2013 (1) TMI 1017

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....ement which are agreed between the parties are briefly as follows :- 1. The compulsory convertible debentures (CCD), which have a face value of ₹ 10 Lakhs and were issued to the respondent i.e., IFCI for a cash value of ₹ 100 Crores, would be redeemed. 2. The sum of ₹ 100 Crores would be repaid to the respondent in the following manner :- (i). The first instalment of ₹ 10 Crores will be paid by the petitioner to the respondent on or before 15.03.2013; (ii). The second instalment of ₹ 15 Crores would be paid by the petitioner to the respondent on or before 20.04.2013; (iii). The balance amount of ₹ 75 Crores would be paid by the petitioner to the respondent on or before 30.06.2013. 3. The interest, w....

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....unds for day-to-day operation of petitioner company and/or for redemption of the CCDs issued to the respondent in accordance with the time line indicated in clause 2 above; (a.2). the promoters shall raise funds either by way of loan / financial assistance by creating an encumbrance or by way of sale of properties /assets of the promoters; (a.3). information as regards the lender/financer or the vendee/purchaser of each immovable property / asset shall be supplied to the respondent. The respondent, however, shall not impede the culmination of any such a transaction unreasonably. The petitioner will make an endeavour to give at least (10) days prior notice to the respondent of the intended transaction; (a.4). the monies generated either b....