TaxTMI 
TaxTMI 
2021 (5) TMI 1010
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....;). 2. In the requisite Form, the total principal amount of debt disbursed under the Facility Agreements was Rs. 56.70 Crores. The total amount in default due to Financial Creditor by the Borrower with respect to the Financial Facility is Rs. 60,39,87,991.41/- as on June 01, 2019. Brief facts of the Petition: 3. The Petitioner had granted financial debt to the Great Indian Nautanki Company Private Limited (Borrower) under a term loan of Rs. 35 Crores, cash credit limit of Rs. 2 Crores, bank guarantee of Rs. 4 Crores vide Sanction Letter dated 24.06.2009. Subsequently, another Term Loan of Rs. 12 Crores was sanctioned and Bank Guarantee was reduced from Rs. 4 Crores to Rs. 1 Crore vide Sanction Letter dated 24.02.2010. Further, a loan cum Hypothecation Agreement dated 26.06.2009, 25.02.2010 and 03.01.2013 were executed between Borrower and Lender. The total Principal Amount of debt disbursed under Facility Agreement was of Rs. 56.70 Crores. The additional facility of Rs. 6.70 Crores (LC- Capax- Rs. 5 Crores sublimit of LC/TCBG) (5 Crores, LER-Rs. 1.70 Crores) was sanctioned vide Sanction Letter on 28.12.2012. Pursuant to this, the Petitioner disbursed a Term Loan of Rs. 47 ....
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....orce its security interest and takeover the possession and/or management of secured assets is annexed as Annexure-13. Thereafter, the symbolic possession of the assets was taken over by IDBI on July 2, 2018 and the publication of the possession notice was made on July 7, 2018. 4) Letter dated August 25, 2017 by the Financial Creditor to the Corporate Debtor stating that if the payment under the Guarantees are not cleared then the Financial Creditor would be constrained to initiate steps under the Insolvency and Bankruptcy Code 2016 and the letter dated September 27, 2017 from the Corporate Debtor to the Financial Creditor requesting the Financial Creditor not to initiate any action under the Insolvency and Bankruptcy Code, 2016 and provide the Corporate Debtor an opportunity to present a plan that is acceptable to the Financial Creditor. True copies of the letters dated August 25, 1017 and September 27, 2017 is annexed hereto and marked as Annexure-14. 5) True copy of the stand alone Financial Statements for the Corporate Debtor for the period 01/04/2017 to 31/03/2018 is annexed hereto and marked as Annexure-15. 6) True copy of the Written Statement filed....
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....e Crore Forty-Three Lakh Thirty-Two Thousand Eight Hundred Eighteen and Paise Eight only). ix. Letter dated September 27, 2017 by the Corporate Debtor to the Financial Creditor requesting the Financial Creditor not to initiate any action under the Insolvency and Bankruptcy Code, 2016 and provide the Corporate Debtor and opportunity to present a plan that is acceptable to the Financial Creditor. x. Standalone Financial Statements for the period 01/04/2017 to 31/03/2018 of the Corporate Debtor. 7. The aggregate amount of default on the Facility Agreement as on 01.06.2019 is Rs. 60,39,87,991.41/-. The details of loan granted and disbursed to the Corporate Debtor guarantees furnishes and default committed, statement of dues as on 01.06.2019 with respect to loan granted to Corporate Debtor is as follows: 8. The Petitioner also produced the registered charge as created by the Corporate Debtor as on 03.01.2013 which entails the details of loan granted and details of charge registered with ROC. The Recall Notice dated 14.11.2014 is as follows: 9. The Guarantee Recall notice is as follows: 10. The Petitioner also issued Demand Notice u/s 13(2) of the SARFAESI A....
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.... for cash credit facility is INR 2 Crores only under sanction letter to the Borrower. The Corporate Guarantee for term loan 2 for INR 12 Crores aggregating to Rs. 1.4 Crores only under sanction 2. Thereafter the corporate guarantee for Term Loan 2 for INR 8.64 Crores and cash credit facility for INR 2 Crores and LER facility of INR 1.70 Crores total aggregating to INR 12.34 Lakhs under Sanction No. 3. However, as per Sanction 3, the Petitioner is authorised to take only 34 lakhs from this Corporate Guarantor. Therefore, Corporate Debtor categorically stated that he is not liable to pay Rs. 16,34,87,991.41/-. 15. The Petitioner has agreed that a fresh tender/ bid in respect of Kinder of Dreams (hereinafter called as project ) which was sought to discharge the liability of the Borrower amounting to Rs. 61,81,49,269.83/- as on 13.06.2019. Upon the above project by Haryana Shahari Vikas Pradhikaran (HSVP) also known as Haryana Urban Development Authority was entered into by Petitioner/Borrower HSVP without any consent of Corporate Debtor. The Petitioner had given NOC on 02.07.2019 and thereby freeing the Borrower and making the new bidder responsible for discharge of said loan. 1....
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....tors in terms of deed of guarantee dated February 25, 2010, January 14, 2013. When the principal debtor/ borrower failed to repay the loan creditor bank invoked the corporate guarantee on December 8, 2014. 24. The liability of the Corporate Debtor under deed of guarantees is a financial debt under Section 5(8) of IBC. Section 5(8) includes the amount of any liability in respect of any guarantee. Hence, the contention that the Corporate Debtor has not taken any financial debt from the Petitioner is untenable. 25. The Principal borrower availed the financial facilities in terms of loan cum hypothecation agreement dated February 25, 2010. The payment obligation of principal borrower was guaranteed by the deed of guarantee dated January 14, 2014. There has been no violation of Sanction Letter. Further, the Corporate Debtor has admitted that he is liable to an extent of Rs. 12,34,00,000/- under the Corporate guarantee. With reference to the default committed by the principal borrower in paying the due ought to Haryana Shahari Vikas Pradhikaran (HSVP), it called for fresh dues for a new operator to manage the operator project, as the leasehold rights of project land was secured in ....
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....rporate Debtor has not disputed the liability under the deed of guarantee nor has disputed principal Borrower's payment obligation and defaults under the loan agreements and other such financial documents. However, the main defence of Corporate Debtor is that the Petition is barred by limitation as date of guarantee invocation was 08.12.2014 and the period of limitation expired on 08.12.2017. 30. The Petitioner stated that under the terms of guarantee it is specifically agreed to as that the guarantee is of continuing in nature, the right to sue accrues as and when the guarantee was invoked and the date when Corporate Debtor failed to perform obligation under the guarantee. 31. The Petitioner claimed that the period of limitation as envisaged under Article 137 of the Limitation Act, 1963 is applicable and further that the right to apply accrues from the date of default and that unless there are acknowledgments of terms of Section 18. Under Section 18 of the Limitation Act, 1963 the statute provides that well before expiration of prescribed period of limitation there is an acknowledgment of liability in respect of such property or right has been made in writing, a fresh period....
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....nature as such it will remain in full force and effect till such time the Borrower repays the full loan together with the interest, etc. Written submissions/Additional Written Submissions of Corporate Debtor and written submission to IA 613 of 2020 34. The Petitioner has filed IA 163 of 2020 and the same was listed for arguments on 03.02.2021. The Petitioner vide IA has sought to file an additional documents/ letter dated 19.11.2016 which had been in an exclusive position and has not been filed by them along with the main CP. 35. The Corporate Debtor further specifically pleaded that the Insolvency proceedings are summary in nature and additional documents are sought to be filed after the matter is reserved for orders, cannot be allowed as the same is core intent of IBC. The Corporate Debtor further relied upon judgement of Hon'ble Supreme Court in Bagai Construction through its proprietor Lalit Bagaivs. Gupta Building Material Store reported in 2013 14 SCC Page 1 where this Hon'ble Supreme Court disallowed this Application under Section 144 of CPC for placing on record certain documents after adjournment of judgment. The Hon'ble Supreme Court considered the case on merit ....
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....the Limitation Act, in paragraph 21 of the decision in Jignesh Shah, had only been in relation to the suit or other proceedings, wherever it could apply and where the period of limitation could get extended because of acknowledgment of liability. Noticeably, in contradistinction to the proceeding of a suit, this Court observed that a suit for recovery, which is a separate and independent proceeding distinct from the remedy of winding up would, in no manner, impact the limitation within which the winding up proceeding is to be filed. It is difficult to read the observations in the aforesaid paragraph 21 of Jignesh Shah to mean that the ratio of B.K. Educational Services has, in any manner, been altered by this Court. As noticed, in B.K. Educational Services, it has clearly been held that the limitation period for application under Section 7 of the Code is three years as provided by Article 137 of the Limitation Act, which commences from the date of default and is extendable only by application of Section 5 of Limitation Act, if any case for What has been observed in relation to the proceeding for winding up, perforce, applies to the application seeking initiation of CIRP under IBC. ....
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....ment regarding default therein and for want of any other averment in regard to acknowledgement. In this view of the matter, reliance on the decision in Mahaveer Cold Storage Pvt. Ltd. does not advance the cause of the respondent No. 2. 38. The Corporate Debtor claimed that the Petition is hopelessly barred by limitation as date of default is 18.12.2014 and there is a delay of 4 years 5 months in filing the Petition. Section 7 application was filed in June, 2019. Submissions/Additional Written Submissions of Petitioner IDBI Bank: 39. The Petitioner filed additional written submission claiming that on the day of filing Section 7 Petition, there was subsisting liability on the Corporate Debtor due to acknowledgment of debt in writing. Though the guarantee was invoked on 14th December, 2014 its validity to extend from time to time by acknowledgment of debt in writing and a fresh period of limitation has commenced in terms of Section 18 of Limitation Act, 1963. Further, the right of the petitioner as entailed under Section 3(6)(A) wherein the claim is defined under the Code. The claim means a right to payment whether or not this right is fixed, disputed, undisputed, legal, equi....
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....g the leave of the Tribunal to permit the applicant to file additional documents, i.e., letter dated November 19, 2016. 44. The applicant/ Petitioner in the IA ought to rely on a letter of November 19, 2016 which tantamount to an acknowledgment u/s. 18 of Limitation Act, 1963. Hence, the Petitioner claims the period of limitation as prescribed under Article 137 would start from November 19, 2016 and hence, claim that the Limitation expires on November 19, 2019 and thus claim the Section 7 application filed by applicant Bank is within the limitation. Findings: 45. The legal questions that arise for consideration are as follows: 1) Whether the Limitation is extended by the letter of the Corporate Debtor dated 27.09.2017? 2) Whether Sec.18 of Limitation Act gets attracted to the facts of the present case? 46. The Petitioner Bank had granted term loan of Rs. 35 Crores, cash credit limit of Rs. 2 Crores and Bank guarantee of Rs. 4 Crores to the Great Indian Nautanki Pvt Ltd (Principal Borrower). The Company promoted by Corporate Debtor vide sanction letter dated 24.06.2009. subsequently a term loan of Rs. 12 Crores was sanctioned and the bank guarantee of R....
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....e derives his title or liability, a fresh period of limitation shall be computed from the time when the acknowledgment was so signed. (2) Where the writing containing the acknowledgment is undated, oral evidence may be given of the time when it was signed; but subject to the provisions of the Indian Evidence Act, 1872 (1 of 1872), oral evidence of its contents shall not be received. Explanation.-For the purposes of this section,- (a) an acknowledgment may be sufficient though it omits to specify the exact nature of the property or right, or avers that the time for payment, delivery, performance or enjoyment has not yet come or is accompanied by a refusal to pay, deliver, perform or permit to enjoy, or is coupled with a claim to set off, or is addressed to a person other than a person entitled to the property or right, (b) the word signed means signed either personally or by an agent duly authorised in this behalf, and (c) an application for the execution of a decree or order shall not be deemed to be an application in respect of any property or right. 51. The Corporate Debtor has executed corporate guarantee dated 14.01.2014, 25.02.2010, 26.06.2009 wherein the ....
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....s section was to provide that an acknowledgment may be insufficient though it omits to specify the exact nature of right or averse that the time for payment has not yet come, or is accompanied by refusal to pay or is coupled with claim to set off, or is addressed to a person other than a person entitled to a right. Interpreting Section 19 of Limitation Act, 1908 corresponding to Section 18 of Limitation Act, 1963, this Code in Shapoor Freedom Mazda vs. Durgaprasan Sahmaria reported in 1961 SCC 12636 at para 6 and 7: 6... acknowledgment as prescribed by s. 19 merely renews debt; it does not create a new right of action. It is a mere acknowledgment of the liability in respect of the right in question; it need not be accompanied by a promise to pay either expressly or even by implication. The statement on which a plea of acknowledgment is based must relate to a present subsisting liability though the exact nature or the specific character of the said liability may not be indicated in words. Words used in the acknowledge judgment must, however, indicate the existence of jural relationship between the parties such as that of debtor and creditor, and it must appear that th....
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....ded from 27.09.2017 to 26.09.2020 under Article 137 of Limitation Act. 57. The Counsel for the Petitioner also relied upon the judgment of Piyush Periwal Vs. Stressed Assets Stabilization Fund (SASF) wherein the Hon'ble NCLAT at para 10 held that 10. The liability of the Guarantor being coextensive to the liability of the Principal Borrower and the acknowledgment of liability by the Principal Borrower, in terms of letter dated 20th December, 2016 forming Annexure R-7 to the Reply affidavit (page 64), is binding on the Guarantor and he cannot wriggle out of its liability to discharge its obligations towards SASF. It goes without saying that in terms of Clause 11 of the Corporate Guarantee dated 16th July, 1997, the Corporate Guarantor is liable to be proceeded against by the lender or its assignee in the same manner as if it was the Principal Borrower/ Debtor. Para 11 the Hon'ble NCLAT Held as follows: 11. For the foregoing discussion, we are of the considered opinion that the application filed by the Respondent under Section 7 of I&B Code for triggering CIRP against Respondent - Corporate Guarantor on 12th March, 2019 was not barred by limitation. Contention raised by the App....
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....d in the manner provided u/s. 18 of Limitation Act, 1963. 61. Hon'ble Supreme Court in Jignesh Shah and BK Education Services Private Limited reported in 2018 SCC OnLine SC 1921 has also held that Article 137 of Limitation Act, 1963 shall be applicable to the application filed u/s. 7 and 9 of IBC. 62. This Bench is of the considered opinion that the letter of the Corporate Debtor dated 27.09.2017 has amounts to acknowledgment of liability and thus extends the limitation periods u/s. 18 of Limitation Act, 1963 and thus all the ingredients of Section 7 of IBC are satisfied and the liability of Corporate Debtor being a Corporate Guarantor is established in view of the admission of liability by the Corporate Debtor vide its Letter 27.09.2017 and the Petition is within 3 years is filed and hence the Petition is admitted. 63. The Application IA 613 of 2020 in CP 3000 of 2019 is disposed off in view of the fact that no additional documents can be sought to be filed at the final stage. 64. Considering the above facts, we come to conclusion that the nature of debt is a Financial Debt as defined under Section 5(8) of the Code. It has also been established that there is a Default ....
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.... this Order within 30 days to this Bench. A liberty is granted to intimate even at an early date, if need be. 71. The Petition is hereby Admitted. The commencement of the Corporate Insolvency Resolution Process shall be effective from the date of the Order. 72. Ordered Accordingly. ============= Document 1 IDBI BANK (CIN) L65190MH2004GO1148838 आईडीबीआई बैंक लिमिटेड विडियोकॉन टॉवर, पà¥à¤°à¤¥à¤® तल ई-1, à¤à¤£à¥à¤¡à¥‡à¤µà¤¾à¤²à¤¨ à¤à¤•à¥à¤¸à¤Ÿà¥‡à¤‚शन नई दिलà¥à¤²à¥€-110055 टेलीफोन: 011-66083101-12 वेबसाइट: www.idbi.com IDBI Bank Limited Videocon Tower, 1st Floor E-1, Jhandewalan Extension New Delhi-110055 Telephone: 011-66083101-12 Website: www.idbi.com ANNEXURE 6 Loan Granted & Disbursed to Great Indian Nautanki Company Pvt. Ltd. 178 Sr. No....
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....е 13/06/2019 Full Name: Dheeraj Kumar Singh Designation: Dy. General Manager તેથી BANK New Delhi 110055 Ceocon टॉवर, ானà¯-55 Document 3 IDBI BANK (CIN) L65190MH2004GO1148838 आईडीबीआई बैंक लिमिटेड विडियोकॉन टॉवर, पà¥à¤°à¤¥à¤® तल ई-1, à¤à¤£à¥à¤¡à¥‡à¤µà¤¾à¤²à¤¨ à¤à¤•à¥à¤¸à¤Ÿà¥‡à¤‚शन नई दिलà¥à¤²à¥€-110055 टेलीफोन: 011-66083101-12 वेबसाइट: www.idbi.com 180 Floor 18, IDBI Bank Limited Videocon Tower, 1st E-1, Jhandewalan Extension New Delhi-110055 Telephone: 011-66083101-12 Website: www.idbi.com ANNEXURE-8 Statement of Dues as on 01.06.2019 in respect of Loan Granted to Great Indian Nautanki Company Pvt. Ltd. Sr. Particulars of No. Facility 1. Term Loan -....
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....s One Thousand Two Hundred Lakh only) for the purpose of setting up entertainment cum cultural park project at Gurgaon. Working Capital limits aggregating to Rs. 300 lakhs (Rupees Three Hundred lakhs only) comprising fund based limits (Cash Credit Limit) of Rs. 200 Lakh (Rupees Two Hundred Lalch only) and non fund based limits (LC/BG) of Rs. 100 lakhs (Rupees Six Hundred Lakhs only) for the purpose of meeting working capital requirements. Letter of Credit(Capex)/TCBG limits of Rs.500 lakhs for the purpose of importing capital goods for Show-Sha theatre project at Kingdom of Dreams, Gurgaon and Loan Equivalent Risk limits of Rs.170 lakhs (Rupees One Hundred Seventy Lakhs only) to mitigate the exchange fluctuation risk. The fund based facilities and non-fund based facilities are collectively referred to as "the Facilities". You have, inter alia, entered into Loan Agreement (s)/Loan-cum-Hypothecation greement/Facility Agreement, executed Deed (s) of Hypothecation on all movable assets, पंजीकृत कारà¥à¤¯à¤¾à¤²à¤¯ आईडीबीआई à¤....
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....the Loan-cum-Hypothecation Agreement, you were required to repay to IDBI Bank, the principal amount of the fund based limits on demand. 5. In terms of the provisions contained in Section 2.1 of Article 2 of the Loan Agreement dated January 03, 2013 executed for Non fund based limits of Rs.670 lakhs, you have agreed and undertaken to extend first pari passu charge on leasehold rights of the land at Sector-29, Gurgaon and extend first pari passu charge on land owned by Great Indian Tamasha Co. Pvt Ltd at Peroor Village, Madikeri Taluk, Kodagu District, Karnataka in favour of IDBI Bank. You have failed and neglected to extend such first mortgage and charge as mentioned above in favour of IDBI Bank. 6. Pursuant to the Loan/Loan cum Hypothecation Agreement dated 26.06.2009, 25.02.2010 & 03.01.2013, in respect of the non-fund based facility, the Omnibus Counter Guarantee executed by you in favour of IDBI Bank ("the Omnibus Counter Guarantee") and also the securities created in respect thereof, IDBI Bank has, at your request, issued Bank Guarantees and TCBG(Buyers' Credit), from time to time, in favour of various authorities/entities, whom you ....
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.... applicable interest, separately from you and the Guarantor / Mortgagor(s)/ Pledgors(s), in terms of the Loan/Loan cum Hypothecation Agreement read with the Omnibus Counter Guarantec. As you experienced certain difficulties in repayment of the principal amount of the Loans/Facilities, payment of interest and other monies and as requested by you, IDBI Bank, vide its letter Ref No. 243/EDBI/SME/GINCPL dated 21.09.2010 and Ref No. IDBI/SME/547/GINCPL dated July 05, 2012 granted to you, certain relief (s) and concessions, by way of reschedulement of principal amount of the Loans/Facilities, funding of interest, etc., subject to certain terms and conditions contained therein. Despite the above, you have failed and neglected to pay to IDBI Bank, the instalments of principal amount of the Loans/Facilities, interest and other monies, payable thereon and also committed defaults in terms of the Loan Agreements/Facilities Agreement, modified from time to time. The particulars of the outstanding amounts due to IDBI Bank Limited in respect of the Loans are mentioned in Annexure-III hereto. In view of the above and since, you have committed defaults i....
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....y One lakhs Ten thousand Three hundred Forty Eight Paise Forty Five only) towards the said Bank Guarantees and TCBG(Buyers Credit) to enable IDBI Bank to mark lien on the same during the validity period of the said Bank Guarantee and TCBG(Buyers' Credit). In the premises, we hereby call upon you and demand from you to pay forthwith to IDBI Bank within a period of 7 days from the date of this notice, (i) Sum aggregating Rs.33,72,22,469,63 only (Rupees Thirty Three crores Seventy Two lakhs Twenty Two thousand Four hundred Sixty Nine Paise Sixty Three only) as on November 14, 2014, as per Annexure III, together with further interest, liquidated damages etc. thereon with effect from November 15, 2014 at the contractual rates upon the footing of compound interest along with costs, charges, expenses & other monies in respect of the Loans, until payment or realization. (ii) Immediately substitute the Bank Guarantees and TCBG(Buyers' Credit), issued by IDBI Bank for the aggregate limit of Rs.5,71,10,348.45 only (Rupees Five crores Seventy One lakhs Ten thousand Three hundred Forty Eight Paise Forty Five only) Ñво EVIDENT New D ....
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.... aggregating Rs.5670.00 lakhs Loan") for the purposes and on the terms and conditions more particularly set out in the Loan un Hypothecation Agreements dated June 26, 2009, Loan-cum-Hypothecation Agreement ted February 25, 2010 and Loan Agreement dated January 03, 2013 made between the Borrower and IDBI Bank ("the Loan Agreement") One of the conditions stipulated in the Loan Agreement was that the Loan shall be ecured, infor alia, by unconditional and irrevocable corporate guarantee to be executed by you favour of IDBI Bank. Accordingly, you have executed unconditional and irrevocable orporate guarantee on 26.06.2009, 25.02.2010, 19.04.2010, 03.01.2013 and 14.01.2013 in favour of IDBI Bank, guaranteeing the due rèpayment of the Loan and payment of interest and thor monies payable by the Borrower to IDBI Bank. BANK New 11005 Document 10 279 3. The Borrower has failed and neglected to pay to IDBI Bank, the instalments of principal and interest, which fell due on different dates in respect of the Loan. The Borrower has all committed some other defaults in terms of the Loan Agreement. Therefore, IDBI Bank, in term of the provision....
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.... December 01, 2014 at the given contractual rates, upon the footing of compound interest until payment/realization. BANK th II de te d It El C ક De 10055 Document 11 incipal terros k the PUN abovo faults to for ted to 2010 280 Further, as on December 01, 2014, Bank Guarantees and TCBG (Buyers' Credit), for the aggregate amount of Rs.5,22,53,145.45 only (Rupees Five crores Twenty Two lakhs Fifty Three thousand One hundred Forty Five Paise Forty Five only), details given in Annexure II, have, so far, not been invoked by the respective beneficiaries. Please note that in the mean time, if any of the aforesaid Bank Guarantees / TCBG(Buyers' Credit) issued by IDBI Bank is invoked by the respective Beneficiary, then IDBI Bank reserves its right to demand and recover the said amount with applicable interest, separately from each one of you. In case, you fail to make the payments as aforesaid, IDBI Bank, shall be constrained to take such steps against you as may be necessary for enforcing the guarantees and realizing the dues at your own risk as to the costs and consequences thereof. ....
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....s and consequences thereof. 4. Please note that this Notice is issued without prejudice to all the other rights and remedies available to IDBI Bank against you/guarantors/pledgors, if any, under the applicable laws and under the respective contracts entered into by the respective parties in favour of IDBI Bank, in law or in contract or both, in respect of the Financial Assistance. Yours faithfully, Authorised Signatory IDBI Bank Limited आईडीबीआई बैंक लिमिटेड फà¥à¤²à¥‹à¤° बडियोकॉन टावर, ई-1 वाला खान, नई दिलà¥à¤²à¥€-110005. IDBI Bank Ltd.: 1st Floor, Videocon Tower, E-1, Jhandewalan Extension, New Delhi-110065. आईडीबीआई टॉवर, डबà¥à¤²à¥à¤¯à¥‚टीसी कॉमà¥à¤ªà¥à¤²à¥‡à¤•à¥à¤¸, कफ परेड, मà¥à¤‚à¤....
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....ad, Behind Bhagwati House, Andheri (W). Mumbai 400053, India. | T: +91 22 42001400 | CIN No: U92100MH1997PTC107787 www.wizcraftworld.com | f BRAND ACTIVATION PR SPECIAL PROJECTS IPS THEATRICALS WEDDINGS 2. Wezocer Document 14 307 4. 5. 6. 7. WIZCRAFT e. However, Wizcraft was not responsible for the management of the day-to-day affairs of GINC. I. Wizcraft's investment into GINC also stands eroded. We understand that GINC is dealing with the current financial situation of the company in full force, as belief in the potential of KOD still exists. GINC has sought certain subsidies from the Government of Haryana and the Chief Minister's office has, in light of relevance of the KOD project to the state of Haryana tourism, appointed a committee to consider the requests of GINC and make its recommendations. recommendations, we understand, are in its final stages and expected to be submitted anytime soon. Over the last few months, Wizcraft on its part, has taken the initiative to: a. assess, the financial position of GINC; b. determine initiatives required to enable KOD realize its true potential: c. determine the monie....