ICA Format

8/10/2019 ICA Format

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INTER-CREDITOR AGREEMENT

[Corporate Debt Restructuring System (CDR System!

THIS AGREEMENT is made at Mumbai this 07 day of May 2012 amog!

THE "INANCIA# INSTIT$TI%NS AN& 'AN(S amed i S)hedu*e+I he,eto

-he,eiafte, )o**e)ti.e*y ,efe,,ed to as the /Pa,ti)iatig "ia)ia* Istitutios ad

'as 3hi)h e4,essio sha**5 u*ess ,eugat to the )ote4t5 i)*ude thei, ,ese)ti.e

su))esso,s ad assigs6

AN&

A)o3*edged by the Co,o,ate &ebt Rest,u)tu,ig Stadig "o,um -he,eiafte,

,efe,,ed to as /C&R Stadig "o,um65 a ui)o,o,ated ,e,esetati.e body

)ostituted by the Pa,ti)iatig "ia)ia* Istitutios ad 'as8

"#EREAS

-A6 The Rese,.e 'a of Idia -R'I6 .ide its )i,)u*a, &'%& No8

'P8'C819:2180;811;:2000+01 dated August 2:2180;81


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,ofit tye me)haism fo, the effi)iet ,est,u)tu,ig of the )o,o,ate debts of .iab*e ad

otetia**y .iab*e etities fa)ig ,ob*ems -he,eiafte, ,efe,,ed to as the /C&R System68

The Pa,ti)iatig "ia)ia* Istitutios ad 'as ha.e bee ete,ig ito a Ite,+

C,edito, Ag,eemetB f,om time to time i)o,o,atig the ,o.isios fo, effe)ti.e

im*emetatio of the C&R System i a))o,da)e 3ith the R'I guide*ies ,e.ised f,om

time to time8 #ast su)h Ag,eemet 3as ete,ed ito o May 195 200? to be i fo,)e fo, a

e,iod of th,ee yea,s f,om the date of its e4e)utio8

-'6 As a a,t of the C&R System5 the C&R Stadig "o,um5 the C&R Co,e G,ou5 the

C&R Emo3e,ed G,ou ad C&R Ce** ha.e bee )ostituted:),eated5 as o+,ofit

etities5 i te,ms of R'I guide*ies fo, im*emetig the C&R System8

-C6 T$e a%oresai& R'I circuars an& t$e,u*es ad ,egu*atios f,amed5 o*i)ies ad

guide*ies issued o, ,o)edu,es *aid do3 o, the de)isios tae by the C&R Stadig

"o,um5 the C&R Co,e G,ou5 the C&R Emo3e,ed G,ou ad the C&R Ce** i

a))o,da)e 3ith the guide*ies o C&R System issued by R'I sha** fo,m the basis of

this Ag,eemet8

-&6 The Pa,ti)iatig "ia)ia* Istitutios ad 'as ad the E*igib*e 'o,,o3e, sha** i

ea)h )ase ete, ito a *ega**y efo,)eab*e ag,eemet -he,eiafte, ,efe,,ed to as /&ebto,+

C,edito, Ag,eemet6 ,o.idig fo, .a,ious moda*ities ,e*atig to the o,outs5 stad+

sti** ,o.isio et)85 i su)h fo,m ad mae, as the C&R Co,e G,ou may ,es),ibe8

E4e)utio of the &ebto,+C,edito, Ag,eemet by the E*igib*e 'o,,o3e, 3i** be a

)oditio ,e)edet to the a*i)abi*ity of this Ag,eemet to a.ai* of the beefit of C&R

System8

-E6 The Pa,ti)iatig "ia)ia* Istitutios ad 'as5 i )oside,atio of mutua* beefits

de,i.ed:to be de,i.ed by thei, a,ti)iatio i the C&R System5 do he,eby ),eate *ega**y

bidig ob*igatios to im*emet i good faith the C&R System8

N%5 THERE"%RE5 it is ag,eed as fo**o3s! +

Section )* De%initions

)*) "o, the u,ose of this Ag,eemet!

-a6 /A&&itiona +inance sha** mea the e3 "ia)ia* Assista)e ,o.ided to E*igib*e 'o,,o3e,

by 'as ad "ia)ia* Istitutios ude, the C&R system8

E4*aatio I! The e4istig assista)e ,est,u)tu,ed i di.e,se 3ays ,esu*tig i ),eatio of

e4istig ist,umets o, e3 ist,umets 3i** ot be t,eated as Additioa* "ia)e8

E4*aatio II,Si)e the sha,es ad debetu,es a,e t,asfe,ab*e i the mae, ,o.ided by the

Comaies A)t5 1?9=5 f,esh i.estmet i sha,es ad debetu,es a,e e4)*uded f,om the

u,.ie3 of Additioa* "ia)e8

-b6 Agreement.sha** mea this Ite,+C,edito, Ag,eemet5 i)*udig S)hedu*es he,eude,5 as

ameded f,om time to time8


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-)6 Appro/e& Restructuring Sc$eme.sha** mea the Rest,u)tu,ig S)heme a,o.edude, the

C&R System8

-d6 0'an12+inancia InstitutionD sha** mea the 'as o, "ia)ia* Istitutios amed i

S)hedu*e+I he,eto ad su)h othe, 'a:"ia)ia* Istitutio as may be admitted to the C&R

System ad a*so No 'aig "ia)e Comaies -N'"Cs65 Asset Re)ost,u)tio Comaies

-ARCs65 State #e.e* Istitutios ad Co+oe,ati.e 'as o t,asa)tio se)ifi) basis

-e6 0CDR Ce0 sha** mea a e,maet se),eta,ia* ad admiist,ati.e set+u estab*ished to

e,fo,m .a,ious fu)tios ude, the C&R System that sha** )a,,y out the fu)tios as ,o.ided

i this Ag,eemet8

-f6 0CDR Core Group.sha** mea the sma**e, g,ou 3ithi the C&R Stadig "o,um )osistig

of Chief E4e)uti.es of I&'I 'a #td -I&'I65 ICICI 'a #td8 -ICICI65 State 'a of Idia

-S'I65 'a of 'a,oda -'%'65 'a of Idia -'%I65 Puab Natioa* 'a -PN'65 Idia

'asB Asso)iatio -I'A6 ad &euty Chai,ma of Idia 'asB Asso)iatio ,e,esetig

fo,eig bas i Idia -&CI'A68

-g6 0CDR Empo3ere& Group0 sha** mea the g,ou )osistig of ,e,esetati.es of the

Pa,ti)iatig "ia)ia* Istitutios ad 'as as e, Se)tio 281; of this Ag,eemet8

-h6 0CDR Stan&ing +orum0 sha** mea the gee,a* body of the Pa,ti)iatig "ia)ia*

Istitutios ad 'as ag,eed ad )ostituted ude, the C&R System8

-i6 CDR +un&. sha** mea a fud )ostituted as e, the ,o.isios of Se)tio 1; of this

Ag,eemet8

-6 0Commencement Date0sha** mea the date o 3hi)h the Refe,e)e is tae u by the C&R

Emo3e,ed G,ou fo, the fi,st time to )oside, 3hethe, ,est,u)tu,ig of the E*igib*e

'o,,o3e, is ,ima+fa)ie feasib*e ad the E*igib*e 'o,,o3e, is otetia**y .iab*e i te,ms of the

o*i)ies ad guide*ies e.o*.ed by C&R Stadig "o,um8

-6 Debtor-Cre&itor Agreement. sha** mea the ude,taig e4e)uted by the E*igib*e

'o,,o3e, i the fo,m ,o.ided i S)hedu*e+ III he,eof8

-*6 Eigibe 'orro3er.sha** mea a )omay 3ithi the meaig of the Comaies A)t5 1?9= o,

a so)iety ude, ay Co+o8 So)ieties A)t o, the So)ieties Regist,atio A)t5 1>=0 o, ay othe,

body )o,o,ate5 assisted by mo,e tha oe #ede, ad i ,ese)t of 3hi)h the agg,egate tota*

%utstadig e4osu,e -fud based ad o+fud based6 of "ia)ia* Assista)e is Rs8 10 ),o,e

-Rs8 Te ),o,e6 o, abo.e ad 3hi)h fu*fi**s the e*igibi*ity ,eFui,emets *aid do3 by the C&R

Stadig "o,um:C&R Co,e G,ou:R'I f,om time+to+time fo, maig a ,efe,e)e ude, the

C&R System8-m6+inancia Assistance. sha** mea "ud+based Assista)e ad No+fud based Assista)e

g,ated by the #ede,s but does ot i)*ude subs),itio to eFuity sha,es ad:o, ,efe,e)e

sha,es of the E*igib*e 'o,,o3e, by the #ede,8

-6 +un& -base& Assistance.sha** mea the "ia)ia* Assista)e g,ated by 3ay of te,m *oa5

)ash ),edit5 o.e,d,aft5 bi**s fa)i*ity -3hi)h a*so i)*ude i*ad:fo,eig bi** egotiatio

fa)i*ities65 et)85 i)*udig debetu,es5 se)u,itised debt5 bods5 )o.e,tib*e ist,umets befo,e


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)o.e,sio ito eFuity ad ay othe, assista)e i the atu,e of a)tua* )ash a.ai*met:a)tua*

)ash fa)i*ity eoyed by the E*igib*e 'o,,o3e,8

-o6 0Ho*dig o %e,atiosD meas the )otiuous oe,atios i the a))out of the E*igib*e

'o,,o3e,5 by e,mittig them to uti*ie the a.ai*ed "' ad N"' fa)i*ities uto the outstadig

*e.e* as o date of ,efe,e)e ti** the im*emetatio of the a,o.ed C&R a)age

-6 4ea& Institution.sha** mea a #ede, so desigated ude, ay *oa do)umet e,taiig to

the "ia)ia* Assista)e ad i its abse)e5 the #ede, ha.ig the highest P,i)ia*

%utstadig "ia)ia* Assista)e to the E*igib*e 'o,,o3e, o the date of the Refe,e)e

-F6 4en&ers. sha**5 i ,ese)t of ay E*igib*e 'o,,o3e,5 mea the Pa,ti)iatig "ia)ia*

Istitutios ad: o, 'as5 3hi)h ha.e g,ated "ia)ia* Assista)e to su)h E*igib*e 'o,,o3e,

ad a a,ty to this Ag,eemet8

-,6 0Monitoring Committee.sha** mea a )ommittee )osistig of a ,e,esetati.e of C&R Ce**

ad ,e,esetati.es of su)h of the *ede,s to the E*igib*e 'o,,o3e, as may be de)ided by the

C&R Emo3e,ed G,ou8

E4*aatio! The Moito,ig Committee may i.ite a ,e,esetati.e of the )omay ad othe,

*ede,:s to the E*igib*e 'o,,o3e,5 3ho a,e ot a,ties to this Ag,eemet5 as se)ia* i.itees to

the Moito,ig Committee meetig:s8

-s6 Monitoring Institution.sha** mea the #ede, 3ho has made the ,efe,e)e to C&R system

i te,ms of C&R Emo3e,ed G,ouBs de)isio o, ay othe, 'a:"ia)ia* Istitutio

omiated to a)t as su)h i te,ms of the de)isio of C&R Emo3e,ed G,ou5 i the e.et of

su)h *ede, beig uab*e to tae u the ,o*e of moito,ig8

-t6 Non-Compying 4en&er.sha** ha.e the meaig assiged to it i Se)tio 1< he,eto8

-u6 0Non-+un& 'ase& Assistance0 sha** mea gua,atee fa)i*ity i)*udig defe,,ed aymet

gua,atee5 *ette, of ),edit ad ay othe, o+)ash fa)i*ity g,ated by the #ede,s8

-.6 05rincipa Outstan&ing +inancia Assistance0 sha** i the )ase of E*igib*e 'o,,o3e, mea

the agg,egate amout outstadig as at the ed of the ,e.ious )a*eda, Fua,te, ,e)oed f,om

the date of the Refe,e)e ad i ,ese)t of!

-a6 "ud+based Assista)e

-i6 Te,m *oa! Agg,egate ,i)ia* outstadig amout of "ia)ia* Assista)e g,ated

by the #ede,s i)*udig "uded Ite,est Te,m #oa -"IT#6 ad o,ig Caita* Te,m

#oa -CT#68

-ii6 o,ig )aita* fa)i*ities! Amout sa)tioed ad outstadig -e4)*udig ay

e*emet of use,.i)ed ite,est68-b6 No+"ud based Assista)e! Agg,egate assista)e )ommitted i8e8 #Cs oeed5

gua,atee:s issued et)8

-36/5ERT C$art.sha** mea the fo,mat de.ised by C&R Co,e G,ou fo, ,efe,,ig the )ases to

C&R ad fo, ,o)essig the )ases8

-46 0Re%erence0 sha** ha.e the meaig assiged to it i Se)tio = he,eto8

-y6 Re%erring 4en&er0sha** ha.e the meaig assiged to it i Se)tio = -a6 he,eto8


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-6 Restructuring Sc$eme. sha** mea a s)heme fo, ,est,u)tu,ig of the debts of the

E*igib*e 'o,,o3e, i)*udig fia)ia*5 busiess5 o, maagemet ,est,u)tu,ig as e.isaged i

this Ag,eemet8

-aa6 Super-Ma6ority 7ote.sha** mea .otes )ast i fa.ou, of a ,oosa* by ot *ess tha

si4ty e,)et -=06 of umbe, of #ede,s ad ho*dig ot *ess tha se.ety+fi.e e,)et

-796 of the agg,egate P,i)ia* %utstadig "ia)ia* Assista)e8

E4*aatio!

#ede,s ot ha.ig madate at the time of C&R EG meetig )ou*d fu,ish thei, stad

sho,t*y afte, the meetig but ot *ate, tha the e4t meetig ad thei, stad if ,e)ei.ed

by the shou*d be tae ito a))out fo, .otig5 ad

#ede,s ot fu,ishig thei, stad befo,e the e4t C&R EG meetig shou*d be e4)*uded

f,om .otig8

-bb6 8ear.sha** mea a e,iod of t3e*.e moths f,om 1stof A,i* of the yea, to


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Pa,ti)iatig 'as ad "ia)ia* Istitutios of the C&R system8 The Stadig "o,um

3i** se*e)t its Chai,ma fo, a e,iod of oe yea, ad the ,i)i*e of ,otatio 3i** be

fo**o3ed i the subseFuet yea,s8

28= The C&R Co,e G,ou 3i** be )a,.ed out of the C&R Stadig "o,um to assist the

Stadig "o,um i )o.eig the meetigs ad taig de)isios ,e*atig to o*i)ies o

beha*f of the Stadig "o,um8 C&R Co,e G,ou sha** de)ide as to 3hethe, a a,ti)u*a,

,efe,e)e fa**s 3ithi the s)oe of C&R system

287 The C&R Co,e G,ou 3i** )osist of Chief E4e)uti.es of I&'I 'a #td85 State 'a

of Idia5 ICICI 'a #td85 'a of 'a,oda5 'a of Idia5 Puab Natioa* 'a5

Idia 'asB Asso)iatio ad &euty Chai,ma of Idia 'asB Asso)iatio

,e,esetig fo,eig bas i Idia8

28> The C&R Co,e G,ou sha** a*so ,es),ibe the PERT )ha,t fo, ,o)essig of )ases

,efe,,ed to C&R system ad de)ide o moda*ities fo, efo,)emet of the time f,ame8

28? The C&R Co,e G,ou sha** *ay do3 the o*i)ies ad guide*ies to be fo**o3ed by the

C&R Emo3e,ed G,ou ad C&R Ce** fo, debt ,est,u)tu,ig8 Ay )hages i the

o*i)ies ad guide*ies5 as de)ided by C&R Co,e g,ou f,om time to time sha** be

bidig o the membe,s of C&R System8

2810 The C&R Co,e G,ou sha** e4e,)ise its dis),etio i dea*ig 3ith the 3i**fu* defau*te,s

i )ases othe, tha )ases i.o*.ig f,auds o, di.e,sio of fuds 3ith ma*a+fide

itetios ad satisfy itse*f that the E*igib*e 'o,,o3e, is i a ositio to ,e)tify the

3i**fu* defau*t afte, gi.ig a oo,tuity to the E*igib*e 'o,,o3e, ude, the C&R

me)haism8

2811 The C&R Co,e G,ou sha** mae su)h ,u*es ad ,egu*atios ad *ay do3 ,o)edu,es

as may be e)essa,y fo, ,o)essig the Rest,u)tu,ig S)hemes5 ho*dig of meetigs5

maitea)e of ,egiste,s5 a))outs5 ,e)o,ds5 se),e)y ad )ofidetia*ity ,o.isios5

e,soe* matte,s5 )oditios of se,.i)e of the staff osted i the C&R Ce** ad su)h

othe, matte,s as may be autho,ised by the C&R Stadig "o,um8

2812 The ,u*es ad ,egu*atios f,amed5 o*i)ies ad guide*ies issued o, ,o)edu,es *aid

do3 o, the de)isios tae by the C&R Co,e G,ou ude, the ,o.isios of this

Ag,eemet sha** be i st,i)t )om*ia)e 3ith the guide*ies issued by R'I f,om timeJ

to+time ad ,eo,ted to the C&R Stadig "o,um at its esuig meetig8

281< The C&R Co,e G,ou sha** be etit*ed by 3ay of )i,)u*atio amog its membe,s5

-a6 to a,o.e the ,oosa*s fo, e4tedig the time beyod the stiu*ated time fo,fia*iig the Rest,u)tu,ig S)heme

-b6 to ,e)ommed fo, taig u the ,est,u)tu,ig5 ude, C&R system5 of the )o,o,ate

debt of the E*igib*e 'o,,o3e, 3hi)h had made a ,efe,e)e to the 'oa,d fo,

Idust,ia* ad "ia)ia* Re)ost,u)tio -'I"R6 ad

-)6 to g,at i+,i)i*e a,o.a* to ude,tae ,e+3o,out of the Rest,u)tu,ig

S)hemes of those E*igib*e 'o,,o3e,s 3hi)h 3e,e a,o.ed ea,*ie, ad a*so to


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ude,tae ,est,u)tu,ig of the debts of the E*igib*e 'o,,o3e, 3hose Refe,e)e 3as

eithe, ,ee)ted o, )*osed8

281; The idi.idua* )ases of Co,o,ate &ebt Rest,u)tu,ig sha** be de)ided by the C&R

Emo3e,ed G,ou )osistig of E4e)uti.e &i,e)to, *e.e* ,e,esetati.es of I&'I 'a

#td85 ICICI 'a #td8 ad State 'a of Idia as Stadig Membe,s i additio to

E4e)uti.e &i,e)to, *e.e* ,e,esetati.es of "ia)ia* Istitutios ad 'as 3ho ha.e

a e4osu,e to the )o)e,ed E*igib*e 'o,,o3e, 3hose )ase is ,efe,,ed to the C&R

System8 The )odu)t of the C&R Emo3e,ed G,ou meetig 3i** be fa)i*itated by the

stadig membe,s8 Ho3e.e,5 de)isio sha** be tae o the basis of .otig 3hi)h sha**

be i ,oo,tio to the e4osu,e of the *ede,s to the E*igib*e 'o,,o3e, o*y5 3hi)h is

,efe,,ed to the C&R System8

2819 The *e.e* of ,e,esetatio of a,ti)iatig 'as:"ia)ia* Istitutios o the C&R

Emo3e,ed G,ou shou*d be at a suffi)iet*y seio, *e.e* so as to esu,e that

)o)e,ed a,ti)iatig 'as:"ia)ia* Istitutios abide by e)essa,y )ommitmets

made i )oe)tio 3ith debt ,est,u)tu,ig8 The a,ti)iatig 'as:"ia)ia*

Istitutios sha** esu,e that the offi)ia* ,e,esetig the 'as: "ia)ia* Istitutios

i the C&R Emo3e,ed G,ou a,e gi.e a gee,a* autho,iatio by thei, ,ese)ti.e

'oa,ds autho,iig them to tae de)isios o beha*f of thei, o,gaiatio ,ega,dig

,est,u)tu,ig of debts of idi.idua* E*igib*e 'o,,o3e,8

281= C&R Emo3e,ed G,ou sha** )oside, the ,e*imia,y ,eo,t of a** )ases of ,eFuest of

,est,u)tu,ig5 submitted to it by C&R )e**8 The C&R Emo3e,ed G,ou sha** de)ide as

to 3hethe, the ,est,u)tu,ig of a E*igib*e 'o,,o3e, is ,ima fa)ie feasib*e ad the

ete,,ise is otetia**y .iab*e i te,ms of the o*i)ies ad guide*ies e.o*.ed by

Stadig "o,um8 %)e a ,eFuest is de)ided as feasib*e by C&R Emo3e,ed G,ou5 the

detai*ed ,est,u)tu,ig a)age sha** be 3o,ed out by the C&R )e** i )ou)tio 3ith

#ead Istitutios:Refe,,a* #ede,8

2817 The C&R Emo3e,ed G,ou 3ou*d be madated to *oo ito ea)h )ase of debt

,est,u)tu,ig5 e4amie the .iabi*ity ad ,ehabi*itatio otetia* of a ,efe,e)e ad

a,o.e the ,est,u)tu,ig a)age 3ithi a se)ified time e,iod of ?0 days o, at best

3ithi 1>0 days of ,efe,e)e to the Emo3e,ed G,ou8 The Emo3e,ed G,ou sha**

de)ide o the a))etab*e .iabi*ity be)hma, *e.e*s5 3hi)h may be a*ied o a )ase+

by+)ase basis5 based o the me,its of ea)h )ase8

281> The 'oa,d of ea)h a,ti)iatig 'a:"ia)ia* Istitutio sha** autho,ie its ChiefE4e)uti.e %ffi)e, ad : o, E4e)uti.e &i,e)to, to de)ide o the ,est,u)tu,ig a)age i

,ese)t of )ases ,efe,,ed to the C&R System5 3ith the ,eFuisite ,eFui,emets to meet

the )ot,o* eeds8 C&R Emo3e,ed G,ou 3i** meet o t3o o, th,ee o))asios i

,ese)t of ea)h E*igib*e 'o,,o3e,5 to ,o.ide a oo,tuity to the a,ti)iatig

membe,s to see the ,oe, autho,iatios f,om thei, CE%:E&5 i )ase of eed5 i

,ese)t of those )ases 3he,e the ),iti)a* a,amete,s of ,est,u)tu,ig a,e beyod the

autho,ity de*egated to him:he,8


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282; The C&R Ce** sha** fu)tio as the admiist,ati.e ad se),eta,ia* set u fo, the C&R

System8 The C&R Ce** sha** fo**o3 su)h ,o)edu,es as 3ou*d be *aid do3 by ad

sha** be sube)t to the sue,.isio ad di,e)tios of the C&R Co,e G,ou8

2829 The C&R Ce** sha** ,e)ei.e the ,efe,e)es5 )odu)t su)h ,e*imia,y eFui,ies as may

be deemed e)essa,y5 asso)iate itse*f i ,ea,ig ad fia*iig ,oosa*s fo,

Rest,u)tu,ig S)hemes i )osu*tatio 3ith Refe,,ig #ede,:s5 )oside,atio the,eof

by the C&R Emo3e,ed G,ou ad assist the C&R Stadig "o,um5 C&R Co,e G,ou

ad C&R Emo3e,ed G,ou i thei, fu)tios fo, im*emetatio of the C&R System8

282= The Pa,ti)iatig "ia)ia* Istitutios ad 'as )ofi,m ad ,atify the )ostitutio

of the C&R Stadig "o,um as )ostituted o,igia**y i the meetig he*d o No.embe,

1 The Pa,ti)iatig "ia)ia* Istitutios ad 'as a)o3*edge ad )ofi,m the

)ostitutio of the C&R Co,e G,ou ad estab*ishmet of the C&R Ce** as e, the

guide*ies issued by R'I ad ,eset*y housed i I&'I 'a #td at its Registe,ed

%ffi)e o, at su)h othe, *a)e as the C&R Stadig "o,um may de)ide8

282? The Pa,ti)iatig "ia)ia* Istitutios ad 'as a)o3*edge the e,etua*

)otiuity of the C&R Stadig "o,um5 the C&R Co,e G,ou5 the C&R Emo3e,ed

G,ou ad the C&R Ce** ad bidig atu,e of thei, de)isios ot3ithstadig ay

)hage i thei, membe,shi o, ,e,esetati.e:s of the membe,s f,om time+to+time8

Section ;* A&mission o% a Ne3 Member to CDR System


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A 'a o, a "ia)ia* Istitutio beig sigato,y to this Ag,eemet may .o*uta,i*y submit to

the C&R System5 of its "ia)ia* Assista)e ,o.ided to the E*igib*e 'o,,o3e, th,ough its

offsho,e b,a)h -es68

Section =* Meetings an& >uorum %or Meetings o% t$e CDR Stan&ing +orum: CDR

Core Group an& CDR Empo3ere& Group

18 The C&R Stadig "o,um sha** meet at *east o)e i e.e,y si4 moths8

28 The C&R Co,e G,ou sha** meet at su)h ite,.a*s as 3ou*d be e)essa,y but i ay

)ase at *east o)e i e.e,y Fua,te,8


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C&R Emo3e,ed G,ou5 su)h a,ty sha** be deemed to be a Pa,ti)iatig "ia)ia* Istitutio

o, 'a5 as the )ase may be5 fo, the u,oses of this Ag,eemet ad sha** ay Rs8 2 *ah

-Ruees T3o #ah6 at the time of sigig the #ette, of A))essio8

Section * Stan&sti 5ro/ision

The Pa,ti)iatig "ia)ia* Istitutios ad 'as ag,ee ad ude,tae that f,om the

Comme)emet &ate of )oside,atio of Refe,e)e fo, the fi,st time by the C&R Emo3e,ed

G,ou at its meetig5 the #ede,s sha** ot )omme)e ay )i.i* a)tio ad:o, mae best effo,ts

ot to ,o)eed 3ith ay )i.i* a)tio5 if a*,eady iitiated5 agaist the E*igib*e 'o,,o3e, fo,

,e)o.e,y of thei, dues i ,ese)t of the "ia)ia* Assista)e8 Ho3e.e,5 the afo,esaid stadsti**

,o.isio 3i** be oe,ati.e fo, a e,iod of ?0 days but may be e4teded u to 1>0 days5 3ith

the se)ifi) a,o.a* of C&R Co,e G,ou5 f,om the Comme)emet &ate8 This ho3e.e,5 sha**

ot ,e)*ude the Pa,ti)iatig "ia)ia* Istitutios ad 'as f,om iitiatig o, )otiuig

ay a)tio agaist the E*igib*e 'o,,o3e, o, its ,omote,s : di,e)to,s o, its offi)ia*s fo, ),imia*

offe)es8 &u,ig this e,iod5 outstadig fo,eig e4)hage fo,3a,d )ot,a)ts5 de,i.ati.e

,odu)ts et)8 )a be ),ysta**ised5 ,o.ided su)h )ysta**isatio is e,mitted ude, the Ag,eemet

3ith the E*igib*e 'o,,o3e, o, the E*igib*e 'o,,o3e, is ag,eeab*e to su)h ),ysta**iatio8

E4*aatio! "o, the u,ose of this )*ause5 the te,m D)i.i* a)tio sha** mea su)h *ega*

a)tio o, ,o)eedig agaist the E*igib*e 'o,,o3e,5 o, agaist idi.idua*-s6 e4tedig e,soa*

gua,atee-s6 i ,ese)t of the "ia)ia* Assista)e ,o.ided by the #ede,s to the E*igib*e

'o,,o3e, ad i)*udes efo,)emet of se)u,ities ),eated i fa.ou, of ay #ede, by the

E*igib*e 'o,,o3e,8

Not3ithstadig the afo,esaid5 if *ega* ,emedies i ,ese)t of ay )*aim of a #ede, a,e

*ie*y to be)ome ba,,ed by *a3 of *imitatio ad the E*igib*e 'o,,o3e, o, the idi.idua*-s6

e4tedig e,soa* gua,atee-s6

fai*5 ,efuse o, omit to ,o.ide )ofi,matio of debt o,

a)o3*edgemet of *iabi*ity i ,ese)t of it to e4ted the e,iod of *imitatio5 the #ede, sha**

ha.e the f,eedom to tae su)h a)tio as may be )oside,ed e)essa,y to ,ese,.e its )*aim

agaist the E*igib*e 'o,,o3e, ad:o, the idi.idua*-s6 e4tedig e,soa* gua,atee-s6 ad

ee the C&R ifo,med about su)h a)tio8

Section B* 5roce&ure un&er t$e CDR System

?81 The Refe,,ig #ede, sha** ,ea,e the ,e*imia,y Rest,u)tu,ig S)heme ad the PERT

Cha,t ad fo,3a,d the same to the C&R Ce** a*og 3ith the Refe,e)e ad

simu*taeous*y sed a )oy of the same to ea)h of the #ede,s8 I )ase the Refe,e)e

is made by the E*igib*e 'o,,o3e,5 the C&R Ce** sha** ,eFui,e the #ead Istitutio o, the

Refe,,ig #ede, ad the #ede,s )osetig to the maig of the Refe,e)e to ,ea,e

the ,e*imia,y Rest,u)tu,ig S)heme ad the PERT Cha,t ad fo,3a,d the same to the

C&R Ce** 3ith a )oy to ea)h of the #ede,s8


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?82 The C&R Ce** sha**5 afte, ,e)eit of the ,e*imia,y Rest,u)tu,ig S)heme ad the PERT

Cha,t5 ,ea,e a Rest,u)tu,ig S)heme i te,ms of the gee,a* o*i)ies ad guide*ies

a,o.ed by the C&R Stadig "o,um ad submit the same to the C&R Emo3e,ed

G,ou fo, taig a .ie3 o the ,ima fa)ie feasibi*ity of the said s)heme 3ithi thi,ty

days f,om the date of ,e)eit of Refe,e)e8 The C&R Emo3e,ed G,ou may fo,

suffi)iet ,easos e4ted the time fo, submissio of the P,e*imia,y Rest,u)tu,ig

S)heme by a fu,the, e,iod of thi,ty days8

?8< The E*igib*e 'o,,o3e, sha** e4e)ute o, the Refe,,ig #ede, sha** )ause the E*igib*e

'o,,o3e, to e4e)ute &ebto,+C,edito, Ag,eemet as e, fo,mat gi.e i S)hedu*e J III

he,eof ad de*i.e, the same to C&R Ce** befo,e the s)hedu*ed meetig of the C&R

Emo3e,ed G,ou fo, )oside,ig the ,ima fa)ie feasibi*ity of the ,e*imia,y

Rest,u)tu,ig S)heme8

?8; I )ase the C&R Emo3e,ed G,ou ho*ds that ,est,u)tu,ig of the E*igib*e 'o,,o3e, is

,ima fa)ie feasib*e5 the C&R Ce** sha** ,o)eed 3ith the ,ea,atio of a detai*ed

Rest,u)tu,ig S)heme 3ith the assista)e of the Refe,,ig #ede,5 #ead Istitutio ad

the E*igib*e 'o,,o3e,8 I )ase the Refe,,ig #ede,:#ead Istitutio fa)es diffi)u*ties i

3o,ig out the detai*ed Rest,u)tu,ig S)heme5 the C&R Emo3e,ed G,ou sha**

desigate oe of the #ede,s to 3o, out detai*ed Rest,u)tu,ig S)heme8 If e)essa,y5

the C&R Ce** eithe, by itse*f o, th,ough the E*igib*e 'o,,o3e, may egage a outside

e4e,t fo, ay se)ia*ised ad.i)e ,eFui,ed fo, the o,out8 The E*igib*e 'o,,o3e, sha**

bea, the fee ad othe, e4eses of su)h outside e4e,t8

?89 The C&R Ce** sha** fia*ise the detai*ed Rest,u)tu,ig S)heme ad submit the same to the

C&R Emo3e,ed G,ou fo, its e4amiatio ad a,o.a*8 The C&R Emo3e,ed

G,ou may o due )oside,atio mae su)h modifi)atios as it may )oside, e)essa,y

ad sha** tae a de)isio i the matte,8 The C&R Emo3e,ed G,ou ad the C&R Ce**sha** mae edea.ou, to )om*ete the ,o)ess of ,ea,ig detai*ed ,est,u)tu,ig

S)heme ad its a,o.a* o, disa,o.a* by the C&R Emo3e,ed G,ou 3ithi iety

-?06 days f,om the Comme)emet &ate8

?8= The C&R Ce** sha** )ommui)ate the de)isios of the C&R Emo3e,ed G,ou to the

#ede,s ad the E*igib*e 'o,,o3e,8

?87 The C&R Co,e G,ou may5 at the ,eFuest of the C&R Ce** i a,o,iate )ases5 e4ted the

time *imit set out i Se)tio ?89 he,eiabo.e u to a ma4imum of 1>0 days f,om the

Comme)emet &ate8

?8> he,e.e, Additioa* "ia)e5 if ay5 is e.isaged i the A,o.ed Rest,u)tu,ig S)heme5

the same sha** be ,o.ided o ,o+,ata basis by a** the #ede,s to the E*igib*e

'o,,o3e,5 3hose a))out is )*assified as stada,d o, sub+stada,d8

?8? I )ase detai*ed Rest,u)tu,ig S)heme of E*igib*e 'o,,o3e, 3hose a))out is )*assified as

stada,d o, sub+stada,d5 i a))o,da)e 3ith the di,e)tios o, ude, the guide*ies

,e*atig to asset )*assifi)atio issued by R'I5 by #ede,s ha.ig e4osu,e of at *east ?0


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e,)et of the P,i)ia* %utstadig "ia)ia* Assista)e5 e.isages Additioa* "ia)e

by #ede,s5 the #ede,-s6 Koutside the miimum 79 e,)et by .a*ue ad =0 e,)et by

umbe,L ad the #ede, 3ho is ot a )osetig a,ty to the A,o.ed Rest,u)tu,ig

S)heme ad does ot 3ish to )ommit Additioa* "ia)e5 sha** 3ithi thi,ty days of the

)ommui)atio of the de)isio of C&R Emo3e,ed G,ou5 by the C&R Ce** !

-a6 a,,age fo, its sha,e of additioa* fia)ig ,o.ided by a e3 o, e4istig

#ede, i the mae, ,o.ided i Se)tio 1? of this Ag,eemet o,

-b6 ag,ee to defe,met of the fi,st yea,Bs ite,est due to it afte, the a,o.ed

Rest,u)tu,ig S)heme be)omes effe)ti.e ad the aymet the,eof 3ithout

)omoudig a*og 3ith the *ast ista**met of the P,i)ia* due to the #ede,8

?810 I )ase detai*ed Rest,u)tu,ig S)heme of E*igib*e 'o,,o3e, 3hose a))out is )*assified

as doubtfu*B i a))o,da)e 3ith the di,e)tios o, ude, the guide*ies ,e*atig to asset

)*assifi)atio issued by R'I5 by the #ede,s ha.ig mo,e tha te -106 e,)et i .a*ue

of the P,i)ia* %utstadig "ia)ia* Assista)e ad the Rest,u)tu,ig S)heme is

a,o.ed5 it 3i** ot be e)essa,y fo, ay #ede, to tae u additioa* fia)ig ude,

the A,o.ed Rest,u)tu,ig S)heme5 u*ess su)h Additioa* "ia)e has bee

se)ifi)a**y ag,eed to be ,o.ided by the #ede,8

?811 The *ede,s 3ho 3ish to e4it f,om the a)age 3ou*d ha.e the otio to se** thei,

e4istig sha,e eithe, to the e4istig *ede,s o, f,esh *ede,s5 at a a,o,iate ,i)e5

3hi)h 3ou*d be de)ided mutua**y bet3ee the e4istig *ede, ad the taig o.e,

*ede,8 The e3 *ede, sha** ,a o a, 3ith the e4istig *ede,s fo, ,eaymet ad

se,.i)ig of the dues si)e they ha.e tae o.e, the e4istig dues to the e4istig *ede,8

?812 The ,o.ide,s of additioa* fia)e5 3hethe, e4istig *ede,s o, e3 *ede,s5 sha** ha.e

,efe,etia* )*aim5 to be 3o,ed out ude, the ,est,u)tu,ig a)age5 o.e, the ,o.ide,

of e4istig fia)e 3ith ,ese)t to the )ash f*o3 out of the ,e)o.e,ies f,om the

oe,atios5 i ,ese)t of additioa* fia)e8

?81< The ,ese)ti.e Refe,,ig #ede, sha** se)ify the ,o+,ata sha,ig of additioa* fia)e

by a** the Pa,ti)iatig #ede,s u,suat to the de)isio of the sue, mao,ity ad sha**

)oside, the said additioa* fia)e as a,t of the a,o.ed fia* ,est,u)tu,ig ,oosa*

i the same mae,8

?81; The Pa,ti)iatig #ede,s sha** sa)tio ad ,e*ease thei, ,ese)ti.e ,o ,ata sha,e of

the additioa* 3o,ig )aita* 3ithout addig ay oe,ous )oditio the,eto: maig it

)otiget o some haeigs:o haeigs5 o)e its is a,o.ed by the C&R EG8

?819 The Pa,ti)iatig #ede,s sha** a**o3 the E*igib*e 'o,,o3e,s fo, Ho*dig %

%e,atios -H%%6 f,om the date of admissio of ,efe,e)e to C&R ti** the

im*emetatio of the a,o.ed a)age8

?81981 &u,ig the H%% e,iod5 the Pa,ti)iatig #ede,s


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Page 1; of ICA

sha** a**o3 the E*igib*e 'o,,o3e,s to )otiue oe,atios i its a))outs uto the

outstadig *e.e* a.ai*ed as o the ,efe,e)e date8

?81982 sha** esu,e that the outstadig *e.e* -"ud 'ased ad No "ud 'ased6 of the fa)i*ity

as o date of ,efe,e)e is maitaied ti** the im*emetatio of the C&R a)age8

?8198< sha** a**o3 the E*igib*e 'o,,o3e,s to ite,)hage its fa)i*ity bet3ee the "ud 'ased

ad No "ud 'ased *imits o*y to the e4tet of outstadig *e.e* as de,i.ed as o date

of ,efe,e)e

?8198; sha** a**o3 the E*igib*e 'o,,o3e,s to a.ai* the "':N"' *imits to the e4tet of ),edits

a.ai*ab*e to them8

?81= The Pa,ti)iatig #ede,s shou*d adhe,e to the a)age ad the,e shou*d ot be ayfu,the, dis)ussio:de.iatio o the same5 o)e the a)age has bee sa)tioed by

Sue, Mao,ity i the C&R EG P*atfo,m8

?81=81 P,o.ided ho3e.e, that

-i6 #ede,s taig u f,esh:additioa* o,ig Caita* "ia)e u,suat to the fia*

a,o.ed ,est,u)tu,ig a)age5 sha** ha.e ,io,ity ,e)o.e,y eFui.a*et to the

outstadig amout of "IT#:CT#

-ii6 3hi*e de)idig the 3ate, fa** me)haism i the oe,atios of the TRA te,m *oa

ista**mets of 3o,ig )aita* *ede,s 3ou*d get ,io,ity to the e4tet of additioa*

3o,ig fa)i*ities e4teded by them5 i )ase the,e is o outstadig ba*a)e of CT#

"IT#

?817 If a a))out 3ith a *ede, is sube)ted to %e time Sett*emet -%TS6 by a E*igib*e

bo,,o3e, befo,e its ,efe,e)e to C&R System5 ay fu*fi**ed )ommitmets ude, su)h

%TS may ot be ,e.e,sed ude, the A,o.ed Rest,u)tu,ig S)heme8 "u,the, aymet

)ommitmets of the E*igib*e bo,,o3e, a,isig out of su)h %TS may be fa)to,ed ito

,est,u)tu,ig S)heme8

?81> %)e the Rest,u)tu,ig S)heme is a,o.ed it sha** be fia* ad bidig o the #ede,s

ad the E*igib*e 'o,,o3e,5 sube)t to aea* to the C&R Co,e G,ou 3ithi su)h time

ad i the mae, as ,o.ided he,eiafte,8

?81? No idi.idua* )ase sha** be ,efe,,ed to R'I8 The C&R Co,e G,ou may tae fia*

de)isio 3hethe, a a,ti)u*a, )ase fa**s ude, the C&R guide*ies o, it does ot8

?820 Afte, a,o.a* of the Rest,u)tu,ig S)heme5 if it has be)ome e)essa,y fo, the E*igib*e

'o,,o3e, to a,oa)h the a,o,iate )ou,t:t,ibua* to iitiate ,o)eedigs ude,

se)tio


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Istitutios ad 'as sha** )o.ey to othe, #ede,s of a E*igib*e 'o,,o3e,5 ,eFuisite

)oset o, a,o.a* fo, )edig ad ),eatio of )ha,ge o the assets of the E*igib*e

'o,,o3e, i te,ms of the A,o.ed Rest,u)tu,ig S)heme8 Ho3e.e,5 ay #ede,

ha.ig a e4)*usi.e )ha,ge o the assets of the E*igib*e 'o,,o3e,5 has the otio of

ag,eeig to sha,e its )ha,ge 3ith othe, *ede,s o, ,etai its e4)*usi.e )ha,ge o.e, the

said assets

P,o.ided ho3e.e, that5

-a6 i )ase a #ede, has a )ha,ge o*y o.e, )e,tai assets e4)*usi.e*y5 i8e8 it has o

se)u,ity that is sha,ed 3ith ay othe, #ede,5 ad su)h #ede, )hooses to ,etai

its e4)*usi.e )ha,ge o the assets of the E*igib*e 'o,,o3e,5 it sha** ot be

etit*ed to ,eFui,e the othe, #ede,s to )ede a,i assu )ha,ge i its fa.ou, fo,

that "ia)ia* Assista)e ad

-b6 i )ase a #ede, has a e4)*usi.e )ha,ge o.e, )e,tai se)ifi) assets ad a*so

has a )ha,ge o.e, )e,tai othe, assets sha,ed 3ith some o, a** the othe, #ede,s5

the su)h #ede, sha** be etit*ed to a,i assu )ha,ge o.e, the othe, assets ot

)ha,ged but ,oosed to be sha,ed amogst a** the #ede,s8

?822 The C&R Emo3e,ed G,ou may tae a de)isio to adot uifo,m do)umetatio fo,

the Rest,u)tu,ig S)heme a,o.ed ude, C&R system o, adot )ase+se)ifi)

do)umetatio deedig uo the )om*e4ity of the ,est,u)tu,ig8

?82< Ea)h of the Pa,ti)iatig "ia)ia* Istitutios ad 'as is fu**y a3a,e that the

Rest,u)tu,ig S)hemes a,o.ed by the C&R Emo3e,ed G,ou sha** be im*emeted

3ithi ; moths f,om the date of #ette, of A,o.a* -#%A6 issued by C&R Ce**5 as e,

the R'I guide*ies8 Ay o+a)tio:ia)tio o the a,t of ay of the #ede,s sha** be

)oside,ed as o+)om*ia)e ad 3ou*d be *iab*e fo, a)tio ude, se)tio 1< he,eof8

Section )* Decision 5rocess

1081 A de)isio of the C&R Emo3e,ed G,ou ,e*atig to ,ima fa)ie feasibi*ity ad:o,

fia* a,o.a* of a Rest,u)tu,ig S)heme sha** be tae by a Sue,+Mao,ity ote at a

du*y )o.eed meetig5 afte, gi.ig ,easoab*e oti)e5 to the #ede,s ad to the

E*igib*e 'o,,o3e,8

1082 I )ase ay )hage:a*te,atio:modifi)atio to the A,o.ed Rest,u)tu,ig S)heme is

,eFui,ed5 the Refe,,ig #ede,:C&R Ce** sha** ,efe, the same to the C&R Emo3e,ed

G,ou ad the de)isio of the C&R Emo3e,ed G,ou ,e*atig to su)h

)hages:a*te,atio:modifi)atio sha** be tae by a Sue,+Mao,ity ote at a du*y

)o.eed meetig5 afte, gi.ig ,easoab*e oti)e5 to the #ede,s ad to the E*igib*e

'o,,o3e,8

P,o.ided that i )ase of oe time sett*emet ,oosa*s5 de)isio tae o the basis of

Sue,+Mao,ity ote sha** ot )ome* the #ede, 3hi)h had ot ag,eed to the ,oosa*8


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108< The Stadig Membe,s i the C&R Emo3e,ed G,ou 3i** ot ha.e ay .otig ,ights

i ,ese)t of the matte, se)ified i se)tio 1081 o, se)tio 1082 u*ess the istitutio

they ,e,eset is a*so a #ede, to the E*igib*e 'o,,o3e,8

Section ))* Appea to t$e CDR Core Group

1181A aea* agaist the de)isios of the C&R Emo3e,ed G,ou sha** *ie to the C&R Co,e

G,ou8

1182 The aea* sha** be ,efe,,ed 3ithi a e,iod of fiftee -196 days f,om the date of ,e)eit of

*ette, of the C&R Ce** )ommui)atig the de)isio of the C&R Emo3e,ed G,ou ad

sha** )otai the g,ouds o 3hi)h the de)isio of C&R Emo3e,ed G,ou is

)ha**eged8

118< The C&R Co,e G,ou may i a a,o,iate )ase )odoe the de*ay u to a ma4imum

e,iod of fiftee days i fi*ig the aea* o sho3ig suffi)iet )ause fo, the de*ay f,om

the *ast date o 3hi)h the aea* shou*d ha.e bee fi*ed i te,ms of se)tio 11828

118;The aea* sha** be submitted th,ough the C&R Ce** 3hi)h sha** .e,ify the aea* ad tae

fu,the, stes to ha.e the date fi4ed fo, hea,ig the,eof by the C&R Co,e G,ou8 The

C&R Co,e G,ou sha** the,eafte, disose of the aea* at its immediate e4t meetig8

The C&R Co,e G,ou may fo**o3 su)h ,o)edu,e as may be deemed e)essa,y i thisbeha*f8 P,o.ided that the ,e,esetati.e of Pa,ti)iatig "ia)ia* Istitutio ad 'a

3hi)h is a a,ty to the aea*5 sha** ot a,ti)iate o, .ote i the de)isio maig

,o)ess of the aea*8

1189The #ede, 3ho ,efe,s a aea* to the C&R Co,e G,ou sha** ot ha.e a ,ight of

e,soa* hea,ig8

118=The de)isio of C&R Co,e G,ou sha** be fia* ad bidig o the a,ties to the ,efe,e)e8

Ho3e.e,5 a #ede, 3ho is ot satisfied 3ith the de)isio of the C&R Co,e G,ou maysee ,e.ie3 of the de)isio 3ithi 19 days of the )ommui)atio of the said de)isio5

o*y o the basis of e3 fa)ts o, e,,o, aa,et o the fa)e of ,e)o,d5 3hi)h ,eFui,es

,e)oside,atio by the C&R Co,e G,ou8 P,o.ided that the #ede, sha** ot ha.e a

,ight to see ,e.ie3 mo,e tha o)e8

Section )9* Impementation an& Monitoring o% Restructuring Sc$emes

1281 The C&R Emo3e,ed G,ou may )ostitute th,ough C&R Ce**5 a Moito,ig

Committee to o.e,see the due im*emetatio of the A,o.ed Rest,u)tu,ig S)heme8

The Moito,ig Committee sha** a*so be emo3e,ed to dis)uss ad ,eso*.e outstadig

issues5 if ay5 3ithi the f,ame3o, of the A,o.ed Rest,u)tu,ig S)heme ad i )ase

ay .a,iatio:modifi)atio to the A,o.ed Rest,u)tu,ig S)heme is fe*t e)essa,y5 the

same sha** be ,efe,,ed to the C&R Emo3e,ed G,ou fo, a,o.a*8 The Moito,ig

Committee5 3i** meet e.e,y moth ad if e)essa,y mo,e f,eFuet*y ti** the a)age is

im*emeted ad the,eafte, o)e i th,ee moths8 The Moito,ig Istitutio sha**


17/45

Page 17 of ICA

,eo,t the ,og,ess of im*emetatio of the A,o.ed Rest,u)tu,ig S)heme to the

C&R Ce** o moth*y basis8 I )ase of ay diffi)u*ty i im*emetatio of the

A,o.ed Rest,u)tu,ig S)heme5 the Moito,ig Committee may a,oa)h the C&R

Emo3e,ed G,ou fo, e)essa,y di,e)tio ad:o, guida)e8 I )ase of ay diffe,e)e i

,ese)t of ite,,etatio of the A,o.ed Rest,u)tu,ig S)heme5 the de)isio of the

C&R Emo3e,ed G,ou sha** be fia* ad bidig o the )o)e,ed a,ties8

1282 The C&R Ce** i )osu*tatio 3ith the Moito,ig Istitutio ad :o, the membe,s of

the Moito,ig Committee may *a)e a Re.ie3 Note befo,e C&R Emo3e,ed G,ou

3ith ,ega,d to status of im*emetatio of the a)age5 oe,atioa* e,fo,ma)e5

se)u,ity ),eatio ad )om*ia)e of te,ms ad )oditios of #%A by the )o)e,ed

#ede,s:E*igib*e 'o,,o3e,8

Section );* En%orcement Mec$anism

1


18/45

Page 1> of ICA

'a of Idia to debit its a))out to the e4tet of the amout of )omesatio ad

t,asfe, the said amout to the C&R "ud8

1


19/45

Page 1? of ICA

-i6 The Refe,,ig #ede,s sha** ay oe time )ot,ibutio of Rs8;5005000:+ -Ruees

"ou, #ah %*y6 i ,ese)t of a** e3 ,oosa*s -fi,st time ,oosa*s6 to C&R

Ce** ad

-ii6 The Moito,ig Istitutio sha** ay oe time )ot,ibutio of Rs815005000:+

-Ruees %e #ah %*y6 i ,ese)t of a** the e4istig ,oosa*s to C&R Ce**

as o &e)embe, 19520108

Section )=* Accounts an& Au&it o% t$e CDR +un&

1981 The C&R Ce** sha** fia*ise aua* a))outs i ,ese)t of the C&R "ud fo, ea)h yea,

ad sha** )ause the same to be du*y audited by the audito,s Fua*ified to a)t as audito,s

ude, Se)tio 22= -16 of the Comaies A)t5 1?9=8 The audito, sha** be aoited by

the C&R Stadig "o,um at the aua* meetig8

1982 The aua* a))outs of the C&R "ud sha** be )*osed o


20/45

Page 20 of ICA

'o,,o3e, o, the Pa,ti)iatig "ia)ia* Istitutios ad 'as to the ub*i) sa.e ad e4)et the

dis)*osu,e5 as ,eFui,ed5 u,suat to ay *a35 ,egu*ato,y ,eFui,emet o, amogst the

Pa,ti)iatig "ia)ia* Istitutios ad 'as8

Section )* 5rotection o% Action ta1en in Goo& %ait$

No suit o, othe, *ega* ,o)eedigs sha** *ie agaist ay e,so 3ho is a membe, o, offi)ia* of

the C&R Stadig "o,um5 C&R Co,e G,ou5 C&R Emo3e,ed G,ou o, the C&R Ce**

autho,ied by the C&R System to dis)ha,ge ay fu)tios ude, the C&R System fo, ay *oss

o, damage )aused o, *ie*y to be )aused by aythig 3hi)h is doe o, omitted to be doe i

good faith o, iteded to be doe i u,sua)e of this Ag,eemet5 o, ay *a3 o, ,o.isio

ha.ig the fo,)e of *a38

Section )B* Assignment o% +inancia Assistance

It is ag,eed that a #ede, may t,asfe, o, assig5 i a,t o, the 3ho*e of its outstadig

"ia)ia* Assista)e ,io, to the Comme)emet &ate8 Ho3e.e,5 if ay Rest,u)tu,ig S)heme

is ude, ,ea,atio ad : o, im*emetatio5 su)h t,asfe, o, assigmet sha** be sube)t to

fo**o3ig!

-a6 The #ede, -T,asfe,o,6 gi.ig a ,io, oti)e to the C&R Ce** of the ,oosed t,asfe,

-b6 Su)h t,asfe, o, assigmet i a,t o, the 3ho*e of the debt may be effe)ted o*y afte,

fou, moths f,om the date of the #ette, of A,o.a* -#%A6 i8e8 afte, the a)age

a,o.ed by C&R Emo3e,ed G,ou is im*emeted8

-)6 The T,asfe,o, ifo,mig the iteded T,asfe,ee i 3,itig of the )u,,et status of the

Rest,u)tu,ig S)heme i)*udig ay ,e.ious*y de)ided issues ot sube)t to

,eegotiatio8

-d6 The Iteded T,asfe,ee5 3ho is e*igib*e to be)ome a membe, of C&R System5 gettig

itse*f admitted to the C&R System sha** issue a *ette, of a))essio to this Ag,eemet i

the fo,m Pa,t A o, Pa,t ' ,o.ided i S)hedu*e+II5 as may be ,eFui,ed8

Section 9* Term Appicabiity

This Ag,eemet sha** be bidig o the Pa,ti)iatig "ia)ia* Istitutios ad 'as f,om the

date of its e4e)utio8 It sha** ,emai i fu** fo,)e fo, a e,iod of th,ee -


21/45


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Page 22 of ICA

u,suat to this Ag,eemet5 oti)e )o.eig su)h meetigs sha** be de*i.e,ed at *east se.e

days i ad.a)e of the date of the )o)e,ed meetig8

Section 9;* Rescission an& Sa/ing

",om the date of e4e)utio of this Ag,eemet5 the Ite, C,edito, Ag,eemet ude, C&R

System dated May )=: 9B sha** stad ,es)ided8 Not3ithstadig su)h ,es)issio5 aythig

doe o, ay a)tio tae ude, the said Ag,eemet sha** deemed to ha.e bee doe o, tae

ude, this Ag,eemet ad sha** ,emai bidig o the a,ties the,eto8

Section 9


23/45

Page 2< of ICA

SC#EDF4E I

Sr*

No*

Names o% t$e participating

+inancia Institutions

'an1s

A&&resses

18 ID'I 'an1 4imite& I&'I To3e,s5TC Com*e45

Cuffe Pa,ade5

Mumbai J ;00 009

28 ICICI 'an1 4t&* ICICI 'a To3e,s5

'ad,a (u,*a Com*e45

'ad,a -East65Mumbai J ;00 0918

8 Genera Insurance

Corporation o% In&ia

Su,asha5

1705 @8T8 Road5

Chu,)hgate5Mumbai J ;00 020

?8 I+CI 4t&*

(since 3it$&ra3n %rom

members$ip

I"CI To3e,5

=15 Neh,u P*a)e5Ne3 &e*hi J 110 01?

108 In%rastructure De/eopment+inance Company 4t&*

(since 3it$&ra3n %rom

members$ip

Ramo House5 @8T8Road5

Chu,)hgate5Mumbai J ;00 020

118 4i%e Insurance Corporationo% In&ia

ogashema5

@ee.a 'ima Ma,g5


24/45


25/45

Page 29 of ICA


26/45

Page 2= of ICA

+un& TC Com*e45

Cuffe Pa,ade5

Mumbai J ;00 009

9


27/45


28/45

Page 2> of ICA

SC#EDF4E -III

DE'TOR-CREDITOR AGREEMENT

To5

CDR Ce 4en&ers

&ea, Si,s5

DE'TOR-CREDITOR AGREEMENT

(Corporate Debt Restructuring System (CDR System

)*) "#EREAS,

A8 Rese,.e 'a of Idia .ide )i,)u*a, &'%& No8NP8'C819:2180;811;:2000+01

dated August 2:2180;81=05 ha.ig its ,egiste,ed offi)e at QQQQQQQQ ha.e

made a ,efe,e)e to the C&R Ce** fo, ,ea,ig a Rest,u)tu,ig S)heme i ,ese)t of

Comay : So)iety8

OR

QQQQQ ad QQQQ has : ha.e made a ,efe,e)e to the C&R Ce** fo, ,ea,ig aRest,u)tu,ig S)heme i ,ese)t of QQQQQQQQQQQQQ #td85 a )omay 3ithi the

meaig of the Comaies A)t5 1?9= :QQQQ5 a so)iety 3ithi the meaig of QQQ Co+

oe,ati.e So)ieties A)t5 1?QQQ : So)ieties Regist,atio A)t5 1>=0 ad ha.ig its

,egiste,ed offi)e at QQQQQQQQ -the E*igib*e 'o,,o3e,68


29/45

Page 2? of ICA

&8 %e of the )oditios fo, )oside,atio to mae a a*i)atio fo, the Co,o,ate

&ebt Rest,u)tu,ig is that the E*igib*e 'o,,o3e, shou*d e4e)ute the &ebto,+C,edito,

Ag,eemet a*og 3ith the Refe,e)e8

I )oside,atio of the abo.e ad the Pa,ti)iatig "ia)ia* Istitutios ad 'as as

#ede,s to the E*igib*e 'o,,o3e, ad the C&R Ce** ag,eeig to 3o, out the

Rest,u)tu,ig S)heme ude, the C&R System5 3e5 the E*igib*e 'o,,o3e, do he,eby

ag,ee5 )ofi,m5 de)*a,e5 a)o3*edge ad ude,tae as fo**o3s!

)* Eigibiity o% t$e 'orro3er

181 e a,e the E*igib*e 'o,,o3e, i te,ms of the afo,esaid R'I )i,)u*a, as ameded f,om

time+to+time by .i,tue of fu*fi**ig the ,eFuisite e*igibi*ity ,eFui,emet *aid do3 by the

C&R Stadig "o,um : C&R Co,e G,ou : R'I fo, maig a ,efe,e)e ude, the C&R

System ad

ou, ,efe,e)e has bee suo,ted by the g,ou of *ede,s ha.ig at *east 20 sha,e

i the P,i)ia* %utstadig "ia)ia* Assista)e5 i eithe, 3o,ig )aita* o, te,m

fia)e5 ,o.ided to us8

OR

A ,efe,e)e has bee made by QQQ ad QQQQ5 the #ede,s of the E*igib*e

'o,,o3e, ad they ho*d the ,eFuisite e,)etage i the P,i)ia* %utstadig "ia)ia*

Assista)e i eithe, 3o,ig )aita* o, te,m fia)e5 to the E*igib*e 'o,,o3e,8

9* Aut$orisation

The e4e)utio of &ebto,+C,edito, Ag,eemet ad the maig of a ,efe,e)e to the

Co,o,ate &ebt Rest,u)tu,ig System ha.e bee du*y autho,ised by the 'oa,d of

&i,e)to,s of the E*igib*e 'o,,o3e, by a ,eso*utio+dated QQQQQ8

;* Agreement to Co-operate

181 The E*igib*e 'o,,o3e, sha** ,o.ide to the Refe,,ig #ede, ad:o, the #ead Istitutio

ad:o, the C&R Ce** ad:o, ay desigated #ede,5 a** ,eFui,ed ifo,matio f,om time+

to +time 3ithi a 3ee of ,e)eit of the ,eFuest i)*udig a )om,ehesi.e5 t,asa,et

ad a)hie.ab*e busiess *a i)*udig idust,y aa*ysis ad ,easoab*e )ash f*o3

,oe)tios8


30/45

Page


31/45

Page The E*igib*e 'o,,o3e, he,eby ag,ees ad ude,taes that it sha** ay :,eimbu,se ay

e4eses i)u,,ed i )oe)tio 3ith )o.eig the Moito,ig Committee meetigs

ad a*so t,a.e* e4eses of the Moito,ig Committee membe,s8 "u,the,5 the E*igib*e

'o,,o3e, a*so he,eby ag,ees ad ude,taes that it sha** ay to the Refe,,ig #ede, :

Moito,ig *ede, : ay othe, #ede,5 ,est,u)tu,ig fees5 Moito,ig Istitutio fees5

TRA Aget fees5 fees fo, do)umetatio et)8 as e, the A,o.ed Rest,u)tu,ig

S)heme8

;8? The E*igib*e 'o,,o3e, ag,ees ad a)o3*edges that the #ede,s ha.e ,ight to

a))e*e,ate the ,eaymet of thei, dues8 "u,the,5 the E*igib*e 'o,,o3e, has the ,ight to

,eay the dues o su)h te,ms ad )oditios as may be stiu*ated by the C&R

Emo3e,ed G,ou8

;810 The E*igib*e 'o,,o3e, he,eby ag,ees ad ude,taes to ,e)omesate the #ede,s fo,

the sa),ifi)es made by them -3hi*e ,est,u)tu,ig the debt6 as may be de)ided by the

C&R Emo3e,ed G,ou i te,ms of the guide*ies fo,mu*ated by C&R Stadig

"o,um: C&R Co,e G,ou i this ,ega,d8

;811 The E*igib*e 'o,,o3e, ad the #ede,s ag,ee that i )ase of i)osiste)y bet3ee

the ,o.isios of *oa do)umets ete,ed ito bet3ee them ad the te,ms of the,est,u)tu,ig a)age a,o.ed ude, the C&R Me)haism5 the te,ms of the

,est,u)tu,ig a)age 3ou*d ,e.ai*8

=* Restructuring Sc$eme

981 The E*igib*e 'o,,o3e, sha** abide by the te,ms ad )oditios of the Rest,u)tu,ig S)heme

a,o.ed by the C&R Emo3e,ed G,ou ad )ommui)ated by the C&R Ce**8 The

E*igib*e 'o,,o3e, is fu**y a3a,e that ay subseFuet )hages : modifi)atios i


32/45

Page


33/45

Page 81 No suit o, othe, *ega* ,o)eedigs sha** *ie agaist ay e,so 3ho is a membe, o, offi)ia*

of the C&R Stadig "o,um5 C&R Co,e G,ou5 C&R Emo3e,ed G,ou o, the C&R

Ce** autho,ied by the C&R System to dis)ha,ge ay fu)tios ude, the C&R System

fo, ay *oss o, damage )aused o, *ie*y to be )aused by aythig 3hi)h is i good faith

doe5 omitted to be doe o, iteded to be doe i u,sua)e of this Ag,eemet5 o, ay

*a3 o, ,o.isio ha.ig the fo,)e of *a38

>82The Eligible Borrower agrees and undertakes to indemnify and hold

harmless the Lender(s) and the CDR Empowered Group (indemni!ed

parties)" against any and all losses" #osts" #harges" damages"

liabilities" #laims" a#tions" penalties" !nes" fees" e$penses (in#luding

ad%o#ateBs fees and #ourt #osts)" out of po#ket e$penses" whi#h the

indemni!ed parties may su&er as a result of this Debtor Creditor

'greement" andor the undertakings and representations set out

herein andor the referen#e made to the CDR ystem or the non*

implementation of the 'ppro%ed Restru#turing #heme by the Eligible

Borrower+ The Eligible Borrower further agrees that any amount so

#laimed by indemni!ed parties" as indemnity shall be !nal and

binding on the Eligible Borrower+

*9*)*)*) Assignment o% +inancia Assistance

&u,ig the o,out o, as ,o.ided ude, the A,o.ed Rest,u)tu,ig S)heme5 the

#ede,-s6 may t,asfe, o, assig5 i a,t o, the 3ho*e of its outstadig "ia)ia*

Assista)e8


34/45

Page 8< If ay disute5 )ot,o.e,sy5 disag,eemet o, diffe,e)e sha** a,ise bet3ee the E*igib*e

'o,,o3e, ad the #ede,s ude, this Ag,eemet5 su)h disute sha** be ,eso*.ed

ami)ab*y by egotiatio ude, the aegis of the C&R Co,e G,ou -the membe, of the

C&R Co,e G,ou5 if a,ty to the disute5 ot a,ti)iatig i the egotiatio but

a**o3ed to be hea,d68

>8; I )ase the disute is ot ,eso*.ed by ami)ab*e sett*emet5 the C&R Co,e G,ou sha**

3ithi thi,ty -


35/45


36/45

Page =0 o,

ay othe, body )o,o,ate5 assisted by mo,e tha oe #ede, ad the agg,egate P,i)ia*

%utstadig "ia)ia* Assista)e is ot *ess tha Rs810 ),o,e -Rs8 Te ),o,e6 ad 3hi)h

fu*fi**s the e*igibi*ity ,eFui,emets *aid do3 by the C&R Stadig "o,um:C&R Co,e

G,ou:R'I f,om time+to+time fo, maig a Refe,e)e ude, the C&R System8

-h6 0+inancia Assistance. sha** mea "ud+based Assista)e ad No+fud based

Assista)e g,ated by the #ede,s5 but does ot i)*ude subs),itio to eFuity sha,es o,

,efe,e)e sha,es of the E*igib*e 'o,,o3e, by the #ede,8

-i6 /+un&-base& Assistance sha** mea the "ia)ia* Assista)e g,ated by 3ay of te,m

*oa5 )ash ),edit5 o.e,d,aft5 bi**s fa)i*ity -i)*udig i*ad : fo,eig bi** egotiatio

fa)i*ity6 et)8 i)*udig debetu,es5 se)u,itised debt5 bods5 )o.e,tib*e ist,umets

befo,e )o.e,sio ito eFuity ad ay othe, assista)e i the atu,e of a)tua* )ash

a.ai*met:a)tua* )ash fa)i*ity eoyed by the E*igib*e 'o,,o3e,8


37/45

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38/45


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Page ;0 of ICA

SIGNE& AN& &E#IERE& '

ID'I 'an1 t&

by the had of its autho,ised sigato,y

Sh,i8

&esigatioSIGNE& AN& &E#IERE& '

ICICI 'an1 t&


Sh,i8

&esigatioSIGNE& AN& &E#IERE& 'State 'an1 o% In&ia


Sh,i8


'an1 o% 'aro&a


Sh,i8


'an1 o% In&ia


Sh,i8


5un6ab Nationa 'an1


Sh,i8

&esigatio


EHport-Import 'an1 o% In&ia

by the had of its autho,ised sigato,ySh,i8

&esigatio


Genera Insurance Corporation o% In&ia


Sh,i8

&esigatio


41/45

Page ;1 of ICA


I+CI 4t&



In%rastructure De/eopment +inance

Company 4t&


Sh,i8


4i%e Insurance Corporation o% In&ia


Sh,i8


Nationa Insurance Company 4t&


Sh,i8


Ne3 In&ia Assurance Company 4t&



Orienta Insurance Company 4t&


Sh,i8


Sma In&ustries De/eopment 'an1 o%In&ia


Sh,i8


Tourism +inance Corp o% In&ia 4t&


Sh,i8

&esigatioSIGNE& AN& &E#IERE& 'Fnite& In&ia Insurance Co* 4t&


Sh,i8


NA'ARD


Sh,i8

Designation


42/45

Page ;2 of ICA


Aa$aba& 'an1



An&$ra 'an1


Sh,i8


'an1 o% Ma$aras$tra


Sh,i8


Canara 'an1


Sh,i8


Centra 'an1 o% In&ia


Sh,i8


Corporation 'an1


Sh,i8

Designation


Dena 'an1


Designation


In&ian 'an1


Sh,i8

Designation


In&ian O/erseas 'an1


Designation


Orienta 'an1 o% Commerce


Sh,i8

Designation


43/45

Page ;< of ICA


5un6ab an& Sin& 'an1


Designation


State 'an1 o% 'i1aner aipur


Designation


State 'an1 o% #y&eraba&


Designation


State 'an1 o% Mysore


Sh,i8

Designation


State 'an1 o% 5atiaa


Sh,i8

Designation


State 'an1 o% Tra/ancore


Sh,i8

Designation


Syn&icate 'an1


Sh,i8

Designation


FCO 'an1


Sh,i8

Designation


Fnion 'an1 o% In&ia


Sh,i8

Designation


Fnite& 'an1 o% In&ia


Sh,i8

Designation


44/45


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T$e 4a1s$mi 7ias 'an1 4t&


Designation


Tamina& Mercantie 'an1 4t&


Sh,i8

Designation


T$e Sout$ In&ian 'an1 4t&


Sh,i8

Designation


Stresse& Assets StabiiKation +un&


Sh,i8

Designation


8es 'an1


Designation


In&usIn& 'an1


Sh,i8

Designation

Ac1no3e&ge& 'y

T$e CDR Stan&ing +orum'y the had of its Chai,ma

S$ri**

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ICA Format