https://www.taxtmi.com/caselaws?id=792542 A successful resolution applicant who knowingly accepted the resolution framework could not later treat the letter of intent as conditional and withdraw from the approved process. Stipulations referring to pending proceedings and allocation of employee and worker liabilities were treated as part of the agreed resolution structure, not as a basis to resile. The earnest money deposit was validly forfeited because the applicant failed to accept the letter of intent and did not submit the performance guarantee within the stipulated time, as authorised by the request for resolution plan. The Committee of Creditors' decision to reject the defaulting plan and proceed to liquidation was upheld as an exercise of commercial wisdom, subject only to limited statutory review under the Insolvency and Bankruptcy Code, 2016. en-us Wed, 27 May 2026 00:00:00 +0530 Sat, 30 May 2026 08:29:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=792542 A successful resolution applicant who knowingly accepted the resolution framework could not later treat the letter of intent as conditional and withdraw from the approved process. Stipulations referring to pending proceedings and allocation of employee and worker liabilities were treated as part of the agreed resolution structure, not as a basis to resile. The earnest money deposit was validly forfeited because the applicant failed to accept the letter of intent and did not submit the performance guarantee within the stipulated time, as authorised by the request for resolution plan. The Committee of Creditors' decision to reject the defaulting plan and proceed to liquidation was upheld as an exercise of commercial wisdom, subject only to limited statutory review under the Insolvency and Bankruptcy Code, 2016. Case-Laws IBC Wed, 27 May 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=792542