The case involves a company petition filed by Anurag Chandra against Affinity Beauty Salon Pvt. Ltd., the corporate debtor. Several applications were filed, including CA-1401/2020 by the Resolution Professional seeking withdrawal of CA-2685/2019, which was for approval of a resolution plan approved by the Committee of Creditors (CoC). The ex-directors, who filed the plan, failed to furnish a performance Bank Guarantee (PBG) of ₹3.6 Crore, despite an extension. The Resolution Applicant also failed to furnish the PBG by the extended deadline. The CoC then passed a resolution for liquidation and closure of outlets. The Resolution Applicants claimed they furnished the PBG later and that the Corporate Debtor should not be sent into liquidation, highlighting a provision of

The case involves a company petition filed by Anurag Chandra against Affinity Beauty Salon Pvt. Ltd., the corporate debtor. Several applications were filed, including CA-1401/2020 by the Resolution Professional seeking withdrawal of CA-2685/2019, which was for approval of a resolution plan approved by the Committee of Creditors (CoC). The ex-directors, who filed the plan, failed to furnish a performance Bank Guarantee (PBG) of ₹3.6 Crore, despite an extension. The Resolution Applicant also failed to furnish the PBG by the extended deadline. The CoC then passed a resolution for liquidation and closure of outlets. The Resolution Applicants claimed they furnished the PBG later and that the Corporate Debtor should not be sent into liquidation, highlighting a provision of