S.No.1 VC AND PHYSICAL (HYBRID) MODE ATTENDANCE CUM ORDER SHEET OF THE HEARING HELD ON

09.03.2026 AT 10:30 A.M.

Intervention Petition (IBC)/8/2022 in Company Petition IB/290/7/HDB/2022 IN THE MATTER OF:

Koncept Nirman Pvt Ltd …Petitioner AND Indu Eastern Province Projects Pvt Ltd …Respondent C O R A M:-

SHRI. RAJEEV BHARDWAJ, HON’BLE MEMBER (JUDICIAL)

SHRI. SANJAY PURI, HON’BLE MEMBER (TECHNICAL)

O R D E R Intervention Petition (IBC)/8/2022 Orders pronounced, recorded vide separate sheets. In the result, the Intervention Petition (IBC)/8/2022 is dismissed.

Sd/- Sd/-

MEMBER (T) MEMBER (J)

Vamsi C.P (IB) No.290/7/HDB/2022 [Under Section 60(5) of Insolvency and Bankruptcy Code, 2016 r/w Rule 11 of NCLT Rules]

IN THE MATTER OF M/s. KONCEPT NIRMAN PVT. LTD. vs. INDU EASTERN PROVINCE PROJECTS PVT. LTD.

Between:

M/s. Telangana Housing Board (Formerly Andhra Pradesh Housing Board)

Vice Chairman & Housing Commissioner, Telangana Housing Board, Gruhakalpa, MJ Road, Nampally, Hyderabad-500001.

…....Applicant AND

1. M/s. Koncept Nirman Private Limited, 2^nd Floor, Sri Ganesh Magnum, Opus, Plot No. 25, Opp State Bank of India, Jayabheri Enclave, Gachibowli, Hyderabad-500032.

…....Respondent No. 1

2. M/s. Indu Eastern Province Project Pvt. Ltd., 1009, Indu Fortune Fields, 13^th Phase, KPHB Colony, Hyderabad-500072.

…....Respondent No. 2 Date of Order: 09.03.2026 C.P (IB) No.290/7/HDB/2022 Date of Order: 09.03.2026 Coram:

Hon’ble Shri Rajeev Bhardwaj, Member (Judicial)

Hon’ble Shri Sanjay Puri, Member (Technical)

Counsels Present For Applicant : Mr. DVAS Ravi Prasad, Advocate for Additional Advocate General & Mr. S. Rahul, Special Government Pleader.

For Respondent No. 1: Mr. Pavan Kumar, Advocate For Respondent No. 2: Ex-parte vide Order dated 12.06.2023

1. The present Application has been filed by the Telangana Housing Board seeking permission of this Authority to implead it as Respondent in Company Petition, being C.P. (IB) No. 290/7/HDB/2022 consequently, permit the Applicant/proposed Respondent to file his detailed counter in the above C.P. 2. Application

2.1 It is submitted that a Petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) has been filed against M/s. Indu Eastern Province Projects Private Limited (Corporate Debtor/CD), the Developer of a Joint Venture project in respect of 50 acres of land belonging to the Telangana Housing Board at Bandlaguda, by M/s. Koncept Nirman Pvt. Ltd. (Financial Creditor/FC) for recovery of its alleged dues.

2.2 It is submitted that the erstwhile Andhra Pradesh Housing Board, the predecessor of the Telangana Housing Board, being the owner of approximately 50 acres of land situated in Sy. No. 42(P) of Bandlaguda C.P (IB) No.290/7/HDB/2022 Date of Order: 09.03.2026 and Sy. Nos. 117 & 127/1 of Tatti Annaram, entered into a Development Agreement dated 22.03.2006 with M/s. Indu Projects Limited, the lead member of the Indu Embassy Consortium, pursuant to a competitive bidding process. Under Clause 2.1 of the Development Agreement, the Developer was obligated to design, finance, develop, operate, and manage the project strictly in accordance with its terms. The said Development Agreement was subsequently assigned to a Special Purpose Vehicle, namely the Corporate Debtor, incorporated by M/s. Indu Projects Limited.

2.3 It is submitted that despite extensions of time and substantial assistance from the Housing Board, including the grant of a Power of Attorney and facilitation of statutory approvals, the Corporate Debtor failed to complete the project. It is further alleged that the Corporate Debtor misappropriated properties, derived undisclosed gains, failed to remit the Applicant’s share, and that several purchasers have instituted writ petitions against both the Corporate Debtor and the Applicant on account of the defaults of the Corporate Debtor.

2.4 It is submitted that inquiries were initiated by the Vigilance &

Enforcement Department and the Central Bureau of Investigation (CBI) into the alleged irregularitie