1 board for industrial and financial reconstruction ma no. 553/bc ...

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M.A. NO. 553/BC/2011CASE NO. 516/92M/S. HINDUSTAN FERTILIZER CORPN. LTD.(h)the company to furnish a copy of the letter from the Government of WestBengal informing that the State Government would waive all its dues to theBoard within 15 days to the Board.(i)SBI was exempted from attending future hearings in the case.(j) the next hearing in the case would be held on 8.7.2010.The hearing was fixed on 8.7.2010 had been postponed and re-scheduled on7.9.2010.1.13. In the hearing held on 07.09.2010, the Bench issued the followingdirections:-(i)Company to submit its composite DRS u/s 17 (2) of the Act indicatingproposal of waiver of liabilities of the company by the Central/ State Govt. andreliefs and concessions envisaged in the DRS from various Central/StateGovt., Ministry of Corporate Affairs, if any, within one month to the Board.(ii)In the meantime the Ministry of Fertilizer to get the firm approval of thecompetent authority on waiver of liabilities by the Central Govt., as envisagedby the company in its DRS.(iii)Company to file written submission on the land dispute with BTPK in view ofthe AAIFR s order dated 09.08.2010 to the Board with a copy to the BTPKwithin 15 days. The BTPK to file a re-joinder to the written submission thusfiled by the company within further 15 days.10
M.A. NO. 553/BC/2011CASE NO. 516/92M/S. HINDUSTAN FERTILIZER CORPN. LTD.(iv)The next hearing in the case would be held on 02.12.2010 has beensubsequently postponed.1.14. In the hearing held on 18.08.2011, the Bench observed that the company sDRS is envisaging reliefs and concessions from Govt. of India and otherCentral/State Govt. agencies. Thus it would not be appropriate to formulate the DRSunder section 17(2) of SICA. Hence the Bench appointed SBI as an operatingagency with the consent of the company to formulate company s DRS under section17(3) of SICA. The Bench issued further the following directions:-(i)The SBI will function as Operating Agency. The Company will pay Rs. 5 lakhsto the SBI as OA s fee. Rs. 2 lakh will be paid along with the submission of DRS tothe SBI(OA) and the balance Rs.3 lakhs after circulation of DRS.(ii)The company to submit rehabilitation proposal to the SBI(OA) within twoweeks.(iii)The SBI(OA) to examine company s DRS and convene joint meeting with allconcerned within one month thereafter and submit tied up DRS to the Board in theformat prescribed by the BIFR within two weeks from the date of Joint meeting. Inorder to expedite the process and to have a smooth co-ordination between companyand the SBI(OA), the concerned Joint Secretary, Department of Fertilizer, willfunction as nodal officer. The SBI will nominate DGM or above level officer, wellexperienced in formulation of Revival Schemes of big companies, to function as OAso that the task of formulating the DRS is completed within stipulated time.(iv) The next hearing would be held on 15.11.2011.11
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