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 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: