Bikki Raveendra Babu, Member - (1.) Learned Advocate Mr. Sandeep Singhi with learned Advocate Mr. Shamik Bhatt with Learned Advocate Mr. Pranjal Buch with Learned Advocate Ms. Parini Shah i/b Learned Advocate Mr. Vimal Patel present for Petitioner. None present for Respondent. Order pronounced in open court. Vide separate sheets. This application is filed by Panchmahal Steel Limited (hereinafter called as "PSL") seeking a direction to the respondent, Asset Reconstruction Company (India) Limited (hereinafter called as "ARCIL") to issue no Due Certificate in favour of the applicant-PSL in respect of the discharge of liabilities of the applicant towards the respondent under the modified scheme sanctioned by the Honourable High Court of Gujarat vide its order dated 24.11.2008 and also a direction to the respondent to forthwith release the securities created by the applicant in favour of the respondent. The applicant further prayed for a direction to the respondent to forthwith issue its no Objection Certificate to Axis Trustee Services Limited, so as to enable the Trustees to issue their no Objection Certificate in favour of the applicant and to release the securities created by the applicant in favour of the Trustees for the various debentures issued, allotted and redeemed under the modified scheme.
(2.) Psl proposed a scheme of compromise and/or arrangement between PSL and its secured lenders and equity shareholders before the Honourable High Court of Gujarat. In the Court convened meeting of secured lenders held on 28.12.2007, ARCIL suggested some modifications to the scheme and the scheme with modifications was approved by the secured lenders with requisite statutory majority. Honourable Company Judge of the High Court of Gujarat by an order dated 24.11.2008 sanctioned the modified scheme with certain further modifications as suggested by Gujarat Industrial Investment Corporation Limited (hereinafter referred to as "GIIC"). Aggrieved by the order passed by the Honourable Company Judge, PSL preferred OJ Appeal No. 1 of 2009 before the Honourable High Court of Gujarat. During the pendency of OJ Appeal No. 1 of 2009, the applicant and GIIC entered into consent terms dated 27.8.2013 and the appeal came to be disposed of in light of the consent terms.
(3.) The original secured creditors of PSL prior to March 2004 were ICICI Bank Limited, State Bank of India, LIC and GIIC. ICICI Bank Limited, by assignment agreement dated 31.3.2004, assigned the financial assistance granted by it to PSL applicant along with attendant security interests to ARCIL and in that connection ARCIL addressed a letter dated 6.4.2004 to PSL.;