The application IA (IBC)/449/2022 was filed in CP (IB) No.651/7/HDB/2018 under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, read with Rule 8, 11 & 32 of NCLT Rules, 2016. The applicant, M/s. Sarwottam Ispat Limited, sought a direction from the Tribunal to Respondent No. 1, K. Premsagar Rao, to release/pay Rs. 55,00,000 as approved in the Resolution Plan on top priority. The applicant claimed that Rs. 2,55,78,001 was filed before IRP/Respondent No. 2, M/s. Sainath Estates Pvt Ltd, and the IRP admitted the claim of Rs. 1,89,93,981 without prejudice. As per the Resolution plan submitted by Mr. K. Premsagar Rao, after haircut, the COC allocated Rs. 55,00,000 to the Applicant, to be paid within one month from the date of approval of the Resolution plan,
…M/s. Sarwottam Ispat Limited (Applicant) filed an application seeking the release of Rs. 55,00,000 from K. Premsagar Rao (Respondent No. 1) as per an approved Resolution Plan. The Applicant had filed a claim of Rs. 2,55,78,001, which was admitted by the IRP/Respondent No. 2, M/s. Sainath Estates Pvt Ltd, for Rs. 1,89,93,981. The Resolution Plan allocated Rs. 55,00,000 to the Applicant, to be paid within one month of the plan's approval. However, the payment was pending. The Tribunal had ordered liquidation in IA no.71/2022. The relevance of the liquidation order is that it supersedes the resolution plan, and any claims must now be addressed through the liquidation process.
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The Corporate Insolvency Resolution Process…
Liquidation…
The application IA (IBC)/449/2022 was filed in CP (IB) No.651/7/HDB/2018 under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, read with Rule 8, 11 & 32 of NCLT Rules, 2016. The applicant, M/s. Sarwottam Ispat Limited, sought a direction from the Tribunal to Respondent No. 1, K. Premsagar Rao, to release/pay Rs. 55,00,000 as approved in the Resolution Plan on top priority. The applicant claimed that Rs. 2,55,78,001 was filed before IRP/Respondent No. 2, M/s. Sainath Estates Pvt Ltd, and the IRP admitted the claim of Rs. 1,89,93,981 without prejudice. As per the Resolution plan submitted by Mr. K. Premsagar Rao, after haircut, the COC allocated Rs. 55,00,000 to the Applicant, to be paid within one month from the date of approval of the Resolution plan,
…M/s. Sarwottam Ispat Limited (Applicant) filed an application seeking the release of Rs. 55,00,000 from K. Premsagar Rao (Respondent No. 1) as per an approved Resolution Plan. The Applicant had filed a claim of Rs. 2,55,78,001, which was admitted by the IRP/Respondent No. 2, M/s. Sainath Estates Pvt Ltd, for Rs. 1,89,93,981. The Resolution Plan allocated Rs. 55,00,000 to the Applicant, to be paid within one month of the plan's approval. However, the payment was pending. The Tribunal had ordered liquidation in IA no.71/2022. The relevance of the liquidation order is that it supersedes the resolution plan, and any claims must now be addressed through the liquidation process.
The Corporate Insolvency Resolution Process…
Liquidation…