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2022 (4) TMI 1585 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL AT CHENNAISeeking ‘six months’ time to remit the ‘residual balance amount’ together with ‘overdue interest’ - Implementation of the ‘Resolution Plan’ - HELD THAT:- 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’ - Further, the ‘Resolution Applicant’ shall ensure the continuation of ‘All Projects’ by keeping the “Bank Guarantee Alive” and by making payment for the encashed ‘Bank Guarantee’. Thus, the impugned order wherein the amount paid as ‘Earnest Money Deposit’ by the ‘Applicant’ shall have to be forfeited and proceedings under Section 74 (3) of the I&B Code, 2016 have to be initiated as per Law shall not hold good - appeal disposed off.
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