9911796707
TMI Blog2005 (10) TMI 289X X X X Extracts X X X X X X X X Extracts X X X X ..... tors for effecting the restructuring of the debt of the petitioner company, owed to the secured creditors including Deep Discount Bond holders on the terms and conditions specified in the said Scheme of Arrangement which essentially provide for reducing the interest liability to 8.5 per cent per annum. The petitioner company is a special purpose company and is promoted by Infrastructure Leasing and Financial Services Ltd. (IL FS) for the purpose of development, construction, operation and maintenance of the bridge across the river Yamuna connecting Delhi and Noida on a Build-Own-Operate-Transfer (BOOT) basis at a total project cost of Rs. 408.17 crores. The Company borrowed Rs. 285.77 crores from Banks, Financial Institutions and by raisi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he CDR Empowered Group at their meeting held on 29-10-2002. On approval the CDR Scheme became effective from 1-4-2002, thereafter the petitioner Company approached the CDR Empowered Group set up under the CDR Scheme in January 2004 for restructuring of Deep Discount Bonds (DDB s). The said proposal was consented to by a majority of 54 per cent of the DDB Holders (by value) being the eligible creditors within the purview of CDR Scheme. That the object and purpose of filing this petition, as stated by the petitioners company, are set out as below : "The petitioner Company being engaged in the highly capital intensive infrastructure project had to face heavy debt burden as the initial debt was borrowed at a very high cost. That in case th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... .P. Agarwal was appointed as Chairman and Sri S.K. Mehrotra as the alternate Chairman of the meeting. By a revised order dated 13-8-2004 a quorum of the meeting was modified as 75 by number and 60 per cent by value of the secured creditors (including 2 per cent by value of the DDB Holders). 7. The meeting was held and has been certified by its Chairman Sri S.O.P. Agarwal. It was pointed out that 117 secured creditors holding secured debt worth Rs. 33,071.95 lakhs constituting 92.36 per cent (including 18.28 per cent of DDB holders) of the total secured debt of Rs. 35,805.71 lakhs as on the record date i.e., 23-8-2004 were present. Out of them 12 numbers of secured creditors holding secured debt worth Rs. 26,528.04 lakhs constituting 7 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2004 the Court directed the notice on the confirmation petition to be published in newspaper namely Financial Express in English and Hindustan in Hindi both published from Delhi and having their circulation in Noida. The notice was duly published in Financial Express in English dated 5-11-2004 and in Hindustan in Hindi on 6-11-2004. 9. Objections have been filed by Sahara India Life Insurance Company holding 4,000 Bonds of Rs. 5,000 each, Sahara India Financial Corporation Ltd., holding 28,437 Bonds of Rs. 5,000 each. Bajaj Allianz General Insurance Company holds 4,280 Bonds of Rs. 5,000 each. The Sahara India Life Insurance Company and Sahara India Financial Corporation, represented by Sri Yashwant Verma. It is confirme ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... led his report dated 10-11-2004. In paragraphs 3 and 4 of this report, he submits as follows : "3. That the Deponent craves leave to submit that on a perusal of the Chairman s Report of the meeting of the secured creditors of the petitioner company held on 18-9-2004, a copy of which is enclosed with the petition, it is observed that out of 117 secured creditors entitled together to debts of Rs. 330.72 crores, who participated in the voting, 99 Secured Creditors entitled together to their debts of Rs. 294.65 crores voted in favour of the Scheme and 18 secured creditors entitled together to their debts of Rs. 36.07 crores voted against the Scheme. 4. That the deponent further craves leave to submit that the instant Scheme of Arrangement, ..... X X X X Extracts X X X X X X X X Extracts X X X X
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