BOARD FOR INDUSTRIAL AND FINANCIAL RECONSTRUCTION

Case No.70/2006 Duncans Industries Ltd. (DIL)
simple / compound / penal interest, LD, other charges etc. till the date of
payment. Details of Rs 32.21 Cr are as follows:
(Rs / Cr.)
Secured Creditors
Central Bank of India 14.20
ARCIL(Punjab National Bank) 3.83
ARCIL (UCO Bank) 7.09
ARCIL (Bank of Baroda) 7.09
TOTAL 32.21
(ii) In addition to the amount of Rs 32.21 Cr payable to ARCIL and CBI as per
sub- para (i) above, DIL shall make further payment of Rs 3 Cr to ARCIL
and Rs 2.65 Cr to CBI towards full and final payment of the late payment
charges on account of delay in the repayment of additional working
capital by 31.10.2011. The said amount shall be funded by the promoters
of DIL by infusing additional funds in the form of equity share capital of
DIL at par post reduction and consolidation of the existing paid up share
capital of DIL in terms of the scheme.
15.1.3 Working Capital for Tea operation from SBI, SBICI and ARCIL(PNB):
Existing working capital facilities of Rs 60 Cr to be retained for DIL
comprise SBI (Rs 42.95 Cr), SBICI ( Rs 5.68 Cr) and ARCIL(PNB) (Rs
11.37 Cr):
(a) SBI and SBICI:
i) To allocate Rs 48.63 Cr into need based working capital of Rs 24.315
Cr (SBI share Rs 21.475 Cr and SBICI s share Rs 2.84 Cr) in cash
credit account and Rs 24.315 Cr (SBI share Rs 21.475 Cr and SBICI s
share Rs 2.84 Cr) as WCTL for the requirement of operations of tea
undertaking in DIL. The requirement for working capital shall be
assessed according to the existing norms relating to tea industry and as
per Bank s norms from time to time. Interest on WCTL with effect from
1 st April, 2010 shall be charged at the SBAR prevailing from time to time
(presently 12.50% p.a.).
The WCTL will be repaid in installments commencing on 30 th March,
2014, 30 th September, 2014 and 31 st March, 2015. Interest on CC with
effect from 1 st April, 2010 will be charged at the SBAR prevailing from
time to time (presently 12.50%) plus 2% for a period of one year and
reset thereafter.
(ii)
To continue existing non-fund based limit of Rs 15 Cr (Bank Guarantee
and inland Letter of Credit from SBI) in DIL. Margin of 5% will be
provided for the first year from 01.04.2010 which will be reset thereafter.
50% of the normal charges will be payable for the first year, which will
be reset thereafter.
(b) ARCIL ( PNB ):
(i) The share of ARCIL amounting to Rs 11.37 Cr shall continue as loan in
DIL and will be paid in 3 equal annual installments of Rs 5.61 Cr each
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