https://www.taxtmi.com/caselaws?id=753443 The NCLAT upheld the forfeiture of INR 10 crores by the CoC led by SBI against the appellant resolution applicant. The tribunal found that the appellant failed to provide valid bank guarantees in SWIFT format and meet financial commitments under the Resolution Plan despite multiple extensions. The forfeiture was justified under Clause 12 of Section 5 of the Resolution Plan and CIRP Regulations. The appellant's argument regarding retrospective application of regulations was rejected as the CIRP was ongoing when regulations came into effect. The tribunal dismissed the appeal but declined to refer the matter to IBBI under Section 74(3) of the Code, finding no wilful non-implementation. en-us Wed, 29 May 2024 00:00:00 +0530 Sat, 01 Jun 2024 15:26:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=753443 The NCLAT upheld the forfeiture of INR 10 crores by the CoC led by SBI against the appellant resolution applicant. The tribunal found that the appellant failed to provide valid bank guarantees in SWIFT format and meet financial commitments under the Resolution Plan despite multiple extensions. The forfeiture was justified under Clause 12 of Section 5 of the Resolution Plan and CIRP Regulations. The appellant's argument regarding retrospective application of regulations was rejected as the CIRP was ongoing when regulations came into effect. The tribunal dismissed the appeal but declined to refer the matter to IBBI under Section 74(3) of the Code, finding no wilful non-implementation. Case-Laws Insolvency and Bankruptcy Wed, 29 May 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=753443