The case involves an application filed by K. Premsagar Rao, the erstwhile successful resolution applicant (SRA) for M/s Sainath Estates Private Ltd., seeking several reliefs. These include placing on record judgments of the Supreme Court and NCLAT, seeking an order to make the applicant liable to pay interest at 15% p.a. from the date of delay, and seeking an extension of two months for payment of the third tranche amount due as per the approved resolution plan. The applicant had submitted a resolution plan approved by the COC, which was approved by the Adjudicating Authority on 09.11.2021. Due to delays in payments, the applicant filed IA No.95/2022 seeking an extension, which was granted until 16.02.2022. The applicant claims the Russia-Ukraine war impacted their
…K. Premsagar Rao, the erstwhile successful resolution applicant (SRA) for M/s Sainath Estates Private Ltd., filed an application seeking an extension of time to pay the third tranche of the approved resolution plan. The resolution plan was approved on 09.11.2021. The SRA cited economic difficulties due to the Russia-Ukraine war as the reason for the delay. The SRA had previously sought an extension of time in IA No.95/2022, which was partially granted with specific directions for payment. The SRA failed to comply with the directions given in IA No.95/2022. The Chairman of the Monitoring Committee had already forfeited the Performance Security due to the SRA's non-compliance. Bank of India, a member of the Stakeholders Committee, filed IA no.252/2022 seeking to invoke
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The Adjudicating…
The Successful Resolution Applicant filed IA…
The case involves an application filed by K. Premsagar Rao, the erstwhile successful resolution applicant (SRA) for M/s Sainath Estates Private Ltd., seeking several reliefs. These include placing on record judgments of the Supreme Court and NCLAT, seeking an order to make the applicant liable to pay interest at 15% p.a. from the date of delay, and seeking an extension of two months for payment of the third tranche amount due as per the approved resolution plan. The applicant had submitted a resolution plan approved by the COC, which was approved by the Adjudicating Authority on 09.11.2021. Due to delays in payments, the applicant filed IA No.95/2022 seeking an extension, which was granted until 16.02.2022. The applicant claims the Russia-Ukraine war impacted their
…K. Premsagar Rao, the erstwhile successful resolution applicant (SRA) for M/s Sainath Estates Private Ltd., filed an application seeking an extension of time to pay the third tranche of the approved resolution plan. The resolution plan was approved on 09.11.2021. The SRA cited economic difficulties due to the Russia-Ukraine war as the reason for the delay. The SRA had previously sought an extension of time in IA No.95/2022, which was partially granted with specific directions for payment. The SRA failed to comply with the directions given in IA No.95/2022. The Chairman of the Monitoring Committee had already forfeited the Performance Security due to the SRA's non-compliance. Bank of India, a member of the Stakeholders Committee, filed IA no.252/2022 seeking to invoke
…The Adjudicating…
The Successful Resolution Applicant filed IA…