TMI Blog2013 (1) TMI 1017X X X X Extracts X X X X X X X X Extracts X X X X ..... briefly as follows :- 1. The compulsory convertible debentures (CCD), which have a face value of ₹ 10 Lakhs and were issued to the respondent i.e., IFCI for a cash value of ₹ 100 Crores, would be redeemed. 2. The sum of ₹ 100 Crores would be repaid to the respondent in the following manner :- (i). The first instalment of ₹ 10 Crores will be paid by the petitioner to the respondent on or before 15.03.2013; (ii). The second instalment of ₹ 15 Crores would be paid by the petitioner to the respondent on or before 20.04.2013; (iii). The balance amount of ₹ 75 Crores would be paid by the petitioner to the respondent on or before 30.06.2013. 3. The interest, which is accrued and is due and pay ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eration of petitioner company and/or for redemption of the CCDs issued to the respondent in accordance with the time line indicated in clause 2 above; (a.2). the promoters shall raise funds either by way of loan / financial assistance by creating an encumbrance or by way of sale of properties /assets of the promoters; (a.3). information as regards the lender/financer or the vendee/purchaser of each immovable property / asset shall be supplied to the respondent. The respondent, however, shall not impede the culmination of any such a transaction unreasonably. The petitioner will make an endeavour to give at least (10) days prior notice to the respondent of the intended transaction; (a.4). the monies generated either by way of loan/ f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in one week from today. The affidavit will be accompanied by a resolution of the Board of Directors ratifying the terms of settlement. 9. Needless to say, copies of the undertaking and the Board of Director s Resolution will be supplied to the respondent. 10. In view of the settlement arrived at between the parties, the impugned notices dated 11.01.2013 and 17.01.2013 shall remain stayed. 11. Mr. Singh, learned senior counsel for the respondent, on instructions, says that the respondent shall on their own write to the bankers, whose names are mentioned at page 38 of the paper book, informing them about order passed in court today and the fact that it has arrived at a settlement with the petitioner. 12. A copy of the order passed ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
