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Delhi High court allows Shiv-Vani Oil and Gas Exploration to go ahead with CDR scheme by jemin shukla
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Delhi High court allows Shiv-Vani Oil and Gas Exploration to go ahead with CDR scheme by JEMIN SHUKLA
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Article Posted: 09/07/2013 |
Article Views: 66 |
Articles Written: 2 - MORE ARTICLES FROM THIS AUTHOR |
Word Count: 218 |
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Delhi High court allows Shiv-Vani Oil and Gas Exploration to go ahead with CDR scheme |
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Finance & Investment
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The Delhi High Court has allowed Shiv-Vani Oil and Gas Exploration Limited to operate their bank accounts but in the ordinary course of business. The order has been allowed following the argument that the company is currently functional and the fact that closure of operations of bank accounts will result in complete stoppage of functioning and working of the company. The Delhi High Court has also allowed Shiv-Vani Oil & Gas Exploration Ltd. to enter into any CDR scheme with the secured creditors. However, fresh encumbrance, if any, pursuant to or under the CDR scheme will be subject to the orders of the learned Company judge. There was an argument by the company that it is in advance stage of a CDR agreement with the consortium of Banks. The Delhi High Court also directed the company to deposit $ 2 million within 10 days, to be kept in FDR for a period of 6 months and to be renewed from time to time subject to further order from the Company Judge. In the view of objections from the Citicorp International Ltd., the honorable court said that it is open to Shiv-Vani to move an appropriate application before the learned single judge, who will decide the said issue in case the company wants to deposit $ 2 million.
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