BOARD FOR INDUSTRIAL AND FINANCIAL RECONSTRUCTION
BOARD FOR INDUSTRIAL AND FINANCIAL RECONSTRUCTION
BOARD FOR INDUSTRIAL AND FINANCIAL RECONSTRUCTION
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Case No.70/2006 Duncans Industries Ltd. (DIL)<br />
2.4 The company preferred an appeal against the above orders of the Board and<br />
Hon ble AAIFR vide order dated 3.7.2009 stayed the operation of Board s<br />
aforesaid directions.<br />
2.5 In response to MA Nos. 64 and 65 filed by some unsecured creditors to<br />
consider their claims while formulating the rehabilitation scheme, the Bench in<br />
the hearing held on 25.2.2010, directed that the applicants may approach<br />
appropriate civil court for filing recovery suit against the company to determine<br />
the dues. However, the decree, if any, shall not be executed without prior<br />
approval of BIFR and the decreed amount shall be appropriately considered in<br />
the DRS by the company.<br />
2.6 Hon ble AAIFR vide order dated 15.9.2010 directed that DRS shall be modified<br />
to incorporate payment of principal dues of Duncan Voluntary Retired &<br />
Pensioners Employees Association (DVREPA), which shall be paid by the<br />
company within a period of 120 days in lump sum from the date of sanction of<br />
the scheme.<br />
2.7 In the hearing held on 20.10.2010, SBI (OA) informed the Bench that most of<br />
the stakeholders had accepted the provisions of DRS in the Joint Meeting held<br />
on 1.10.2010 and ARCIL, the largest secured lender, has accepted the demerger<br />
of the Fertilizer Division of the company through a Joint Venture (JV)<br />
company with Jaypee Group . While CBI, SBT, SICOM and IOC conveyed<br />
acceptance of OTS proposal offered by the company, PICUP did not accept the<br />
OTS offered by the company.<br />
2.8 In the hearing held on 20.10.2010, the Bench issued the following<br />
directions :-<br />
I. SBI (OA) shall submit the revised DRS to the Board within 15<br />
days.<br />
II. The next hearing of the case will be held on 3.2.2011.<br />
2.9 In the hearing held on 3.2.2011, the Bench interalia issued the following<br />
directions:<br />
1) A limited hearing comprising of SBI(OA) and all secured creditors of the<br />
company will be held on 23.2.2011 to examine the DRS proposal of the<br />
company.<br />
.2.10 In the limited hearing held on 23.2.2011 to examine the DRS proposal of the<br />
company, the secured creditors expressed consent on the provisions of the<br />
DRS. The secured creditors requested the Bench for early circulation of the<br />
DRS so that their accounts may be settled under OTS as per the scheme.<br />
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