https://www.taxtmi.com/caselaws?id=751154 A resolution plan under the Insolvency and Bankruptcy Code was assessed on the relevant compliance date, and the conditions precedent were found satisfied on the basis of the air operator certificate, slots arrangement, and the contingent nature of international traffic rights. Non-deposit of the amount required under a separate interim arrangement was not treated as proof that the approved plan had failed, and liquidation was declined. The plan was therefore held implementable, and further directions were issued for security over Dubai properties, adjustment of the performance bank guarantee, re-constitution of shareholding, payment of workmen and creditor dues, re-issue of the air operator certificate, and completion of closing formalities. en-us Tue, 12 Mar 2024 00:00:00 +0530 Mon, 08 Apr 2024 15:08:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=751154 A resolution plan under the Insolvency and Bankruptcy Code was assessed on the relevant compliance date, and the conditions precedent were found satisfied on the basis of the air operator certificate, slots arrangement, and the contingent nature of international traffic rights. Non-deposit of the amount required under a separate interim arrangement was not treated as proof that the approved plan had failed, and liquidation was declined. The plan was therefore held implementable, and further directions were issued for security over Dubai properties, adjustment of the performance bank guarantee, re-constitution of shareholding, payment of workmen and creditor dues, re-issue of the air operator certificate, and completion of closing formalities. Case-Laws Insolvency and Bankruptcy Tue, 12 Mar 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=751154