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Judgment
PER: BENCH
This Application is filed by the Applicant praying the Tribunal to direct the Respondent No.1 to release/pay an amount of Rs.55,00,000/- as approved in the Resolution Plan on top priority.
It is averred by the Applicant that claim for Rs.2,55,78,001/- has been filed before IRP/Respondent No.2 and the IRP has admitted the claim of Rs.1,89,93,981/- without any prejudice.
It is averred that as per the Resolution plan submitted by Mr.K.Prem Sagar Rao, Respondent No.1, after haircut the COC has allocated an amount of Rs.55,00,000/- to the Applicant and based on the priority the amount has to be paid within one month from the date of approval of the Resolution plan and the same is pending.
Thus the Applicant prays for release of the amount as there was no interest on the amount and thus there will be irreparable loss to the Applicant.
Since the Tribunal ordered liquidation order in IA no.71/2022, this Application is disposed of giving liberty to the Applicant to file their claims before liquidator.
Accordingly IA No.449/2022, is disposed of.