• COURTNCLT Kolkata Bench
• TITLE/CORAM BENI GOPAL SINGHI v.EMC LIMITED Judicial Member Balraj Joshi
  Technical Member Rajasekhar V.K
• IA(IB) No. 1275/KB/2020 in CP(IB) No. 1237/KB/2018

The Tribunal while adjudicating an interim application has proceeded against a tax haven based Successful Resolution Applicant ("SRA") under Section 74(3) of the Insolvency and Bankruptcy Code, 2016 ("IBC") for contravention of the approved Resolution Plan. Facts: As per the Resolution Plan, the Corporate Debtor was obligated to make full payment of Rs. 568 Crores by 20.12.2019 but it failed to do so despite several opportunities granted to it. Further, the Performance Bank Guarantees (PBG) given by the SRA were in contradiction to clause 1.8.1 of the Request forResolution Plans, where it was specifically mentioned that the bank guarantees should be executed from a scheduled bank located in India.