2021 (10) TMI 1311

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....enoy, Aditi Phatak, & Kirti Ojha, i/b Udwadia & Co., Mr Rafique Dada, Senior Advocate, with Abhuraj Arora, Rashi Dalmia & Karthik Narayan, for the Defendant ORDER 1. It is agreed that the following order will suffice to dispose of the IA and the Suit itself. 2. The resolution plan approved by the Inter Creditor Agreement ("ICA") Lenders presently proposes to pay to all secured debenture holders as on cut-off date of 15th July 2021 an amount equivalent to 24.96% of the total principal outstanding (including all amounts already paid) to secured creditors. 3.In terms of the ICA-lenders' approved resolution plan, the Plaintiffs would be entitled to receive an aggregate sum of Rs. 1,34,78,400/- being 24.96% of the total principal out....

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....d documents as may be necessary for an effective transfer. 8. In view of the above, the Plaintiffs accept that the present terms are in full and final satisfaction of all their claims against the parties hereto and the Resolution Applicant, and they shall not raise any further claims or dispute or any legal proceedings directly or indirectly. 9. The Plaintiffs unconditionally withdraw all objections, complaints or any grievances made before this Court or any other authority against the Company, Debenture Trustee, Lenders and the Resolution Applicant. 10. The Company, the lenders, and the Resolution Applicant and their advisors have agreed that in view of the Plaintiffs (individual non-ICA lenders having principal value of more than....

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...., SEBI's regulations all say that they are with effect from a particular date. It is not possible to read them as operating retrospectively. Correctly read, SEBI's submission is to be understood as meaning that it is the latest of the SEBI resolutions as amended at the time of the Debenture Trust Deed's execution that must compulsorily be incorporated in the Debenture Trust Deed. This is unexceptionable. But this cannot and does not mean that a later regulation after the Debenture Trust Deed can be retrospectively made to govern the Trust Deed. Between the parties the calling and conduct of a meeting and the voting at it are all governed by the terms of Debenture Trust Deed. There is simply no other way of looking at it. 13. In view of t....