converted into a term loan (Funded
Interest Term Loan-FITL), the repayment of which would start
after the aforementioned moratorium (a period of 24 months ... Syndicate Bank, restructured the
Appellant Company‟s loan account
as WCTL, TL, FITL etc., as
proposed in the D&B TEV Report.
10.04.2015 ICICI
converted into a term loan (Funded Interest Term Loan
- 'FITL'), the repayment of which would start after a moratorium of
twenty-four months ... million; and (v) providing Funded Interest Term Loan
(FITL) for funding the interest due on sustainable part of CC on Fund
Based Working Capital, (WCTL
total INR 1561 crores, being the Funded
Interest Term Loan (FITL) and interest thereon, into equity
shares or 0.01% compulsorily convertible preference shares,
before ... right of the CDR lenders to
compulsorily convert a part of FITL given (being Rs.1,000/- Crores) into
equivalent shares or compulsorily convertible preference
Crore (accrued and to be accrued) on EPC into into
FITL II with 1 year of moratorium period and
interest ... present. TL
II FITL II to be repaid in 36 equal monthly
installments from 01.10.2012 to 30.09.2015 or by way
of sale proceeds received against
additional term loan in the nature of Funded Interest Term Loan
(FITL) which the bank granted so as to facilitate repayment of default in
interest ... lakhs. The bank, on the appellants' default on
the FITL facility issued a notice under Section 13(2) of the SARFAESI
Act calling upon
additional term loan in the nature of Funded Interest Term Loan
(FITL) which the bank granted so as to facilitate repayment of default in
interest ... lakhs. The bank, on the appellants' default on
the FITL facility issued a notice under Section 13(2) of the SARFAESI
Act calling upon
converted into
a term loan called the Funded Interest Term Loan (FITL). It is submitted
that as per the CDR guidelines, the lenders ... opted for exit option
were to create FITL for the third year's interest on the facilities availed by
the plaintiff (in addition
mortgage and then again funded interest termed loan (for short "FITL") was
advanced to the petitioner on 15.12.2017, which, according to the petitioner ... petitioner wherein one of the
contentions of the petitioner that FITL was unsecured debt came to be dispelled.
Instead of availing the alternative remedy
Crores.
Another sanction letter dated 09.09.2020 was issued for FITL Scheme
to SPML for a sum of Rs.3,16,90,762/-. In the sanction ... amount of
Rs.3,16,90,762/- has been sanctioned under FITL Scheme provides as follows:
BR/AHMPOO/2020-21/FITL/01 Date
disallowance of interest payment
of Rs.21,35,00,000/- converted into FITL (Funded Interest
Term Loans). The CIT(A)'s detailed discussion deleting ... with regard to disallowance of interest
payment converted into FITL of Rs.21,35,00,000/-. In this regard, the
Assessing Officer stated as under
