https://www.taxtmi.com/caselaws?id=423504 Resolution applicants remain bound by approved resolution plans and original bid terms, including performance-security obligations. Repeated failure to furnish the balance security may justify a further time-bound extension and forfeiture of amounts already deposited on continued default, because delay hampers the insolvency process. A later higher offer from an H-2 bidder does not permit reopening a concluded bid process or require the H-1 bidder to match that offer. However, if the H-1 bidder continues to default on the extended security requirement, the Committee of Creditors may negotiate with the H-2 bidder within a time-bound framework and withdraw pending approval applications. 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 Resolution applicants remain bound by approved resolution plans and original bid terms, including performance-security obligations. Repeated failure to furnish the balance security may justify a further time-bound extension and forfeiture of amounts already deposited on continued default, because delay hampers the insolvency process. A later higher offer from an H-2 bidder does not permit reopening a concluded bid process or require the H-1 bidder to match that offer. However, if the H-1 bidder continues to default on the extended security requirement, the Committee of Creditors may negotiate with the H-2 bidder within a time-bound framework and withdraw pending approval applications. Case-Laws Insolvency and Bankruptcy Mon, 30 May 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=423504