2021 (11) TMI 1075 - Tri - Insolvency and Bankruptcy

Filing of memo furnishing the breakup of the expenses incurred at the Project site for the months between June and October 2021 which are pending to be paid from the Applicant s frozen bank accounts - HELD THAT - On hearing the Applicant and the particulars furnished by way of memo, the payments to the employees, suppliers are to be made in the manner indicated. Application disposed off.

Summary

Issues: Breakup of expenses incurred at the Project site for the months between June and October 2021 pending to be paid from frozen bank accounts.

Analysis:
The Applicant filed a memo dated 29.10.2021 in S.R. No.4943 providing the breakup of expenses incurred at the Project site for the months between June and October 2021, which are yet to be paid from the Applicant's frozen bank accounts. The particulars of payment were supported by a Certificate of the Chartered Accountant.

The Tribunal, after hearing the Applicant and reviewing the particulars furnished in the memo, directed the payments to be made in a specific manner. The payments to employees, suppliers, and other entities were to be made as follows:

1. Salary Payments: The amount of Rs. 1,68,53,902, including PF/TDS/Medical/Insurance & Perks, was to be paid in full.

2. Project Loan Interest Payment: An amount of Rs. 72,69,964 towards project loan interest payment was directed to be paid in full.

3. Vendor/Supplier Payment: The amount of Rs. 20,75,29,662, covering various categories like main contractor, subcontractor, channel partner, marketing, statutory, utility, maintenance, admin, property management related payments, was to be paid 50%.

4. Customer Cancellation Refund Payment: An amount of Rs. 41,67,943 for Customer Cancellation refund was to be paid in full.

Consequently, the Interlocutory Application (IA(BC)/926(CHE)2021 was disposed of by the Tribunal, ensuring the payments were directed to be made as per the specified amounts and percentages outlined in the judgment.