https://www.taxtmi.com/caselaws?id=761424 The SC set aside the NCLAT order in a corporate insolvency case involving non-implementation of a resolution plan. The successful resolution applicant (SRA) failed to make the first tranche payment of Rs. 350 crore within 180 days of the effective date (20.05.2022) and defaulted on airport dues and workmen payments. The SC held that conditions precedent were fulfilled and the effective date was achieved, rejecting the SRA's contention that pending litigation excused non-performance. The court ruled that the Performance Bank Guarantee could not be adjusted against the first tranche payment and directed the corporate debtor into liquidation under Article 142, emphasizing that timely implementation is crucial under the IBC framework. en-us Thu, 07 Nov 2024 00:00:00 +0530 Mon, 11 Nov 2024 08:42:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=761424 The SC set aside the NCLAT order in a corporate insolvency case involving non-implementation of a resolution plan. The successful resolution applicant (SRA) failed to make the first tranche payment of Rs. 350 crore within 180 days of the effective date (20.05.2022) and defaulted on airport dues and workmen payments. The SC held that conditions precedent were fulfilled and the effective date was achieved, rejecting the SRA's contention that pending litigation excused non-performance. The court ruled that the Performance Bank Guarantee could not be adjusted against the first tranche payment and directed the corporate debtor into liquidation under Article 142, emphasizing that timely implementation is crucial under the IBC framework. Case-Laws IBC Thu, 07 Nov 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=761424