This is an appeal against the order dated 30.05.2022 passed by the Adjudicating Authority (National Company Law Tribunal), Chandigarh Bench, Chandigarh, regarding IA No. 716/2020. The applicant sought direction for the respondent to deposit the performance guarantee immediately and, in case of failure, to forfeit the deposit of Rs. 10 lakhs given as EMD, as well as partial Performance Security of Rs. 1 Crore. Further direction was sought that in case the respondent agrees to take over the Corporate Debtor as per the Resolution Plan already approved by the Committee of Creditors (CoC), he may be asked to match the resolution bid of Rs. 75.50 Crores. Further direction that in case of failure of the Respondent/Resolution Applicant to comply with the condition of the
…The Adjudicating Authority (National Company Law Tribunal), Chandigarh Bench, passed an order on 30.05.2022 regarding IA No. 716/2020. The applicant sought directions for the respondent to deposit the performance guarantee immediately and, in case of failure, to forfeit the deposit of Rs. 10 lakhs given as EMD, as well as partial Performance Security of Rs. 1 Crore. The applicant also sought a direction that if the respondent agrees to take over the Corporate Debtor as per the Resolution Plan already approved by the Committee of Creditors (CoC), he may be asked to match the resolution bid of Rs. 75.50 Crores. Further, the applicant sought permission to withdraw IA 615 & 616/2020 regarding approval of the Resolution Plan and to direct the CoC to negotiate with the
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This is an appeal against the order dated 30.05.2022 passed by the Adjudicating Authority (National Company Law Tribunal), Chandigarh Bench, Chandigarh, regarding IA No. 716/2020. The applicant sought direction for the respondent to deposit the performance guarantee immediately and, in case of failure, to forfeit the deposit of Rs. 10 lakhs given as EMD, as well as partial Performance Security of Rs. 1 Crore. Further direction was sought that in case the respondent agrees to take over the Corporate Debtor as per the Resolution Plan already approved by the Committee of Creditors (CoC), he may be asked to match the resolution bid of Rs. 75.50 Crores. Further direction that in case of failure of the Respondent/Resolution Applicant to comply with the condition of the
…The Adjudicating Authority (National Company Law Tribunal), Chandigarh Bench, passed an order on 30.05.2022 regarding IA No. 716/2020. The applicant sought directions for the respondent to deposit the performance guarantee immediately and, in case of failure, to forfeit the deposit of Rs. 10 lakhs given as EMD, as well as partial Performance Security of Rs. 1 Crore. The applicant also sought a direction that if the respondent agrees to take over the Corporate Debtor as per the Resolution Plan already approved by the Committee of Creditors (CoC), he may be asked to match the resolution bid of Rs. 75.50 Crores. Further, the applicant sought permission to withdraw IA 615 & 616/2020 regarding approval of the Resolution Plan and to direct the CoC to negotiate with the
…The Adjudicating Authority (National Company…
NCLAT heard L…
Sign in to view related legal provisions.