https://www.taxtmi.com/caselaws?id=447535 NCLAT dismissed appeal challenging liquidation order after rejection of resolution plan. Appellant failed to comply with RFRP conditions including 3-day delay in bank guarantee submission beyond March 1, 2021 deadline and providing ICICI bank guarantee instead of required nationalized bank guarantee. Tribunal held RFRP terms are legally binding and their evaluation falls within CoC's commercial wisdom domain. Court found no error in Adjudicating Authority's order dated February 2, 2023, confirming appellant's ineligibility under Section 29A IBC. en-us Tue, 12 Dec 2023 00:00:00 +0530 Fri, 29 Dec 2023 08:05:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=447535 NCLAT dismissed appeal challenging liquidation order after rejection of resolution plan. Appellant failed to comply with RFRP conditions including 3-day delay in bank guarantee submission beyond March 1, 2021 deadline and providing ICICI bank guarantee instead of required nationalized bank guarantee. Tribunal held RFRP terms are legally binding and their evaluation falls within CoC's commercial wisdom domain. Court found no error in Adjudicating Authority's order dated February 2, 2023, confirming appellant's ineligibility under Section 29A IBC. Case-Laws Insolvency and Bankruptcy Tue, 12 Dec 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=447535