2022 (4) TMI 1585

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..... lvency & Bankruptcy - Seeking six months time to remit the residual balance amount together with overdue interest - Implementation of the Resolution Plan - HELD THAT:- It is abundantly made clear by this Tribunal that the implementation of the Resolution Plan can go on and the Monitoring Committee is permitted to perform the act of partial disbursement of Plan Amount - Further .....

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..... llant that the Appellant had deposited a sum of Rs.50 Crores in the Designated Account , which fact is not disputed by the other side. The Successful Resolution Applicant although had addressed vide letter dated 12.04.2022 to the Resolution Professional, Monitoring Committee, Committee of Creditors in the matter of Indu Projects Ltd. seeking six months time to remit the residual balan .....

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..... 022 at Paragraph No.8, wherein the amount paid as Earnest Money Deposit by the Applicant shall have to be forfeited and proceedings under Section 74 (3) of the I B Code, 2016 have to be initiated as per Law shall not hold good. In so far as the observations made by the Adjudicating Authority , ( National Company Law Tribunal , Hyderabad Bench) in the impugned order in IA No.77 of 2022 in IA N .....

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