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Companies Law - Highlights / Catch Notes

Home Highlights April 2024 Year 2024 This

Recovery of premium dues, interest, default interest, penal ...

Companies Law

April 4, 2024

Recovery of premium dues, interest, default interest, penal interest, interest overdue etc. - priority of charges - The tribunal analyzes the relevant clauses of the Concession Agreement and the Escrow Agreement. It concludes that while premium payment is treated as part of the concession fee, it is distinct and separate from the monthly debt service provision. Therefore, premium payment does not have priority over debt service payments. The tribunal finds merit in the applicant's argument that premium payment is in lower priority to servicing the lenders' debts.

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