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Showing contexts for: paripassu in Idbi Bank Limited vs Abhijeet Integrated Steel Limited ... on 3 February, 2023Matching Fragments
20. N.S. Engineering Projects Pvt. Ltd. itself has brought on record the Master Restructuring Agreement as Annexure R-34 in Company Appeal (AT) (Insolvency) No. 978 of 2022. We have looked into the MRA and there is identical Clause in the MRA dated 29.09.2015 entered between the Corporate Debtor and the Lenders, i.e., Clause (u) under Article-V. Clause (u) is as follows:
"(u) Nature of Obligations. The obligations under this Agreement and the other Restructuring Documents constitute direct, unconditional and general obligations of the Borrower and rank at least paripassu as to priority of payment to all other unsubordinated indebtedness of the Borrower other than any priority established under law."