decisions. On 22 April 2010, VDC gave a fresh proposal for
restructuring the pending loan. The Petitioner replied on 26 April
2010 and informed ... pending dues
of VDC. The Respondent Company and VDC gave various
restructuring proposals to the Petitioner and requested the Petitioner
not to invoke the patronage
guise of providing funds
to the loss suffering company so as to restructure its debts.
4
8b. Whether on the facts and circumstances ... crisis and therefore
could not pay the dues to the banks. A restructuring package was
designed by which all the dues of KFIL
First Defendant (Grasim) to the First Plaintiff (L&T) for restructuring of the cement business of L&T. The objective of the proposal ... that upon the approval of the respective Boards of Directors, a binding restructuring agreement would be entered into between the parties. The restructuring agreement
company was in financial crunch and requested the petitioner for debt restructuring plan. The petitioner has considered the said request and rescheduled the installments vide ... financial institutions of the company as already embarked on to a major restructuring exercise for revival of the company's business/fortune. The company
convenience) at all. He submitted
that the entire credit facilities were
restructured by SBI on 28.10.2003 pursuant to
which fresh loan agreement was entered into ... between SBI and company on 29.1.2004. On the
restructuring, old arrangement was replaced by
the new arrangement. Thus, any default under the
old arrangement
that the proposed CDR
Package has been approved in the Corporate Debt Restructuring
Executive Committee meeting dated 24th December, 2013 ( of the
CDR member banks ... final CDR Package. The said
approval CDR Package stipulates, inter alia, the restructuring of the
term loans qua the said project. The CDR Package further
November 2017; (b) stalling the
implementation of final executed Master Restructuring Agreement
(MRA) dated 12 December 2017, executed by 10 out of 12 lenders
(which ... various options under the CAP by the JLF, such as
rectification, restructuring, recovery etc.
5 In the case of Petitioner company, the JLF held first
drew my attention to the Techno-Economic Viability Report of the
Restructuring/Rehabilitation Proposal dated December, 2012 prepared by
one Sonalal Datta of Industrial ... figure of production/sales.
(b) Para 2.5.5 of the report in which restructuring of the loans and
infusion of adequate working capital into the system
options available under the said circular, including (i) Corrective
Action Plan, (ii) Restructuring and (iii) Recovery, are binding on the
petitioner including the decisions ... circular and would submit
that if the lenders would have proceeded with restructuring of the
account, such decision would have been binding on the lenders
Company"), seeking sanction to the Scheme of restructuring of its debts, floated by the creditors.
The Company was incorporated ... Year 2000. That the petitioner-Company felt the need for rescheduling and restructuring of its debts. That the Company pro-actively sought a debt restructuring
