AI Structured Summary
Not yet generated for this judgment
Judgment
This CA has been filed by the Applicant Companies for modifications in the admission order of the scheme matter in CP(CAA)/102/MB/2021, dated 26.11.2021.
The Applicant Company-wise details of the Secured and Unsecured Creditors as submitted in the CA are as under:
A. Kumar Construction and Properties Private Limited:
Secured Creditors
Sr.
No.
Particulars
Outstanding
Amount as on 27th May 2020
Meeting Details
Remarks
1
Corporation Bank
3,53,37,787
Yes
Voted in favour of the resolution
2
HDFC Ltd.
5,94,78,220
No
The said loan has been repaid as on date
3
HDFC Bank (Vehicle)
53,06,306
No
The said loan is a Vehicle Loan and thus the Sanction letter does not mention any requirement of
prior approval for the Scheme
4
Bajaj Housing Finance
63,29,65,065
No
The Other Covenants of the Loan Sanction Letter covers the following:
"The Borrower shall not without prior approval in writing formulate ay scheme of amalgamation/ reconstitution"
The notice of the meeting was served on 5th March 2021.
Further, the said loan is towards Pacific Mall held by the Demerged Company and forms part of the Remaining Undertaking. Thus, the rights of the Creditor will remain unaffected and continue as
it is in the existing company.
Total
73,30,87,378
Unsecured Creditors
Sr.
No.
Particulars
No. of Creditors
Outstanding Amount as on 27th May 2020
No. of Creditors Attending the Meeting
Creditors Attending the Meeting (in
Value)
1
Total Unsecured
Debt
1,630
7,53,18,80,575
5
4,86,66,76,118
B. Kumar Agro Products Private Limited:
Secured Creditors
Sr.
No.
Particulars
Outstanding Amount as on
27th May 2020
Meeting Details
Remarks
1
Piramal Enterprises
Limited
3,07,14,63,149
Yes
Voted in favour of the
resolution
2
ASK Realty Fund
66,03,14,144
No
The Company has already signed the Exit Agreement and the Loan will be repaid
by December 2021
3
HDFC Ltd.
56,69,10,472
No
The said Loan is taken on a Lease Rental Discounting model on the rental received towards the School building. No impact on the outstanding loan on account of the
proposed demerger.
4
HDFC Bank Ltd.
4,34,784
No
The said loan is a Vehicle Loan and the Sanction letter does not mention any requirements of prior
approval for the Scheme.
Total
4,29,91,22,548
Unsecured Creditors
Sr.
No.
Particulars
No. of Creditors
Outstanding Amount as on 27th May 2020
No. of Creditors Attending the Meeting
Creditors Attending the
Meeting (in Value)
1
Total Unsecured Debt
289
92,71,86,421
3
8,48,43,760
C. Kumar Properties and Promoters Private Limited:
Secured Creditors
Sr.
No.
Particulars
Outstanding Amount as on 27th May 2020
Meeting Details
Remarks
1
ICICI Bank
1,66,449
No
The said loan is a Vehicle Loan and the Sanction letter does not mention any requirement of prior
approval for the Scheme
2
Piramal
Finance Ltd.
67,12,35,395
Yes
Voted in favour of the
resolution
Total
67,14,01,846
Unsecured Creditors
Sr.
No.
Particulars
No. of Creditors
Outstanding Amount as on 27th May 2020
No. of Creditors Attending the Meeting
Creditors Attending the Meeting
(in Value)
1
Total Unsecured
Debt
294
48,90,57,829
8
39,77,40,282
From the perusal of the details submitted in the CA by the Applicant Companies, it is observed that the Applicant Companies have complied with the conditions of holding meetings of Secured Creditors and Unsecured Creditors as per the first motion orders. However, in the case of Applicant Company No.1, the majority secured creditor i.e. Bajaj Housing Finance having an outstanding of Rs.63,29,65,065/- in the total secured creditors of Rs.73,30,87,378/- has a specific covenant of the Loan Sanction Letter as under:
"The Borrower shall not without prior approval in writing formulate any scheme of amalgamation/reconstitution".
The Applicant Company No. 1 will ensure that the consent of the secured Financial Creditor is obtained before the final stage hearing of the Scheme.
With the above directions, CA-404/MB/2021 is partially allowed and disposed of.