https://www.taxtmi.com/caselaws?id=429330 The Tribunal upheld the Adjudicating Authority's decision to forfeit the Performance Bank Guarantee due to the Appellant's failure to implement the approved Resolution Plan. It also affirmed the Authority's jurisdiction to restart the Corporate Insolvency Resolution Process (CIRP) instead of opting for liquidation, considering the Corporate Debtor's potential for revival. The Tribunal confirmed the Chairman of the Monitoring Committee's authority to file the application and modified the direction under Section 74(3) to recommend consideration by relevant authorities. The appeal was disposed of with these determinations. en-us Fri, 21 Oct 2022 00:00:00 +0530 Sat, 22 Oct 2022 10:04:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=429330 The Tribunal upheld the Adjudicating Authority's decision to forfeit the Performance Bank Guarantee due to the Appellant's failure to implement the approved Resolution Plan. It also affirmed the Authority's jurisdiction to restart the Corporate Insolvency Resolution Process (CIRP) instead of opting for liquidation, considering the Corporate Debtor's potential for revival. The Tribunal confirmed the Chairman of the Monitoring Committee's authority to file the application and modified the direction under Section 74(3) to recommend consideration by relevant authorities. The appeal was disposed of with these determinations. Case-Laws Insolvency and Bankruptcy Fri, 21 Oct 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=429330