26th-Mar-2012 10:41Source: BSE

Suryachakra Pow - Intimation of admission of a Petition filed by SBI Global Factors Limited, before the Hon'ble High Court of Andhra Pradesh under section 433(1)(e) of the Companies Act, 1956

Suryachakra Power Corporation Ltd has informed BSE that M/s. SBI Global Factors Limited, a Subsidiary of State Bank of India, being an unsecured creditor, which has been shown in the Balance Sheet of the Company, has filed a petition before the Hon'ble High Court of Andhra Pradesh, under section 433(1)(e) of the Companies Act, 1956. The Hon'ble High Court of Andhra Pradesh has admitted the petition and posted the case for hearing on April 03, 2012.

Further, the Central Electricity Authority (CEA) has finalized the completed project cost of the Plant at Port Blair, A & N Islands and fixed the same at Rs. 80.38 crores, which would result into a realization of dues of about Rs. 58 crores from A & N Administration. These amounts would be routed through SBI. which is prime lender of the Company. One of the conditions of restructuring of the loan by SBI in September 2011 is repayment of loan of SBI Global Factors Limited out of the funds receivable from A & N administration as approved by CEA. The management is confident to resolve the issue amicably.