Supreme Court of India
State Bank of India & Ors. v. The Consortium of Mr. Murari Lal Jalan and Mr. Florian Fritsch & Anr.
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1 Supreme Court bench has cited this judgment.
What the Court ordered
We hold that the existing insolvency framework in India provides no scope for effecting further modifications or withdrawals of CoC-approved resolution plans, at the behest of the successful resolution applicant, once the plan has been submitted to the adjudicating authority.
Judgment, page 94
From the headnote
Issue for Consideration Whether the Performance Bank Guarantee (PBG) could have been adjusted against the first tranche payment which was to be made under the Resolution Plan, within 180 days from the Effective Date, in contravention of the order of this Court dated 18.01.2024, the terms of the Resolution Plan and the provisions of law; In other words, whether the impugned order of the NCLAT allowing the adjustment of the PBG in lieu of payment of the first tranche could be said to be perverse; Whether the non-implementation of the Resolution Plan by the Respondent No.1-Successful Resolution
Authorities it was built on
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- 2019 K. Sashidhar v. Indian Overseas Bank & Ors.
- 2008 National Insurance Co. Ltd. v. Vidhyadhar Mahariwala & Ors.
- 2021 Ebix Singapore Private Limited v. Committee of Creditors of Educomp Solutions Limited & Anr.
- 2005 Commissioner of Customs, Mumbai v. M/s. Bureau Veritas and Ors.
- 2004 Shashidhar Purandhar Hegde and Anr. v. State of Karnataka
- 2022 Chandrabhan (deceased) through Lrs. & Ors. v. Saraswati & Ors.
- 2007 Abdul Raheem v. The Karnataka Electricity Board and Anr.
- 2023 M/s. Ifci Limited v. Sutanu Sinha & Ors.
- 2021 Kridhan Infrastructure Pvt. Ltd. (now Known as Krish Steel and Trading Pvt Ltd) v. Venkatesan Sankaranarayan & Ors.
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