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The Hon’ble National Company Law Tribunal, Hyderabad has nodded its approval for the Resolution Plan of Rs. 42.13 Crore submitted by M/s. Amrutha Constructions Pvt. Ltd. for revival of M/s. Galada Power and Telecommunications Ltd. The Resolution Plan was earlier approved by the Committee of Creditors with 100% voting share. Accordingly, the Resolution Professional filed an application under Section 30(6) of IBC before the NCLT, seeking approval of the Resolution Plan.
The Resolution Plan proposes to pay to the creditors as follows:
- Financial Creditors an amount of 29.32 Crores as against an admitted claim of Rs. 2107.28 Crores
- The Workmen of the Corporate Debtor are to be paid Rs. 17.83 Lakhs as against an admitted claim of Rs. 18.26 Lakhs
- The Operational Creditors such as the Government will be paid Rs. 8.62 Lakhs as against an admitted claim of Rs. 345.01 Lakhs
- The Employees of the Corporate Debtor are to be paid Rs. 31.19 Lakhs as against an admitted claim of Rs. 71.16 Lakhs
- While the other Operational Creditors are to be paid Rs. 3.11 Lakhs as against an admitted claim of Rs. 124.30 Lakhs.
APPEAL UNDER POSH Act, 2013 TO BE FILED BEFORE LABOUR COURTS/ TRIBUNALS - TELANGANA
POSH_GoThe Labour Employment Training and Factories (LABOUR-II) Department vide its G.O.Ms No. 23 dated August 11, 2023, empowered various Labour Courts and Industrial Tribunals situated in the State of Telangana as a Competent Authority to hear an appeal against the recommendation(s)/ order(s) passed under the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal Act), 2013 (“POSH Act, 2013”). Now any person aggrieved by the recommendation(s)/ order(s) passed under the POSH Act, 2013 can prefer an appeal before Labour Courts/ Tribunal for speedy disposal of matters.
ATTENTION – DEVELOPERS/ OWNERS/ LENDERS
The Telangana State Real Estate Regulatory Authority, Hyderabad, (“TSRERA”) has received various complaints for delay in the development of the Project by the Developers/ owners by mis-utilizing the funds received for some other purpose. Thus, TSRERA vide its Circular No. 989/TSRERA/2023 dated September 04, 2023 (“Circular”), issued directions to Developers, Owners, Lenders, etc., with respect to the utilization of monies borrowed/ received against Development Projects in Telangana. Now pursuant to said direction the Developers, Owners, Lenders, Chartered Accountants, etc., are required to inter alia comply with the following:
- The entire amount borrowed for a Project shall be deposited in a separate designated account by the Borrower/ Developer/ Owner;
- The monies from the separate designated account shall be withdrawn and utilized for the development of the relevant Project only by the Developer/ Owner;
- The Lenders shall disburse the loan amount into the separate designated account of the Project only and not to any other account;
- The Chartered Accountant shall certify whether the amounts borrowed has been deposited in separate designated account of the Project or not;
- In case of amounts borrowed prior to issuance of the said circular, the Borrower/ Developer/ Owner shall ensure that the same is deposited into a separate designated account of the Project by 30.11.2023.