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Judgment
ORDER
Heard both the sides.
It is represented by Mr. Y. Suryanarayana, Learned Counsel for the Appellant 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 balance amount’ together with ‘overdue interest’ @ 8% per annum, this ‘Tribunal’ is granting ‘three months’ time from today, to pay the ‘residual balance amount’ in the ‘Designated Account’ along with ‘overdue interest’ @ 8% per annum from 23.01.2022.
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, the ‘Resolution Applicant’ shall ensure the continuation of ‘All Projects’ by keeping the “Bank Guarantee Alive” and by making payment for the encashed ‘Bank Guarantee’.
In view of the above observations and directions, the impugned 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’, (“National Company Law Tribunal”, Hyderabad Bench) in the impugned order in IA No.77 of 2022 in IA No.861 of 2020 in CP(IB)-372/7/HDB/2018 are to the fact that “we are very upset with the manner in which the ‘Monitoring Committee’ has given a very very long rope to the Applicant in making the payment. We get a doubt on the fairness of the ‘Monitoring Committee’ with regard to implementation of the Resolution Plan” to that extent is expunged by this Tribunal in furtherance of ‘substantial cause of justice’.
Accordingly, the instant Company Appeal (AT)(CH)(Ins) No.86/2022 stands disposed of. No costs. The pending connected I.A. Nos.183 & 184/2022 are closed.