Union Of India vs Infrastructure Leasing And Financial Services Ltd. & Ors.

O R D E R

PRAYER

In light of the aforementioned facts and circumstances, it is humbly prayed before this Hon'ble Appellate Tribunal that it may be graciously pleased to:

(a)

Allow the present application and approve, unwind and collapse the Subject Transactions of the Applicant with Respondent No. 1 (IFIN), Respondent. No. 2 (HCPL), Respondent No. 4 (IAL), and Respondent No. 5 (IECCL);

(b)

direct and permit the Respondent No. 1 (IFIN) to be treated as the direct lender to Respondent No. 2, Respondent No. 4 and Respondent No. 5 and direct Respondent No. 1 to give effect to the above by executing the necessary documentation with Respondent No. 2, Respondent No. 4 and Respondent No. 5 and consequential accounting entries;

(c)

direct the Statutory Auditors of the Applicant - M/s K G Somani & Co. LLP, to record the unwinding/collapse of the Subject Transactions by making necessary accounting entries in the books of accounts of the Applicant Company;

(d)

direct the CMA - Grant Thornton LLP to recognize Respondent No. 1 as the direct lender in place of the Applicant against the borrowers - the relevant IL&FS group companies in respect of the Subject Transactions;

(e)

Pass such other order(s) as this Hon’ble Appellate Tribunal deems fit in the facts and circumstances of the case,

AND FOR THIS ACT OF KINDNESS, THE APPLCIANT SHALL AS DUTY BOUND SHALL EVER PRAY

“(6)

In view of the aforesaid substitution agreement having entered into between the parties IL&FS humbly and most respectfully requests that this Hon’ble Appellate Tribunal be pleased to permit the reliefs being sought for in the present application and pass necessary directions to:

(a)

take on record the RIPL Substitution Agreement; (b) approve the unwind and collapse of the IFIN-RIPL Transactions in terms of the RIPL Substitution Agreement; and

(c)

direct the Claims Management Consultant of IL&FS to recognise IFIN as the lender of Hill County Properties Ltd., IL&FS Airport Limited, and IL&FS Engineering and Construction Company Ltd. with respect to the transactions set out in the RIPL Substitution Agreement.”