9911796707
TMI Blog2022 (8) TMI 1478X X X X Extracts X X X X X X X X Extracts X X X X ..... perational Creditor contends that the impugned order is prejudicia to the right of the Appellant to receive the amounts payable to the Appellant under the approved Resolution Plan, within the timelines thereunder - HELD THAT:- Three months time granted to the Resolution Applicant (Respondent No. 1) to pay the residual balance amount in the designated account along with overdue interest, has expi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l Creditor of the Corporate Debtor, is against a judgment and order dated 13.04.2022, passed by the National Company Law Appellate Tribunal at Chennai, the operative part whereof is set out hereinbelow for convenience :- The Successful Resolution Applicant although had addressed vide letter dated 12.04.2022 to the Resolution Professional, Monitoring Committee, Committee of Creditors in the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed order in IA No. 77 of 2022 in IA No. 861 of 2020 in CP(IB)- 372/7/HDB/2018 passed on 01.03.2022 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ational Company Law Tribunal, Hyderabad) Corporate Insolvency Resolution Process (CIRP) was commenced against the Corporate Debtor, Indu Projects Limited. The Respondent No. 1, hereinafter referred to as the Resolution Applicant, had submitted a Resolution Plan in respect of the Corporate Debtor, in terms whereof the Respondent No. 1 was required to deposit Rs. 501 Crores in a designated escrow ac ..... X X X X Extracts X X X X X X X X Extracts X X X X
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