BOARD FOR INDUSTRIAL AND FINANCIAL RECONSTRUCTION

(f)
(g)
(h)
Case No.70/2006 Duncans Industries Ltd. (DIL)
Net worth of M/s Jaiprakash Associates Ltd (holding company of JV partner,
Jaypee Fertilizers & Industries Ltd) is more than Rs 8000 Cr ( Net worth as
per audited balance sheet as on 31.3.2010 being Rs 8500.72 Cr)
Net worth of M/s ISG Traders Ltd is above Rs 270 Cr ( Net Worth as per
audited balance sheet as on 31.3.2010 being Rs 271.36 Cr).
In view of the fact that both the JV partners are having satisfactory financial
back ground and commitment for rehabilitation and revival of the Fertiliser
Undertaking, infusion of proposed funds in JUBVPL shall be ensured by the
JV partners for induction in the equity of KFCL in terms of the scheme. An
undertaking of the JV partners in this respect has also been submitted.
14.0 CUT OFF DATE :
The Cut-off date for the purpose of the Scheme has been considered
30 th September, 2010.
15.0 RELIEF AND CONCESSIONS:
The Scheme envisages grant of following reliefs and concessions from
various parties i.e. Secured lenders i.e Banks / FI s and other lenders,
unsecured lenders, Central Government / Department of Fertilizer,
Central Board of Direct Taxes, Statutory Authorities, U.P Government ,
U.P. State Electricity Board / U.P. Electricity Regulatory Commission/
KESCO, Government of West Bengal and other concerned parties.
15.1 OTS with Secured Creditors (against Term Loan, working capital):
15.1.1 Term Loans/Working capital from Banks/Others: OTS for Rs 225 Cr :
State Bank of India including SBICL, Central Bank of India, State
Bank of Travancore, State Bank of Patiala, ARCIL ( assigned
debts of Punjab National Bank, UCO Bank, Bank of Baroda, IDBI,
IDBI Bank, ICICI), WBIDC, PICUP, SICOM, Antariksh Vyapaar Pvt
Ltd. (assigned debt of ICICI), Harsh Credit Pvt. Ltd. (assigned debt
of HDFC) and PCD holders:
(i) To accept OTS amount of Rs 225 Cr in full and final settlement of all
dues outstanding in cash credit (excluding Rs 60 Cr which is to be
retained out of the total existing working capital in DIL), WCTL, BG
devolved, FITL, term loans, debentures. and after waiver of all simple /
compound / penal interest, LD, balance of the principal dues, coupons /
rights, other dues / charges etc. as on the date of sanction of the
scheme. The said amount of Rs 225 Cr shall be transferred to and paid
by KFCL, within 90 days from the date of sanction of the Scheme.
Upon payment of OTS amount, the security on the assets of the Tea
Division including personal guarantees of the promoters for
WCTL / cash credit facility of Rs 60 Cr pertaining to Tea Division
along with interest and other penal charges thereon, to be
retained by the secured lenders. All other securities and
personal guarantees provided as collaterals by the promoters /
associates of DIL shall stand released by the lenders.
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