The Hon’ble National Company Law Tribunal, Hyderabad has nodded its approval for the Resolution Plan of Rs. 501 Crore submitted by a consortium of B. Subba Reddy and C. Venkateswara Reddy for revival of Indu Projects Limited. The Resolution Plan was earlier approved by the Committee of Creditors with 100% voting share.
The Resolution Plan proposes to pay to the creditors as follows:
- Financial Creditors an amount of Rs. 394 Crores as against an admitted claim of Rs. 3,890 Crores;
- Workmen and Employees an amount of Rs. 1 Crore as against an admitted claim of Rs. 4.21 Crores;
- Operational Creditors other than workmen and employees an amount of Rs. 4.9 Crores as against an admitted claim of Rs. 178 Crores;
- Government an amount of Rs. 18,432 as against an admitted claim of Rs. 1.82 Lakhs.