default despite extensions justified a further time limit for deposit, with forfeiture of the amounts already paid on continued non-compliance. It also records that the concluded bid process could not be reopened merely because the H-2 bidder later offered a higher amount, although the Committee of Creditors could consider the H-2 offer if the H-1 bidder still defaulted and the pending approval applications could then be withdrawn. en-us Mon, 30 May 2022 00:00:00 +0530 Wed, 08 Jun 2022 09:42:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=423504 A resolution applicant under an approved insolvency plan was treated as bound by the original bid terms and by the obligation to furnish the balance performance security. The note states that repeated default despite extensions justified a further time limit for deposit, with forfeiture of the amounts already paid on continued non-compliance. It also records that the concluded bid process could not be reopened merely because the H-2 bidder later offered a higher amount, although the Committee of Creditors could consider the H-2 offer if the H-1 bidder still defaulted and the pending approval applications could then be withdrawn. Case-Laws Insolvency and Bankruptcy Mon, 30 May 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=423504