https://www.taxtmi.com/caselaws?id=763034 NCLAT Principal Bench dismissed appeals challenging Adjudicating Authority's order directing lenders to implement Resolution Plan by releasing Non-Fund Based facilities. Tribunal held that except one bank, no lender had issued bank guarantees or letters of credit, and company had not defaulted on any existing facilities. NCLAT emphasized that approved Resolution Plans are binding on all stakeholders and must be implemented. The court rejected arguments that extended implementation timeline made the plan unviable, noting that preventing company from obtaining necessary bank guarantees would impede normal business operations and revenue generation, ultimately affecting repayment obligations contrary to Resolution Plan objectives. en-us Mon, 09 Dec 2024 00:00:00 +0530 Wed, 11 Dec 2024 12:11:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=763034 NCLAT Principal Bench dismissed appeals challenging Adjudicating Authority's order directing lenders to implement Resolution Plan by releasing Non-Fund Based facilities. Tribunal held that except one bank, no lender had issued bank guarantees or letters of credit, and company had not defaulted on any existing facilities. NCLAT emphasized that approved Resolution Plans are binding on all stakeholders and must be implemented. The court rejected arguments that extended implementation timeline made the plan unviable, noting that preventing company from obtaining necessary bank guarantees would impede normal business operations and revenue generation, ultimately affecting repayment obligations contrary to Resolution Plan objectives. Case-Laws IBC Mon, 09 Dec 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=763034