Request for Resolution Plan (RFRP) contains a condition for submission of Bank Guarantee along with Resolution Plan is not contrary to CIRP Regulation 36B – Rakesh Ranjan v. Fanendra Harakchand Munot & Anr. – NCLAT New Delhi

Hon’ble NCLAT held that: (i) CIRP Regulation 36B(4) it only provides for request of resolution plan shall not require any non-refundable deposit. (ii) Appellant has made a request to CoC to waive the requirement of Bank Guarantee which was not accepted by the CoC and Appellant having not complied with the terms of the RFRP in submitting the plan, we do not find any illegality in the decision of the CoC in not considering the Resolution Plan of the Appellant.

Related Posts:

If any Public depositor applies showing due of the debt claiming itself as operational creditor and the Resolution Professional or the Tribunal do not accept the claim on the ground that they are not financial creditor, we allow the appellant to raise the question before the Tribunal and if any adverse decision is given by the Tribunal, it will be open to the appellant to raise the issue before NCLAT- Hind Motors India Ltd. Vs. Adjudicating Authority NCLT, Chandigarh – NCLAT New Delhi

IBC-Case Laws-NCLAT
Scroll to Top