https://www.taxtmi.com/caselaws?id=448622 The SC modified the NCLAT order dated 28 August 2023, disallowing the adjustment of Rs 150 crores against the Performance Bank Guarantee (PBG) at the interlocutory stage. The Court held that infusion of Rs 350 crores as per the resolution plan could not be substituted with PBG adjustment, emphasizing that the third tranche must be paid in the same manner as previous tranches. The matter of PBG adjustment was remanded to NCLAT for final adjudication, with directions for expeditious disposal by March 2024 to prevent indefinite delays that defeat the IBC's objectives. en-us Thu, 18 Jan 2024 00:00:00 +0530 Wed, 24 Jan 2024 19:03:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=448622 The SC modified the NCLAT order dated 28 August 2023, disallowing the adjustment of Rs 150 crores against the Performance Bank Guarantee (PBG) at the interlocutory stage. The Court held that infusion of Rs 350 crores as per the resolution plan could not be substituted with PBG adjustment, emphasizing that the third tranche must be paid in the same manner as previous tranches. The matter of PBG adjustment was remanded to NCLAT for final adjudication, with directions for expeditious disposal by March 2024 to prevent indefinite delays that defeat the IBC's objectives. Case-Laws Insolvency and Bankruptcy Thu, 18 Jan 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=448622