Earthin Projects Ltd, in consortium with K. Ramachandra Rao Transmission & Projects Private Limited, filed an application seeking to implead itself as a respondent in IA No.305 of 2023 in CP No.372/7/HDB/2018. The corporate debtor, Indu Projects Limited, was admitted into CIRP on 2019-02-25. A resolution plan submitted by Earthin Projects Ltd was approved on 2021-10-01. Earthin Projects Ltd provided a bank guarantee, later amended, and remitted Rs.60 Crores as partial compliance with the resolution plan. Due to financial difficulties induced by COVID-19, Earthin Projects Ltd could not make the complete payment. The respondent filed an application seeking a fresh CIRP, which was initially allowed but later challenged by Earthin Projects Ltd before the NCLAT. The
…Earthin Projects Ltd, in consortium with K. Ramachandra Rao Transmission & Projects Private Limited, sought to implead itself in IA No.305 of 2023 concerning the CIRP of Indu Projects Limited. The CIRP was initiated on 2019-02-25, and Earthin's resolution plan was approved on 2021-10-01. Earthin remitted Rs.60 Crores towards the plan but faced difficulties due to COVID-19. A fresh CIRP was initiated on 2022-09-05, which Earthin challenged. The NCLAT dismissed the challenge, and a Civil Appeal is pending before the Supreme Court. The RP filed an application under Section 30 of the IBC, 2016, for approval of a new resolution plan. Earthin was not impleaded in IA No.305 of 2023. Earthin had previously sought an extension for implementation, which was rejected, and the
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Indu Projects Limited…
The Resolution Plan…
Earthin Projects Ltd, in consortium with K. Ramachandra Rao Transmission & Projects Private Limited, filed an application seeking to implead itself as a respondent in IA No.305 of 2023 in CP No.372/7/HDB/2018. The corporate debtor, Indu Projects Limited, was admitted into CIRP on 2019-02-25. A resolution plan submitted by Earthin Projects Ltd was approved on 2021-10-01. Earthin Projects Ltd provided a bank guarantee, later amended, and remitted Rs.60 Crores as partial compliance with the resolution plan. Due to financial difficulties induced by COVID-19, Earthin Projects Ltd could not make the complete payment. The respondent filed an application seeking a fresh CIRP, which was initially allowed but later challenged by Earthin Projects Ltd before the NCLAT. The
…Earthin Projects Ltd, in consortium with K. Ramachandra Rao Transmission & Projects Private Limited, sought to implead itself in IA No.305 of 2023 concerning the CIRP of Indu Projects Limited. The CIRP was initiated on 2019-02-25, and Earthin's resolution plan was approved on 2021-10-01. Earthin remitted Rs.60 Crores towards the plan but faced difficulties due to COVID-19. A fresh CIRP was initiated on 2022-09-05, which Earthin challenged. The NCLAT dismissed the challenge, and a Civil Appeal is pending before the Supreme Court. The RP filed an application under Section 30 of the IBC, 2016, for approval of a new resolution plan. Earthin was not impleaded in IA No.305 of 2023. Earthin had previously sought an extension for implementation, which was rejected, and the
…Indu Projects Limited…
The Resolution Plan…