discount. The relevant clause relating to premature option for early
redemption reads as follows:-
"(2) Early Redemption.
The holder(s) of the Bond ... Company shall
have the option of Early Redemption of the Bond
only at the date and at the Deemed Face Value
mentioned below
failed to pay Rs.397,88,22,896/- towards early
redemption. Defendant no.1 also failed to pay interest and repay principal
due during August ... defendant's NCDs, the plaintiff could exercise an early redemption option and
upon exercising such option, defendant no.1 was required
value mentioned, provided annual
redemptions under the scheme have not started:
Early Redemption Deemed Face Applicable to
Date Value (per
bond)
on Sept ... procedure for redemption/early redemption prescribed in the
prospectus issued by IFCI, is as follows:
"Payment on redemption or early redemption of the Bonds
14433/2008 CAV JUDGMENT
the financial loss on account of early redemption of
the Bonds.
Representative facts from main Petition
3.2 As the arguments were
Peter Beck filed its counter-claim seeking payment of Early
Redemption Amount ('ERA') triggered by non-payment of coupon interest
and damages ... current account transaction
under FEMA.
11. The payment of the Early Redemption Amount is akin to the
repayment of FCCBs. If the minimum average maturity
aware that the respondent no.2 had applied for
early redemption of the bonds and therefore, the petitioner was not able
to make the claim ... payment within seven years from the date on
which, early redemption was sought by the respondent no.2.
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Plaintiff, in exercise of its right of early redemption under Condition
12.1(a) and Condition 12.2 of Schedule 3 of the Debenture Trust Deeds ... value on 3rd July, 2012 (hereinafter
referred to as the “Early Redemption Date”) and to credit the Principal
Redemption Amount alongwith interest accrued and unpaid
manner. The Debenture Trust Deed envisaged ―Early
Redemption‖, ―Mandatory Redemption‖ and ―Final
Redemption‖, of the Debentures.
(x) ―Early Redemption‖ was covered by Clause ... First
Tranche, was deposited by the concerned Debenture Holder.
(xi) Early Redemption required the petitioner to issue a
written notice, to the Debenture Trustee, stating
certificates, which is to the following effect:
"(4) Procedure for Early Redemption by the Company
W.P.(C) No.1098 of 2012 Page ... case the company decides for an Early
Redemption of Bonds, it will announce its intention
to do so at least six months prior
default dated 06.04.2011 calling upon the
respondent to remit the early redemption amount together with the accrued
and unpaid interest as contemplated under condition ... terms of the Bond and the Trust Deed to seek the early
redemption amount. The petitioner as the Trustee of the Bond holders had
issued
