EXPORT-IMPORT BANK OF INDIA Vs. GOL OFFSHORE LTD.
LAWS(BOM)-2017-5-6
HIGH COURT OF BOMBAY
Decided on May 05,2017

EXPORT-IMPORT BANK OF INDIA Appellant
VERSUS
Gol Offshore Ltd. Respondents

JUDGEMENT

R.D.DHANUKA,J. - (1.) The Company Petition No.756 of 2014 and Company Petition No.119 of 2015 are filed seeking winding up of the respondent on the ground that the respondent is unable to pay its debts. The Company Application (Lodging) No.98 of 2017 is filed by the applicant inter-alia praying for intervention and impleadment in the Company Petition No.756 of 2014. Both these company petitions and the company application were heard together for considering the admission of the company petitions and are being decided by a common order. Some of the relevant facts in the matter are as under : The facts according to the petitioner in Company Petition No.756 of 2014 :
(2.) On or about December, 2009, the petitioner sanctioned a term loan of Rs.75.00 crores towards part financing amongst others to the respondent. The parties accordingly executed Dual Currency Loan Agreement on 12th January, 2010 on the terms and conditions set out therein. Great Offshore (International) Limited, Cayman Islands, wholly owned subsidiary of the GOL Offshire Limited sought sanctioned of a foreign currency term loan of US $ 46.40 million. The petitioner sanctioned the said loan. On 24th September, 2010, the petitioner and the said Great Offshore (International) Limited entered into a Facility Agreement whereby the petitioner agreed to lend and advance the said loan on the terms and conditions set out therein.
(3.) On 24th September, 2010, the said loan granted by the petitioner to the Great Offshore (International) Limited was guaranteed by Great Offshore Limited vide Deed of Guarantee dated 24th September, 2010 on various terms and conditions mentioned therein.;


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