Bank of India filed an application seeking contempt proceedings against the respondents for wilful disobedience of orders passed by NCLAT and NCLT regarding the implementation of a resolution plan.
Bank of India, the Financial Creditor, filed an application against Earthin Projects Ltd. and others seeking contempt proceedings.
Indu Projects Limited was admitted into CIRP vide order dated 25.02.2019.
Earthin Projects Ltd. emerged as the Successful Resolution Applicant, and the Resolution Plan was approved on 01.01.2021.
Earthin Projects Ltd. failed to adhere to the terms of the Resolution Plan.
NCLAT granted Earthin Projects Ltd. a three-month extension to comply with the order dated 13.04.2022.
APGENCO invoked the Bank Guarantee, and the Applicant remitted Rs. 18,81,20,000/- on 07.03.2022.
A new Resolution Plan submitted by B. Subba Reddy in consortium with C. Venkateshwara Reddy was approved and is currently under implementation.
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Indu Projects…
Resolution Plan…
Bank of India filed an application seeking contempt proceedings against the respondents for wilful disobedience of orders passed by NCLAT and NCLT regarding the implementation of a resolution plan.
Bank of India, the Financial Creditor, filed an application against Earthin Projects Ltd. and others seeking contempt proceedings.
Indu Projects Limited was admitted into CIRP vide order dated 25.02.2019.
Earthin Projects Ltd. emerged as the Successful Resolution Applicant, and the Resolution Plan was approved on 01.01.2021.
Earthin Projects Ltd. failed to adhere to the terms of the Resolution Plan.
NCLAT granted Earthin Projects Ltd. a three-month extension to comply with the order dated 13.04.2022.
APGENCO invoked the Bank Guarantee, and the Applicant remitted Rs. 18,81,20,000/- on 07.03.2022.
A new Resolution Plan submitted by B. Subba Reddy in consortium with C. Venkateshwara Reddy was approved and is currently under implementation.
…Indu Projects…
Resolution Plan…