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TMI Blog2019 (12) TMI 1432X X X X Extracts X X X X X X X X Extracts X X X X ..... ding an application/petition filed under section 71(10) of the Companies Act, 2013 read with rule 73 of the NCLT Rules, 2016, the Tribunal has to consider financial status of company, the interest of all stakeholders, etc., before ordering to repay the outstanding standing exclusively in respect of the petitioners. The reasons furnished by the company for its failure to redeem debentures, pay interest of NCDs in question, are convincing. Therefore, it would be just and proper to grant six months' time tentatively to the company to explore all possibilities of settlement of the claims of the petitioners along with all similarly situated claimants. The respondent-company is hereby granted six months' time, pro visionally from today, so as to explore all possibilities of settlement of claims of the petitioners along with other similarly situated claimants. - C. P. No. 73/BB/2019 - - - Dated:- 17-12-2019 - Rajeswara Rao Vittanala Judicial Member And Ashutosh Chandra Technical Member For the Petitioners : Aditya Narayan with Ms. Pratiksha Nagayach and Ms. R. Varnika For the Respondent : K. V. Suresh Kumar Reddy ORDER RAJESWARA RAO VITTANALA (JUDICIAL ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r dated March 30, 2017 issued by the debenture holder representative, informing debenture holder No. 1 of the transfer of 150 secured non-convertible debentures of face value INR 20,000 each from the company to his dematerialized account. (c) Allotment letter dated March 30, 2017 issued by the debenture holder representative, informing debenture holder No. 2 of the transfer of 75 secured non-convertible debentures of face value of ₹ 20,000 each from the company to her dematerialized account. (4) In line with its obligations under the debentures, the company made the following interest payments to the petitioners : (a) Debenture holder No. 1 : Interest payments of Indian rupees four lakhs seventy seven thousand (INR 4,77,000) on June 30, 2017, Indian rupees two lakhs seven thousand (INR 2,07,000) on October 4, 2017 and Indian rupees two lakhs seven thousand (INR 2,07,000) on January 1, 2018. (b) Debenture holder No. 2 : Interest payments of Indian rupees one lakh twenty eight thousand nine hundred and twenty five (INR 1,28,925) on October 4, 2017 and Indian rupees sixty two thousand one hundred (INR 62,100) on January 1, 2018. (5) As per the terms of the debe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... usand (INR 2,07,000) due on September 1, 2018 : Indian rupees twelve thousand four hundred and twenty (INR 12,420) (months 1-3) + Indian rupees eight thousand two hundred and eighty (month 4). (iv) On the sum of Indian rupees two lakhs seven thousand (INR 2,07,000) due on December 1, 2018 : Indian rupees four thousand one hundred and forty (INR 4,140) (month 1). (d) Prepayment penalty (as per clause 5.9) : 3 per cent. of Indian rupees forty-five lakhs (INR 45,00,000) = Indian rupees one lakh thirty five thousand (INR 1,35,000). Total due as of date : Indian rupees fifty six lakhs twenty four thou sand four hundred and sixty (INR 56,24,460). (b) Debenture holder No. 2 : (a) Principal amount of Indian rupees fifteen lakhs (INR 15,00,000). (b) Interest of Indian rupees two lakhs seventy six thousand (INR 2,76,000) (payments due on March 31, 2018, June 30, 2018, September 30, 2018 and December 31, 2018). (c) Default interest (as per clause 5.5 of the debenture trust deed) as of January, 2019 : (i) On the sum of Indian rupees sixty nine thousand (INR 69,000) due on March 1, 2018 : Indian rupees four thousand one hundred and forty (INR 4,140) (months 1-3) + ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ch was to be done by the issuer before June 30, 2019. We have followed up with the issuer multiple times regarding the progress on this change of land use and subsequent joint development agreement. However, the issuer has not provided satisfactory updates on the same. We understand that the change of land use required for the JDA is unlikely to happen before June 30, 2019. Hence, as stated in the communication sent to the debenture holders mentioned above, we have decided to take up legal recourse against the issuer for the recovery of dues. By another e-mail dated July 19, 2019 issued by Scient Capital P. Ltd., the debenture holder representative, updating debenture holder No. 1 on the criminal proceedings initiated against the respondent for recovery of dues for default in redemption of non-convertible debentures. 3. The company has filed two reply statements dated June 19, 2019 and August 17, 2019 by, inter alia, contending as follows : (1) M/s. Tierra Farm Assets Co. P. Ltd., is a company incorporated on March 13, 2012 under the Indian Companies Act, 1956, having registered office at Sadashiv Nagar, Bangalore. It is engaged in the business of food and agriculture ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as per the debenture trust deed has proposed to resolve the dispute under this case through arbitration vide its e-mail dated July 1, 2019 submitted in memo dated July 25, 2019 to the petition filed by applicant No. 1 and applicant No. 2. Though the debenture trust deed does not contain any provision that allows resolution of disputes through arbitration, the respondent agrees to the proposal of arbitration process if the consent all the parties connected herewith is obtained and necessary memo is filed by the petitioners and Scient Capital P. Ltd., the debenture holders representative in all the courts in both civil and criminal petition matters and get the court permission to sit and arbitrate the matter. (6) It is further stated that the respondent expresses that the repayment of its dues completely through cash is not a feasible option and hence desires to repay by allotting plots of land to the investors at par with the amount of investment made by them accumulated thereof and same can be discussed and agreed if the matter is put through arbitration process with approval of all the courts. (7) It is sated that project Avani Maya is plot of land located at Galipuje Vill ..... X X X X Extracts X X X X X X X X Extracts X X X X
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