1 BOARD FOR INDUSTRIAL AND FINANCIAL RECONSTRUCTION ...

M.A.NO. 735 in CASE NO 70/2006
M/S. DUNCANS INDUSTRIES LTD.
This clause be inserted after clause 20(k) being :
All m on ies pay able by DIL hereund er includ ing an y
reim burs em en ts , if not paid w ith in th e s tipulated period , s ubject to
approval of S ecured Lend ers to con s id er acceptan ce of d elay ed
pay m en t, s h all from th e d ue d ate carry in teres t of 20% per an n u m
com pound ed at quarterly res ts . If s uch am ounts includ ing th e
in teres t at afores aid are not paid w ith in 30 d ay s , the s am e s h all
further carry an ad d ition al in teres t by w ay of liquid ated d am age at
th e rate of 2% per annum in ad d ition to the applicable rate of 20%
as afores aid .
2.1 In th e h ea rin g h eld to-da y (29.11.2011), th e ld a dvoca te a ppea rin g
on beh a lf of ARCIL reitera ted th e requ es t m a de in th e MA a n d requ es ted
to in corpora te th e ch a n ges in th e DRS a s th e s a m e h a s been left ou t
inadverten tly. Sh e fu rth er s ta ted th a t if th e a bove m odifica tion s a re n ot
in corpora ted in th e DRS, grea t preju dice wou ld be ca u s ed to Arcil s in ce
it is th e la rges t s ecu red creditor a n d h u ge pu blic m on ey is in volved in
th is ca s e. Th e Ben ch obs erved th a t th e Boa rd h a s n ot is s u ed th e
s a n ction ed s ch em e yet. Th e h ow a m en dm en t ca n be con s idered. Th e ld
advocate appearing on behalf of ARCIL withdrew the MA No.-735.
2.2 After con s iderin g th e s u bm is s ion s m a de a n d m a teria l on record,
the Bench dismissed the MA No.-735 filed by ARCIL as withdrawn.
(Y.K. GAIHA)
MEMBER
(NIRMAL SINGH)
CHAIRMAN
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