https://www.taxtmi.com/caselaws?id=446501 The Appellate Tribunal dismissed the appeal concerning the rejection of a resolution plan due to the Appellant's failure to submit a required bank guarantee of Rs. 50 lakhs as per the Request for Resolution Plan (RFRP). The Appellant argued that the bank guarantee requirement was contrary to CIRP Regulations, but the Tribunal found that the RFRP's condition complied with Regulation 36B (4A). The Appellant's non-compliance and failure to challenge the RFRP terms justified the CoC's decision to reject the plan. The appeal was deemed moot as the resolution plan was already approved and implemented. en-us Mon, 04 Dec 2023 00:00:00 +0530 Wed, 06 Dec 2023 08:57:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=446501 The Appellate Tribunal dismissed the appeal concerning the rejection of a resolution plan due to the Appellant's failure to submit a required bank guarantee of Rs. 50 lakhs as per the Request for Resolution Plan (RFRP). The Appellant argued that the bank guarantee requirement was contrary to CIRP Regulations, but the Tribunal found that the RFRP's condition complied with Regulation 36B (4A). The Appellant's non-compliance and failure to challenge the RFRP terms justified the CoC's decision to reject the plan. The appeal was deemed moot as the resolution plan was already approved and implemented. Case-Laws Insolvency and Bankruptcy Mon, 04 Dec 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=446501