Certain creditors to Moser Baer India have filed a company petition in the Delhi High Court, the company said in a notice to stock exchanges on Monday. The petition, the notice said, has been filed under Sections 433 (e) and 433 (f) read with Section 434 of the Companies Act, 1956. The high court has granted the company time to reply to the petition, Moser Baer informed the exchanges.
Moser-Baer is in discussions with its foreign currency convertible bond holders (FCCB) to restructure its outstandings. The company is understood to be trying to amicably settle the issue by seeking time to repay the dues. Sources said that a meeting has been scheduled for January 21 between the company and the aggrieved parties. Banks to the company recently restructured loans through the corporate debt restructuring (CDR) cell.
The New Delhi-based company is in discussions with FCCB holders to restructure its maturing debt, after it received approval from the Reserve Bank of India (RBI) to extend the term of these FCCBs up to December 20, 2012.
The company’s FCCBs having face value of Rs 46,786 lakh were originally due for redemption on June 21, 2012, along with a premium on redemption of Rs 20,959 lakh.
During 2011-12, Moser Baer’s solar cell subsidiaries were assessed by lenders for restructuring their debt, hit by the severe crisis in the industry that affected manufacturers across the world.
Banks had cleared debt restructuring for Moser Baer India in February, when they had an exposure of about Rs 2,000 crore to the company. Central Bank of India and Bank of Hyderabad are among the lenders to the company.
In June, Yogesh Mathur, CFO, Moser Baer, had told FE: “In 2008-09 and 2009-10, we had bought back $61.5 million worth of bonds of a total outstanding of $150 million. As of now, therefore, we need to repay, at face value, an amount of $88.5 million.”