https://www.taxtmi.com/highlights?id=76874 Rejection of Section 7 Application - NPA - Corporate Debtor unable to de-risk the live BGs within the time allowed - A settlement was reached between the parties, where the Corporate Debtor agreed to pay a certain amount and de-risk live Performance Bank Guarantees (PBGs) within specified timelines. - The Appellate Tribunal observed that the entire settlement amount had been paid by the Corporate Debtor within the specified timeline. The NCLAT acknowledged the Corporate Debtor's efforts to de-risk BGs, attributing any shortcomings to the Financial Creditor's refusal to accept CBGs or counter-guarantees. Since the BGs were not invoked, the Tribunal ruled that no debt had become due, and failure to de-risk BGs did not constitute default under..... en-us Thu, 25 Apr 2024 07:22:42 +0530 Thu, 25 Apr 2024 07:22:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=76874 Rejection of Section 7 Application - NPA - Corporate Debtor unable to de-risk the live BGs within the time allowed - A settlement was reached between the parties, where the Corporate Debtor agreed to pay a certain amount and de-risk live Performance Bank Guarantees (PBGs) within specified timelines. - The Appellate Tribunal observed that the entire settlement amount had been paid by the Corporate Debtor within the specified timeline. The NCLAT acknowledged the Corporate Debtor's efforts to de-risk BGs, attributing any shortcomings to the Financial Creditor's refusal to accept CBGs or counter-guarantees. Since the BGs were not invoked, the Tribunal ruled that no debt had become due, and failure to de-risk BGs did not constitute default under..... Highlights Insolvency and Bankruptcy Thu, 25 Apr 2024 07:22:42 +0530 https://www.taxtmi.com/highlights?id=76874