https://www.taxtmi.com/caselaws?id=769488 NCLAT held that CoC's invocation of Performance Bank Guarantee (PBG) against the Successful Resolution Applicant was valid under Process Memorandum clauses when SRA failed to implement the approved Resolution Plan. The tribunal rejected SRA's claims that PBG and earnest money should be adjusted against equity infusion, finding these are distinct obligations. Non-disclosure of Transaction Audit Report did not vitiate the Resolution Plan implementation. NCLAT set aside the Adjudicating Authority's direction to refund Rs. 93.82 crores to SRA, except for balance equity amount in fixed deposit. Interim Trade Creditors were granted Rs. 20.9 crores from fixed deposit for goods/services supplied during SRA's control period. en-us Tue, 22 Apr 2025 00:00:00 +0530 Sat, 26 Apr 2025 08:30:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=769488 NCLAT held that CoC's invocation of Performance Bank Guarantee (PBG) against the Successful Resolution Applicant was valid under Process Memorandum clauses when SRA failed to implement the approved Resolution Plan. The tribunal rejected SRA's claims that PBG and earnest money should be adjusted against equity infusion, finding these are distinct obligations. Non-disclosure of Transaction Audit Report did not vitiate the Resolution Plan implementation. NCLAT set aside the Adjudicating Authority's direction to refund Rs. 93.82 crores to SRA, except for balance equity amount in fixed deposit. Interim Trade Creditors were granted Rs. 20.9 crores from fixed deposit for goods/services supplied during SRA's control period. Case-Laws IBC Tue, 22 Apr 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=769488