2021 (9) TMI 739

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....the sides at length. 2. In compliance with the earlier order of this Bench, the Respondents have filed Affidavit-in-reply on 04.03.2021. The Learned Counsel for the Respondents have reiterated the same and submits that- (a) The Respondent Company had issued 30 (thirty) lacs shares with Rs. 100.00 face value of each share i.e. RCCPs (interest conversion), RCCPs and CCPs for 20,58,000, 8,67,000 and 75,000 respectively. As per the OTS settlement the entire RCCPs of 20,58,000 shares with face value of Rs. 20,58,00,000.00 has been waived. Further, 75% face value of the rest RCCPs and CCPs of 9,42,000 shares with face value of Rs. 7,06,50,000.00 has also been waived and the rest 25% is settled by way of upfront cash payment of 25% of ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ity of resolution of the matter. 5. Both the parties have confirmed that the Affidavits filed have been exchanged with each other. We have perused the documents, Affidavits submitted by both the sides. However, certain clarifications/papers/documents relating to the sale of shares by ICICI to the Petitioner, decision of CDR/OTS by the Lenders especially relating to these 30.00 lacs shares, claim of Standard Chartered Bank and payment to the Standard Chartered Bank are required to be perused. ORDER 6. This matter is going for more than 10 years which needs to be disposed of on merit without further loss of time. In our considered opinion, the following information/documents are necessary for the purpose of enabling this Bench to pas....