https://www.taxtmi.com/caselaws?id=767050 NCLAT dismissed appeals challenging invocation of Performance Bank Guarantee (PBG) by lenders. The appellant failed to deposit Rs.100 crore within mandated 90 days from effective date of 25.07.2023 under approved resolution plan. Despite litigation regarding plan approval being dismissed, no payment was made. NCLAT held that PBG invocation was statutorily permissible under Regulation 36B(4A) of IBBI Regulations when resolution applicant fails plan implementation. Court emphasized timely adherence to resolution plan timelines as fundamental IBC objective, rejecting appellant's belated offer to deposit amount after considerable delay. en-us Thu, 06 Mar 2025 00:00:00 +0530 Mon, 10 Mar 2025 08:42:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=767050 NCLAT dismissed appeals challenging invocation of Performance Bank Guarantee (PBG) by lenders. The appellant failed to deposit Rs.100 crore within mandated 90 days from effective date of 25.07.2023 under approved resolution plan. Despite litigation regarding plan approval being dismissed, no payment was made. NCLAT held that PBG invocation was statutorily permissible under Regulation 36B(4A) of IBBI Regulations when resolution applicant fails plan implementation. Court emphasized timely adherence to resolution plan timelines as fundamental IBC objective, rejecting appellant's belated offer to deposit amount after considerable delay. Case-Laws IBC Thu, 06 Mar 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=767050