https://www.taxtmi.com/caselaws?id=759908 NCLAT Principal Bench dismissed appellant's appeal for non-compliance with Performance Bank Guarantee (PBG) submission requirements. Despite multiple reminders, appellant failed to deposit PBG worth 20% of bid consideration (Rs.72.72 crores) within stipulated timeframe as mandated by RFRP provisions. CoC supported rejection, stating non-compliance raised concerns about appellant's trustworthiness for project implementation. Adjudicating Authority properly rejected resolution plan approval application after considering all aspects. NCLAT found no violation of natural justice principles and upheld the decision. However, tribunal granted appellant two weeks to submit fresh resolution plan before Resolution Professional for consideration alongside other received plans in ongoing CIRP proceedings. en-us Sat, 06 Jul 2024 00:00:00 +0530 Thu, 10 Oct 2024 14:19:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=759908 NCLAT Principal Bench dismissed appellant's appeal for non-compliance with Performance Bank Guarantee (PBG) submission requirements. Despite multiple reminders, appellant failed to deposit PBG worth 20% of bid consideration (Rs.72.72 crores) within stipulated timeframe as mandated by RFRP provisions. CoC supported rejection, stating non-compliance raised concerns about appellant's trustworthiness for project implementation. Adjudicating Authority properly rejected resolution plan approval application after considering all aspects. NCLAT found no violation of natural justice principles and upheld the decision. However, tribunal granted appellant two weeks to submit fresh resolution plan before Resolution Professional for consideration alongside other received plans in ongoing CIRP proceedings. Case-Laws IBC Sat, 06 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=759908