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2021 (2) TMI 1244 - Tri - Companies LawImplementation of approved Resolution Plan - HELD THAT:- When the CoC invoked the Bank Guarantee, the issuing Bank, i.e. Banque De Luxembourg Bank informed the CoC that it is a non enforceable guarantee since already the Resolution Applicant has already deposited ₹ 10,000,000 in lieu of the Bank Guarantee. The Counsel for the RA also submitted that the approval from the Regulatory Authorities were obtained and they are ready to implement the plan as approved by this Bench. The Resolution Applicant assures that the balance sum of ₹ 10 crores will be infused within 2 weeks. No fruitful purpose presently would be served by invoking the Bank Guarantee. Since an amount of ₹ 10 crores has already been deposited against the Bank Guarantee, the CoC (State Bank of India) is directed to write to the Bank which have issued the Bank Guarantee for ₹ 10 crore releasing the Bank Guarantee - The CoC is directed to provide the Account details in which a sum of ₹ 10 crores would be deposited by the Resolution Applicant. The Registry is directed to list this Application on 19thFebruary, 2021 high on Board for compliance and further orders. Application disposed off.
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