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Per: Justice Rakesh Kumar Jain:

The Bank of India, as financial creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 (in short 'Code') read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 (in short 'Rules') against Indu Projects Limited (Corporate Debtor) before the Adjudicating Authority (National Company Law Tribunal, Hyderabad Bench, Hyderabad, Court No. II) bearing CP (IB) No. 372/7/HDB/2018, which was admitted on 25.02.2019. Gopikrishna Byadigera was appointed as Interim Resolution Professional (in short 'IRP') but on the recommendation of the Committee of Creditors (in short 'CoC'), Anup Kumar Singh was appointed as Resolution Professional (in short 'RP') by the Adjudicating Authority on 04.06.2019.
"Heard both the sides. It is represented by Mr. Y. Suryanarayana, Learned Counsel for the Appellant that the 'Appellant' had deposited a sum of Rs.50 Crores in the 'Designated Account', which fact is not disputed by the other side.
The 'Successful Resolution Applicant' although had addressed vide letter dated 12.04.2022 to the Resolution Professional, Monitoring Committee, Committee of Creditors in the matter of 'Indu Projects Ltd.' seeking 'six months' time to remit the 'residual balance amount' together with 'overdue interest' @ 8% per annum, this 'Tribunal' is granting 'three months' time from today, to pay the 'residual balance amount' in the 'Designated Account' along with 'overdue interest' @ 8% per annum from 23.01.2022. It is abundantly made clear by this 'Tribunal' that the implementation of the 'Resolution Plan' can go on and the 'Monitoring Committee' is permitted to perform the act of 'partial disbursement' of 'Plan Amount'.
"The 'Successful Resolution Applicant' although had addressed vide letter dated 12.04.2022 to the Resolution Professional, Monitoring Committee, Committee of Creditors in the matter of 'Indu Projects Ltd.' seeking six months' time to remit the 'residual balance amount' together with 'overdue interest' @ 8% per annum, this 'Tribunal' is granting 'three months' time from today, to pay the 'residual balance amount' in the 'Designated Account' along with 'overdue interest' @8% per annum from 23.01.2022. It is abundantly made clear by this 'Tribunal' that the implementation of the 'Resolution Plan' can go on and the 'Monitoring Committee' is permitted to perform the act of 'partial disbursement' of 'Plan Amount'.

Mr. Anup Kumar Singh is a `Resolution Professional' of `Indu Projects Ltd.', is the 1st Respondent herein.

`Indu Projects Ltd.', is the 'Corporate Debtor' under 'Corporate Insolvency Resolution Process', is the 2nd Respondent herein.

3. On an application filed by the Bank of India as Financial Creditor of the Corporate Debtor (Indu Projects Ltd.), the 'Adjudicating Authority' admitted 'Corporate Insolvency Resolution Process' on 25.02.2019 and Mr. Gopi Krishna Byadigera was appointed as 'Interim Resolution Professional' on 05.03.2019. However, on the recommendation of the 'Committee of Creditors', Mr. Anup Kumar Singh was appointed as 'Resolution Professional' by the 'Adjudicating Authority', on 04.06.2019.