https://www.taxtmi.com/caselaws?id=447465 The NCLAT dismissed an appeal by a resolution applicant who breached addendum conditions by changing shareholding and directorship without obtaining required approvals from financial creditors. The CoC was held entitled to withdraw the previously approved resolution plan and issue fresh Form G due to the applicant's violation of constitutional pattern maintenance undertakings. The tribunal upheld forfeiture of Rs.20 crores performance guarantee under RFRP clause 13.2, finding the applicant had essentially sold the resolution plan to third parties. The adjudicating authority's decision to exclude the period from CIRP timeline and issue fresh Form G was affirmed as proper. en-us Fri, 22 Dec 2023 00:00:00 +0530 Wed, 27 Dec 2023 09:00:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=447465 The NCLAT dismissed an appeal by a resolution applicant who breached addendum conditions by changing shareholding and directorship without obtaining required approvals from financial creditors. The CoC was held entitled to withdraw the previously approved resolution plan and issue fresh Form G due to the applicant's violation of constitutional pattern maintenance undertakings. The tribunal upheld forfeiture of Rs.20 crores performance guarantee under RFRP clause 13.2, finding the applicant had essentially sold the resolution plan to third parties. The adjudicating authority's decision to exclude the period from CIRP timeline and issue fresh Form G was affirmed as proper. Case-Laws Insolvency and Bankruptcy Fri, 22 Dec 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=447465