v. venkatachalam resolution professional (ibbi/ipa...

V. VENKATACHALAM

Resolution Professional – (IBBI/IPA-002/IP-N00267/2017-18/10780)

R/o. No. 12-13-205, Street No. 2, Tarnaka, Secunderabad - 17

Email ID: [email protected]

List of Financial Creditors of Sai Wardha Power Generation Limited (“the Company”)

S No. Name of the Financial Creditor Amount Claimed Claim Admitted Claim under Verification

Claim Rejected Security Interest and

Guarantee

1 IDBI Bank Limited 16,23,33,93,480 16,23,33,93,480 - - Annexure 1

2 Standard Chartered Bank 8,84,76,35,777 8,84,76,35,777 - - Annexure 2

3 Oriental Bank of Commerce 3,82,12,97,017 3,82,12,97,017 - - Annexure 3

4 Axis Bank Limited 3,41,12,00,492 2,31,96,59,359 1,09,15,41,133 - Annexure 4

5 Indian Overseas Bank 3,30,81,53,947 3,30,81,53,947 - - Annexure 5

6 State Bank of India 2,25,60,80,776 2,25,60,80,776 - - Annexure 6

7 Punjab National Bank 2,05,02,05,879 2,05,02,05,879 - - Annexure 7

8 Edelweiss Asset Reconstruction Company Ltd 1,75,32,89,723 1,75,32,89,723 - - Annexure 8

9 Central Bank of India 1,47,17,25,277 1,47,17,25,277 - - Annexure 9

10 UCO Bank 1,14,60,78,418 1,14,60,78,418 - - Annexure 10

11 India Opportunities III Pte Ltd 1,04,68,39,860 1,04,68,39,860 - - Annexure 11

12 Bank of India 78,24,81,002 78,24,81,002 - - Annexure 12

13 Assets Care and Reconstruction Enterprise Limited 73,13,98,337 73,13,98,337 - - Annexure 13

14 Punjab & Sind Bank 52,31,65,953 52,31,65,953 - - Annexure 14

15 Andhra Bank 8,89,56,800 - - 8,89,56,800 No security claimed

Total 47,47,19,02,738 46,29,14,04,805 1,09,15,41,133 8,89,56,800

Note: The admitted claims are inclusive of Corporate Guarantee of Rs. 6,67,69,12,147 provided by the Company for facilities availed by group entities

mailto:[email protected]

V. VENKATACHALAM




S No. Name of the Financial Creditor (Related Parties) Amount Claimed Claim Admitted Claim Under Verification

1 KSK Energy Ventures Limited 1,14,09,22,400 42,89,17,400 71,20,05,000

2 KSK Electricity Financing India Private Limited 95,94,38,320 95,94,38,320 -

3 Sai Regency Power Corporation Private Limited 70,56,52,092 70,56,52,092 -

4 KSK Mahanadi Power Company Limited 54,67,63,459 54,67,63,459 -

5 KSK Energy Company Private Limited 11,45,380 11,45,380 -

6 VS Lignite Power Private Limited 19,741 19,741 -

TOTAL 3,35,39,41,392 2,64,19,36,392 71,20,05,000

SUMMARY OF TOTAL CLAIMS OF FINANCIAL CREDITORS

S No.

Class of Financial Creditor Amount Claimed Claim Admitted Claim Under Verification

Claim Rejected

1 Other than Related Parties 47,47,19,02,738 46,29,14,04,805 1,09,15,41,133 8,89,56,800

2 Related Parties 3,35,39,41,392 2,64,19,36,392 71,20,05,000 -

TOTAL 50,82,58,44,130 48,93,33,41,197 1,80,35,46,133 8,89,56,800


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Notes:

1. The list of financial creditors is updated as per proof of claims and supporting documents received up to 7st February 2019.

2. The claim admitted is based on the amount claimed in Form C and supporting documents submitted to substantiate proof of claims.

3. Claims in foreign currency have been converted into INR (Indian Rupee) as per Regulation 15 of Insolvency and Bankruptcy Board of India

(Insolvency Resolution Process for Corporate Persons) Regulations, 2016.

4. In accordance with Regulation 14(2), the claims of the financial creditors, including security interest are subject to further revision / updation based on

the additional information warranting such revision.

5. “Company” refers to Sai Wardha Power Generation Limited, formerly known as Wardha Power Company Private Limited, Wardha Power Company

Limited, Sai Wardha Power Limited.

6. Queries and Concerns, if any, can be addressed to Resolution Professional at [email protected].

V.Venkatachalam

IP Registration No. IBBI/IPA-002/IP-N00267/2017-18/10780


14th February, 2019




V. VENKATACHALAM




Annexure 1

LENDER SECURITY MENTIONED IN THE FORM C

FACILITY AMOUNT

SECURITY PACKAGE (as per deposited documents)

IDBI Bank Limited

Primary Security (i) a first charge by way of a

legal/ equitable mortgage over all present and future land and other fixed or immovable assets of the Company both present and future;

(ii) a first charge by way of

hypothecation of all movable assets of the Company, both present and future, including but not limited to movable plant and machinery, machinery spares, tools and accessories, furniture, fixtures, vehicles of the Company;

(iii) a first charge on all bank

accounts of the Company including, without limitation, the Retention Account and the Debt Service Reserve Account and each of the other

Facility of USD 175 Million

Deed of Hypothecation dated May 30, 2013, executed by the Company in favour of IDBI Trusteeship Services Limited (“2013 DoH”): (i) All movable assets of the Company and all documents, including insurance and

other instruments and documents relating to them;

(ii) All current assets of the Company;

(iii) All the rights, title, interest, benefits, claims and demands whatsoever of the Company in relation to (a) all agreements entered into by the Company including the project documents; (b) any letter of credit, guarantee or performance bond provided by any counter-party to any project document in favour of the Company, duly acknowledged and consented to, where required, by the counter-party; (c) all insurance and reinsurance policies and related proceeds; (d) all sums standing credit to the Company’s bank accounts (excluding the “Base Cash Reserve Account” and the “Additional Cash Reserve Account”), all amounts credited thereto and all related guarantees, letters of credits or other securities against which withdrawals from the bank accounts have been permitted to be made; (e) all the intangibles of the Company.

(iv) All products of income from and proceeds of sale or other disposition of any rights, easements, benefits, options, agreements, indemnities, warranties or covenants in relation to the above.

(v) All title, interests, benefit, claims and demands whatsoever of the Company in and

to the “Base Cash Reserve Account” and the “Additional Cash Reserve Account” and all sums lying therein are charged exclusively to the IDBI Bank and Standard Chartered Bank and “Administrative Parties”.


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FACILITY AMOUNT


accounts requires to be created by the Company under this Agreement and any Project Document (other than the Base Cash Reserve Account and the Additional Cash Reserve Account and the cash therein, which shall be exclusively charged in favor of the Lenders and the Administrative Parties);

(iv) a first charge /

assignment on all present and future intangible assets of the Company, including but not limited to the goodwill, rights, undertakings, intellectual property and uncalled capital of the Company; and

(v) assignment of all rights

and licenses and benefits under or in relation to the Project Agreements (and duly acknowledged and

Memorandum of entry dated August 11, 2014 executed by the Company in favour of IDBI Trusteeship Services Limited: Mortgage over certain land parcels in Maharashtra together with all the buildings and structures thereon and plant and machinery attached to the earth, permanently fastened to anything attached to earth. Indenture of Mortgage dated March 10, 2015 (“2015 IoM”) executed by the Company in favour of IDBI:

(i) All immovable properties of the Company, more particularly described in schedule

4 of the 2015 IoM; (ii) All the movable assets mentioned in schedule 5 of the 2015 IoM, as well as all

intangible and tangible assets of the Company; (iii) All rights, title, interests, benefit, claims and demands of the Company in relation to

the Project Documents, licenses, permits, approvals, consents provided in schedule 6 of the 2015 IoM;

(iv) All rights, title, interests, benefit, claims and demands of the Company in relation to insurance contracts required for the Project or required under any financing document;

(v) All accounts of the Company required to be created under any project documents or any financing document, all related receivables, moneys, investments, securities etc.;

(vi) All amounts owing to and received or receivable by the Company including book debts and receivables, including uncalled capital and all rights, title, interests, benefit, claims and demands whatsoever of the Company;

(vii) All title, interests, benefit, claims and demands whatsoever of the Company in and to the “Base Cash Reserve Account” and the “Additional Cash Reserve Account” and all sums charged exclusively to IDBI Bank Limited and Standard Chartered Bank for a USD facility.


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FACILITY AMOUNT


consented by the relevant counter-parties to the Project Agreements) and other agreements and authorizations entered/ obtained by the Company necessary for construction and operation of the Project;

(vi) an assignment of all

insurance policies of the Company

Collateral Security (i) a share pledge over such

number of equity/ preference shares held by the Sponsors in the existing issued, subscribed and paid up share capital of the Company, as would represent 51% (fifty one percent.) of the issued, subscribed and paid up share capital of the Company;

Deed of Pledge dated August 11, 2014 executed by KSK Electricity Financing India Private Limited in favour of IDBI Trusteeship Services Limited: KSK Electricity has undertaken to pledge, 18,73,74,000 fully paid “Class B Equity Shares” held by it in dematerialized form/ physical form as, constituting 51% (fifty one percent) of the existing issued, subscribed and paid up equity shares of the Company. Memorandum of Entry dated September 14, 2015, executed by the Company in favour of IDBI Trusteeship Services Limited: Immovable property in Maharashtra together with all the buildings and structures thereon and plant and machinery attached to the earth, or permanently fastened to anything attached to earth. Supplemental memorandum of entry dated September 14, 2015 by the Company in favor of IDBI Trusteeship Services Limited: Immovable property in Maharashtra together with all the buildings and structures thereon and plant and machinery attached to the earth, or permanently fastened to anything attached to earth.

RTL- Facility of Rs. 87 Crore.

Memorandum of Entry dated September 14, 2015 executed by the Company in favour of IDBI Trusteeship Services Limited: Immovable property in Maharashtra together with all the buildings and structures thereon and plant and machinery attached to the earth, or permanently fastened to anything attached to earth.


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FACILITY AMOUNT


(ii) Pledge of Shares of KSK Energy Ventures Limited Energy venture at the extent of Rs. 200 Crore, based on lower market price (closing) for the last 6 month (for IDBI and SCB ECBs aggregating USD 250 Million)

Supplemental memorandum of entry dated September 14, 2015 by the Company in favour of IDBI Trusteeship Services Limited: Immovable property in Maharashtra together with all the buildings and structures thereon and plant and machinery attached to the earth, permanently fastened to anything attached to earth. Deed of Hypothecation dated March 31, 2015 executed by the Company in favour of IDBI Trusteeship Services Limited:

(i) all current assets and of all movable assets of the Company, both present and

future, including but not limited to movable plant and machinery, machinery spares, tools and accessories, furniture, fixtures, vehicles of the Company;

(ii) all the rights, interests (but not any obligations or liabilities) under the documents, letters of credit, guarantee etc. in relation to the Project;

(iii) all bank accounts of the Company including, other than the “cash reserve account” and the amounts therein;

(iv) all intangible assets of the Company, including but not limited to the goodwill, rights, undertakings, intellectual property and uncalled capital of the Company; and

(v) an assignment of all insurance policies of the Company.


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Annexure 2


FACILITY AMOUNT


Standard Chartered Bank

(i) First pari passu charge on

all fixed assets, current

assets, rights over the

Project Documents and

accounts of the Company

in relation to the Project –

Deed of Hypothecation

dated May 30, 2013 and

equitable mortgage on

immovable assets dated

August 11, 2014;

(ii) Pledge over the shares of

the Company held by

KSK Electricity financing

Limited pursuant to the

Deed of Pledge dated

August 11, 2014

(iii) Pledge of shares of KSK

Energy Ventures available for the ECB facility.

Senior external commercial borrowing of USD 75 Million

Declaration for Creation of Equitable mortgage dated August 11, 2014 executed by the Company in favour of IDBI Trusteeship Services Limited:

Mortgage land and other immovable property belonging to the Company in Maharashtra, with all buildings and structures erected, constructed, standing and all plant and machinery attached to the earth, or permanently fastened to anything attached to earth.

Deed of Hypothecation dated May 30, 2013, executed by Company in favour of IDBI Trusteeship Services Limited: (i) All movable assets of the Company and all documents, including insurance and

other instruments and documents relating to them; (ii) All current assets of the Company; (iii) All the rights, title, interest, benefits, claims and demands whatsoever of the

Company in relation to (a) all agreements entered into by the Company including the project documents; (b) any letter of credit, guarantee or performance bond provided by any counter-party to any project document in favour of the Company, duly acknowledged and consented to, where required, by the counter-party; (c) all insurance and reinsurance policies and related proceeds; (d) all sums standing credit to the Company’s bank accounts (excluding the “Base Cash Reserve Account” and the “Additional Cash Reserve Account”), all amounts credited thereto and all related guarantees, letters if credits or other securities against which withdrawals from the bank accounts have been permitted to be made; (e) all the intangibles of the Company.

(iv) All products of income from and proceeds of sale or other disposition of any rights, easements, benefits, options, agreements, indemnities, warranties or covenants in relation to the above.

(v) All title, interests, benefit, claims and demands whatsoever of the Company in and to the “Base Cash Reserve Account” and the “Additional Cash Reserve Account” and all sums lying therein are charged exclusively to IDBI Bank and Standard Chartered Bank and “Administrative Parties”.


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FACILITY AMOUNT


Deed of Pledge dated August 11, 2014 executed by KSK Electricity Financing India Private Limited in favour of IDBI Trusteeship Services Limited: KSK Electricity Financing India Private Limited has undertaken to pledge, 18,73,74,000 fully paid “Class B Equity Shares” held by it in dematerialized form/ physical form as, constituting 51% (fifty one percent) of the existing issued, subscribed and paid up equity shares of the Company.

Memorandum of entry dated August 11, 2014 executed by the Company in favour of IDBI Trusteeship Services Limited: Mortgage over certain land parcels in Maharashtra together with all the buildings and structures thereon and plant and machinery attached to the earth, or permanently fastened to anything attached to earth.

Unattested agreement for pledge of shares on dated May 30, 2013 executed by KSK Energy Limited in favour of IDBI Trusteeship Services Limited: KSK Energy Limited has undertaken to pledge 4,79,04,192 equity shares of KSK Energy Ventures Limited for the USD 250 million facility by Standard Chartered Bank and IDBI Bank Limited provided to the Company.

(i) Corporate guarantee of KSK Energy Ventures Limited, shares of KSK Energy Ventures Limited;

(ii) Pledge Agreement for shares of KSK Energy Ventures Limited dated February 10, 2015.

2 subordinate external commercial facilities of USD 20 Million

Pledge agreement dated February 10, 2015 executed by KSK Energy Limited as the pledgor; IDBI Trusteeship Services Limited as the Security Trustee and KSK Energy Ventures Limited as the Company KSK Energy Limited has agreed to create a first ranking pledge 2,7 2,00,000 shares held by it in KSK Energy Ventures Limited. Corporate Guarantee by KSK Energy Ventures Limited Corporate Guarantee by KSK Energy Ventures Limited has been provided in relation to the subordinate ECBs, as undertakings in the (i) facility agreement dated April 26, 2011, amended and restated by on June 27, 2014 and on February 10, 2015 and (ii) facility agreement dated March 25, 2011, amended and restated by on June 27, 2014 and on February 10, 2015.


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Annexure 3

LENDER SECURITY MENTIONED IN THE

FORM C

FACILITY AMOUNT SECURITY PACKAGE (as per deposited documents)

Oriental Bank of Commerce (“OBC”)

The details of the assets secured have not been specifically set out in the Form C.

Facility of Rs 188 Crore (in the form of cash credit, letter of credit and bank guarantee)

[The agreement of hypothecation of assets dated June 3, 2010 (“DoH 1”) by the Company in favour of OBC (securing facilities of Rs. 158 Crore): For cash credit: First charge, by way of hypothecation, on the entire current asset of the company both present and future on pari passu basis with other working capital lenders. For bank guarantee limit: Second charge on the assets which are charged to term lenders, For letter of credit facility: Hypothecation charge over the goods in case of LC on DA basis. DoH 1 was extended to the Rs. 188 Crore facility on May 21, 2011 (“DoH 2”), mentioning the following security package:1 For cash credit: First charge by way of hypothecation on the entire current assets of the company, both present and future. For bank guarantee: Counter guarantee of the company For the letter of credit facility: Documents of title of goods in case of “LC” on pari passu basis hypothecation charge over in case of “LC on DA basis”. First charge on fixed assets which one charged to term lender for the above limits. The supplemental deed of hypothecation dated August 22, 2015 between the company and bank for Rs. 188 Crore of the same amount, mentioning same security as the DoH 2.]2

1 Based on clarifications provided by Oriental Bank of Commerce 2 The security description is subject to our review of the relevant form filings which have been requisitioned from Oriental Bank of Commerce.


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FORM C


Memorandum of Entry dated September 14, 2015, executed by the Company in favor of IDBI Trusteeship Services Limited: Immovable property in Maharashtra together with all the buildings and structures thereon and plant and machinery attached to the earth, or permanently fastened to anything attached to the earth. Supplemental memorandum of entry dated September 14, 2015 by the Company in favour of IDBI Trusteeship Services Limited: Immovable property in Maharashtra together with all the buildings and structures thereon and plant and machinery attached to the earth, or permanently fastened to anything attached to the earth.

Facility of Rs. 15 Crore

Memorandum of Entry dated September 14, 2015, executed by the Company in favor of IDBI Trusteeship Services Limited Immovable property in Maharashtra together with all the buildings and structures thereon and plant and machinery attached to the earth, or permanently fastened to anything attached to the earth. Supplemental memorandum of entry dated September 14, 2015 by the Company in favour of IDBI Trusteeship Services Limited: Immovable property in Maharashtra together with all the buildings and structures thereon and plant and machinery attached to the earth, permanently fastened to anything attached to the earth.


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FORM C


Claims under a corporate guarantee provided by the Company for a facility of KSK Water Infrastructures Private Limited. The underlying loan agreements have not been provided. However, from the corporate guarantee documents, we understand that the total facility of KSK Water Infrastructures Private Limited from the consortium of lenders (including Punjab and Sind Bank), which has been guaranteed by the Company is Rs. 595.86 Crore.

Corporate Guarantee dated April 28, 2017, by the Company in favour of PNB (as the security agent for itself, Central Bank of India, Oriental Bank of Commerce, Indian Overseas Bank and Punjab & Sind Bank) Guaranteeing the payments all amounts due in relation to the facility of Rs. 595.86 Crore. We note that the obligations of the Company under the corporate guarantees mentioned above are not secured.


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Annexure 4


FORM C

FACILITY AMOUNT SECURITY PACKAGE (as per deposited security documents)

Axis bank Limited

First pari passu charge over the immovable, movable and current asset of the company. (for the BG Facility of Rs. 205 Crore)

Bank guarantee facility of Rs. 205 Crore

Composite deed of hypothecation dated April 25, 2012 executed by the Company in favour of Axis Bank: (i) on all current assets of the Company; and (ii) on all movable properties of the Company. Memorandum of Entry dated September 14, 2015, executed by the Company in favour of IDBI Trusteeship Services Limited: Immovable property in Maharashtra together with all the buildings and structures thereon and plant and machinery attached to the earth, or permanently fastened to anything attached to the earth Supplemental memorandum of entry dated September 14, 2015 by the Company in favour of IDBI Trusteeship Services Limited: Immovable property in Maharashtra together with all the buildings and structures thereon and plant and machinery attached to the earth, or permanently fastened to anything attached to the earth.

Bank guarantee facility of Rs. 125 Crore utilised by the Company, as a part of a facility of Rs. 300 Crore availed by KSK Energy Ventures Limited.3

Deed of hypothecation dated March 28, 2011 and a supplemental deed of hypothecation dated July 22, 2011 executed by Company in favour of Axis Bank: (i) Subservient charge over all stock in trade including raw materials, cash and all

other current assets of the Company, including all outstanding receivables, bills etc owed to the Company;

(ii) All movable fixed assets of the Company

Deeds of guarantee dated March 28, 2011 and July 22, 2011, executed by KSK Energy Ventures Limited in favour of Axis Bank: Guaranteeing the repayment by the Company of all amounts under bank guarantees of Rs. 125 Crore utilised by the Company.

3 This claim is currently subject to further verification.


V. VENKATACHALAM




Annexure 5

LENDER SECURITY MENTIONED IN THE FORM C FACILITY AMOUNT SECURITY PACKAGE (as per deposited documents)

Indian Overseas Bank

(i) A first charge by way of a legal/ equitable mortgage over all present and future land and other fixed or immovable assets of the Company both present and future;

(ii) A first charge by way of hypothecation of all movable assets of the Company, both present and future, and current assets;

(iii) A first charge on all bank accounts of the Company including, without limitation, the Retention Account and the Debt Service Reserve Account and each of the other accounts requires to be created by the Borrower under this Agreement and any Project Document (other than the Base Cash Reserve Account and the Additional Cash Reserve Account and the cash therein, which shall be exclusively charged in favour of the Lenders and the Administrative Parties);

(iv) A first charge / assignment on all present and future intangible assets of the Company, including but not limited to the goodwill, rights, undertakings, intellectual property and uncalled capital of the Company;

We have not been not been provided with the underlying loan documents. However, from the security documents, we understand that facilities of Rs. 170 Crore and Rs. 13 Crore have been availed.

Letter of Hypothecation dated February 22, 2016 executed by Company in favour of Indian Overseas Bank: For working capital limits: Entire assets (fixed / current assets) of the Company on pari passu basis with the ECB loan / term loan and working capital lenders.4 For the priority loan: (i) entire current assets and movable assets of the

Company; (ii) all the accounts of the Company (other than the ‘Cash

Reserve’ and the cash therein); (iii) all the intangible assets of the Company; and (iv) all rights and benefits in relation to the all agreements

or authorizations entered / obtained by the Company for the Project.

Deed of Hypothecation dated April 6, 2016 executed by Sai Wardha Power Limited in favour of IDBI Trusteeship Services Limited5: (i) all the current assets and the movable assets of the

Company;

4 The letter secures a facility of Rs. 183 Crore (which was enhanced from a facility of Rs. 170 Crore). This letter is supplemental to the letter of hypothecation dated May 29, 2014, pursuant to which the facility of Rs. 170 Crore was secured. We are yet to review the underlying loan agreements and the original letter of hypothecation. 5 We note that this deed secured the facility of Rs. 13 Crore


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(v) assignment of all rights and licenses and benefits under or in relation to the Project Agreements (and duly acknowledged and consented by the relevant counter-parties to the Project Agreements) and other agreements and authorizations entered/ obtained by the Company necessary for construction and operation of the Project;

(vi) an assignment of all insurance policies of the

Company; (vii) a share pledge over such number of equity/

preference shares held by the Sponsors in the existing issued, subscribed and paid up share capital of the Company, as would represent 51% (fifty one percent.) of the issued, subscribed and paid up share capital of the Company.

(ii) all intangible assets of the Company; (iii) all claims under the project documents; (iv) all claims, benefits, claims demands in any letter of

credit, performance bond, Corporate Guarantee, bank guarantees provided under the project documents;

(v) all licenses in relation to the project; (vi) all rights, titles and benefits in the clearances

pertaining to the project; (vii) all bank accounts of the Company (excluding the

‘cash reserve account’); (viii) all insurance policies covering the assets of the

project; and (ix) the trust and retention account, debt service

account, major maintenance reserve and other reserves and other bank accounts of the Company, (excluding the ‘Cash Reserve Account’ and the cash therein).

Form C pertaining to KSK Water Infrastructure Private Limited: Corporate guarantee executed by the Company. for the credit facility granted to M/s KSK Water Infrastructure Private Limited

Claims under a corporate guarantee

No guarantee documents have been provided. However, from the Corporate Guarantee dated April 28, 2017 executed by the Company in favour of PNB (as the security agent for lenders including Indian Overseas Bank), we note that the Company has guaranteed payments of all amounts due in relation to the facility of Rs. 595.86 Crore availed by KSK Water Infrastructures Private Limited from lenders including Indian Overseas Bank. We note that the obligations of the Company under the Corporate Guarantees mentioned above are not secured.


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Annexure 6


FACILITY AMOUNT


State Bank of India

Primary Security (i) First pari passu charge on

current assets of the company along with other working capital and team lenders in MBA;

Collateral Security (i) First pari passu charge on

all the fixed assets of the company (including EM of the land and building belonging to the company) along with other working capital and term lenders in MBA

Facility of Rs. 200 Crore.

Agreement of hypothecation dated February 17, 2010, supplemented on March 26, 2011 and September 21, 2012, executed by the Company as borrower in favour of the State Bank of India: Charge over all movable assets of the Company. The deed of hypothecation mentions that the security is for payment and discharge by the Company of the facility availed or any other form of indebtedness from SBI, unless specifically excluded. Deed of Hypothecation dated May 30, 2013, executed by the Company in favour of IDBI Trusteeship Services Limited: (i) All movable assets of the Company and all documents, including insurance and

other instruments and documents relating to them;

(ii) All current assets of the Company;

(iii) All the rights, title, interest, benefits, claims and demands whatsoever of the Company in relation to (a) all agreements entered into by the Company including the Project Documents; (b) any letter of credit, guarantee or performance bond provided by any counter-party to any Project document in favour of the Company, duly acknowledged and consented to, where required, by the counter-party; (c) all insurance and reinsurance policies and related proceeds; (d) all sums standing credit to the Company’s bank accounts (excluding the “Base Cash Reserve Account” and the “Additional Cash Reserve Account”), all amounts credited thereto and all related guarantees, letters if credits or other securities against which withdrawals from the bank accounts have been permitted to be made; (e) all the intangibles of the Company;


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FACILITY AMOUNT


(iv) All products of income from and proceeds of sale or other disposition of any rights, easements, benefits, options, agreements, indemnities, warranties or covenants in relation to the above;

(v) All title, interests, benefit, claims and demands whatsoever of the Company in and

to the “Base Cash Reserve Account” and the “Additional Cash Reserve Account” and all sums lying therein are charged exclusively to the USD lenders (IDBI Bank and Standard Chartered Bank) and Administrative parties.

Memorandum of entry dated August 11, 2014 executed by the Company in favour of IDBI Trusteeship Services Limited: Mortgage over certain land parcels in Maharashtra together with all the buildings and structures thereon and plant and machinery attached to the earth, or permanently fastened to anything attached to the earth. Memorandum of Entry dated September 14, 2015 executed by the Company in favour of IDBI Trusteeship Services Limited: Immovable property in Maharashtra together with all the buildings and structures thereon and plant and machinery attached to the earth, permanently fastened to anything attached to the earth. Supplemental memorandum of entry dated September 14, 2015 by the Company in favour of IDBI Trusteeship Services Limited: Immovable property in Maharashtra together with all the buildings and structures thereon and plant and machinery attached to the earth, permanently fastened to anything attached to the earth.


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Annexure 7

LENDER SECURITY MENTIONED IN THE FORM C FACILITY AMOUNT GUARANTEE (as per deposited documents)

Punjab National Bank (“PNB”)

For Term Loan (i) First pari passu charge on all immovable

(including land and building) and movable assets of the company both present and future, (excluding Anicut/Barrage being constructed by Water Resources Dept of Chhattisgarh Govt and cost of the same spent by the company would be recovered out of the monthly bill raised by the WR Dept);

(ii) First pari passu charge/assignment on all revenues and receivables of the company relating to the project from the Project or otherwise;

(iii) First pari passu charge on the Escrow Account, Debt Service Reserve Account and other reserves and any other bank accounts of the borrower relating to the project wherever maintained, both present and future;

(iv) First pari passu charge on all intangible assets of the borrower including but not limited to goodwill, uncalled capital, present and future;

The underlying loan agreements have not been provided. However, from the corporate guarantee documents, we understand that the total facility KSK Water Infrastructures Private Limited from the consortium of lenders (including PNB), which has been guaranteed by the Company is Rs. 595.86 Crore.

Corporate guarantee dated November 19, 2011 executed by Company in favour of PNB (“2011 CG”): Guaranteeing the payments of all amounts due in relation to the facility of Rs. 150 crore availed by KSK Water Infrastructures Private Limited and undertaking to pay all due amounts on demand, in case of a default. Corporate Guarantee dated April 12, 2012 executed by Company in favour of PNB (as the security agent for itself, Central Bank of India, Oriental Bank of Commerce, Indian Overseas Bank and Punjab & Sind Bank (“PNB Consortium”): Guaranteeing the payments of all amounts due in relation to the facility of Rs. 507 crore availed by KSK Water Infrastructures Private Limited (which includes the facility of Rs. 150 Crore guaranteed by the 2011 CG) Corporate Guarantee dated April 28, 2017 by the Company in favour of PNB (as the security agent for the PNB Consortium) Guaranteeing the payments all amounts due in relation to the facility of Rs. 595.86 Crore availed by KSK Water Infrastructures Private Limited.


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(v) Assignment/Agreement to assign by way of

pari passu charge in favour of lenders, all the rights , titles and interests of the Borrower from all contracts, insurances, licenses in, to, and under all assets of the Project and all project documents, Engineering Procurement and Construction contracts, Other contracts, O&M related agreements, Service contracts, etc., Land Sale Deed, which the Borrower is party to including contractor guarantees, liquidated damages and all other contracts relating to the project;

Collateral Security:

(i) Pledge of 51% of promoters’ shares in favour

of consortium of lenders;

(ii) EM on 167.786 Hectare of land & 38.18 acre land (15.457 hectare) in the name of M/s KSK Water Infrastructure Pvt. Limited.

We note that the obligations of the Company under the corporate guarantees mentioned above are not secured.


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Annexure 8

LENDER SECURITY AS PER THE ASSIGNMENT AGREEMENT

FACILITY AMOUNT


Edelweiss Asset Reconstruction Company (“EARC”)

The Form C does not specifically set out the secured assets. However, as per the Form C, the claim arises from an assignment agreement dated August 24, 2018 execute by IDFC Bank Limited, as the assignor; and EARC as the Assignee (“EARC Assignment Deed”). The EARC Assignment Deed provides that the loans assigned and all the rights therein are to be held in trust by EARC for the benefit of the holders of the security receipts issued by it.

Facility of Rs. 194 Crore.

Pledge agreement Dated March 30, 2012 by KSK Electricity Financing India Private Limited in favour of IDFC:6 Pledges over shares equivalent to 23% (twenty three percent) of the total paid up equity share capital (8,45,02,000 equity shares of Rs. 10 each) as security for the repayment of loan.

Deed of guarantee dated March 30, 2012 By KSK Electricity Financing India Private Limited and Sai Regency Power Corporation Private Limited, in favour of IDFC.

Guarantees repayment of the facility of Rs. 194 Crore and the payments of all amounts due in relation to the facility and undertaking to pay all due amounts on demand, in case of a default by the Company, to remain effective till security interest, as required under the facility agreement is perfected and certain other conditions are fulfilled.

Unattested deed of hypothecation dated March 30, 2012 executed by Wardha Power Company in favour of IDFC:7

(i) a first charge by way of hypothecation on all movable assets of the Company; (ii) a first charge on all bank accounts of the Company; (iii) a first charge / assignment on all intangible assets of the Company, goodwill, and

uncalled capital of the Company;

6 We understand as per our discussion with EARC that (i) no fresh document executed for EARC in relation to this pledge, (ii) the process of modification of charge to change the name of the charge

holder from IDFC Bank to EARC is under process; and (iii) the pledge has been invoked but shares have not been sold and therefore, pursuant to the invocation, the debt has not been waived to any

extent.

7 We understand as per our discussion with EARC that (i) no fresh document executed for EARC in relation to this hypothecation; and (ii) the process of modification of charge to change the name of the chargeholder from IDFC Bank to EARC is under process.


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FACILITY AMOUNT


(iv) assignment of all rights, title, interests, claims, demands and benefits under or in relation to the ‘Project Documents’; the clearances; letter of credit, guarantee, performance bond, corporate guarantee, bank guarantee; all insurance policies, pertaining to the Project; and

(v) first charge on the Company’s cash flow, book debts, revenues, and receivables and any other revenue whatsoever.

Memorandum of entry dated August 11, 2014 executed by the Company in favour of IDBI Trusteeship Services Limited: Mortgage over certain land parcels in Maharashtra together with all the buildings and structures thereon and plant and machinery attached to the earth, or permanently fastened to anything attached to the earth. Indenture of Mortgage dated March 10, 2015 (“2015 IoM”) executed by the Company in favour of IDBI:

(i) All immovable properties of the Company, more particularly described in

schedule 4 of the 2015 IoM; (ii) All the movable assets mentioned in schedule 5 of the 2015 IoM, as well as all

intangible and tangible assets of the Company; (iii) All rights, title, interests, benefit, claims and demands of the Company in relation

to the Project Documents, licenses, permits, approvals, consents provided in schedule 6 of the 2015 IoM;

(iv) All rights, title, interests, benefit, claims and demands of the Company in relation to insurance contracts required for the Project or required under any financing document

(v) All accounts of the Company required to be created under any project documents or any financing document, all related receivables, moneys, investments, securities etc.,


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FACILITY AMOUNT


(vi) All amounts owing to and received or receivable by the Company including book debts and receivables, including uncalled capital and all rights, title, interests, benefit, claims and demands whatsoever of the Company.

(vii) All title, interests, benefit, claims and demands whatsoever of the Company in and to the “Base Cash Reserve Account” and the “Additional Cash Reserve Account” and all sums charged exclusively to IDBI Bank Limited and Standard Chartered Bank for a USD facility.

Memorandum of Entry dated September 14, 2015, executed by the Company in favour of IDBI Trusteeship Services Limited: Immovable property in Maharashtra together with all the buildings and structures thereon and plant and machinery attached to the earth, or permanently fastened to anything attached to the earth. Supplemental memorandum of entry dated September 14, 2015 by the Company in favour of IDBI Trusteeship Services Limited: Immovable property in Maharashtra together with all the buildings and structures thereon and plant and machinery attached to the earth, or permanently fastened to anything attached to the earth.]8

Facility of Rs. 13 Crore provided by IDFC

Unattested deed of hypothecation dated July 7, 2015 executed by the Company in favour if IDBI:9 (i) all movable assets of the Company and all documents relating to such assets and

all rights thereunder; (ii) all the current assets, including book debts, receivables, stock of raw materials,

8 We have been provided with amendment agreement dated November 18, 2015, to a security trustee agreement dated May 30, 2013, which requires acceding lenders to execute a deed of accession

and provides a format for the same. We understand that IDFC has acceded the security trustee agreement for both the facilities of Rs. 194 Crore and Rs. 13 Crore. We note that the security trustee

agreement dated May 30, 2013 provides in the interpretation clause that a “person” includes all its successors and assignees and therefore, pursuant to the EARC Assignment Deed, EARC should be

able to have benefit of the security created pursuant to such security trustee agreement.

9 We understand from EARC that no accession deed has been executed for the corresponding security trustee agreement dated July 7, 2015. However, from the said security trustee agreement, we note that the same does not need a deed of accession and the rights are available to assignees and novatees.


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FACILITY AMOUNT


finished and semi-finished goods, accounts receivable, operating cash flows (excepting monies lying in the “Cash Reserve Account” and “Additional Cash Reserve Account”), all related movables etc;

(iii) all products of, income from and proceeds of sale or other disposition of and any rights, easements, benefits, options, agreements, indemnities, warranties or covenants in respect of all of the foregoing;

(iv) all rights under all project documents; (v) any letter of credit, performance bonds etc in relation to the project; (vi) all insurance policies and the related proceeds; (vii) all sums standing to the credit of bank accounts of the Company (other than

those lying in the “Cash Reserve Account” and “Additional Cash Reserve Account”);

(viii) all clearances; and (ix) all intangible assets of the Company

The charge shall be created in the pari passu manner. [Memorandum of Entry dated September 14, 2015, executed by the Company in favour of IDBI Trusteeship Services Limited Immovable property in Maharashtra together with all the buildings and structures thereon and plant and machinery attached to the earth, or permanently fastened to anything attached to the earth. Supplemental memorandum of entry dated September 14, 2015, by the Company in favour of IDBI Trusteeship Services Limited: Immovable property in Maharashtra together with all the buildings and structures thereon and plant and machinery attached to the earth, or permanently fastened to anything attached to the earth.]10

10 Please refer to footnote 7 above


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Annexure 9


FACILITY AMOUNT GUARANTEE (as per deposited documents)

Central Bank of India

(i) EM on 167.786 Hectares of land;

(ii) Corporate Guarantee by

M/s Sai Wardha Power Generation Limited.

The underlying loan agreements have not been provided. However, from the Corporate Guarantee documents, we understand that the total facility for KSK Water Infrastructures Private Limited from the consortium of lenders (including Central Bank of India), which has been guaranteed by the Company is Rs. 595.86 Crore.

Corporate Guarantee dated April 28, 2017 by the Company in favour of PNB (as the security agent for itself, Central Bank of India, Oriental Bank of Commerce, Indian Overseas Bank and Punjab & Sind Bank) Guaranteeing the payment of all amounts due in relation to the facility of Rs. 595.86 Crore and undertaking to pay all due amounts on demand, in case of a default by the Company. We note that the obligations of the Company under the Corporate Guarantees mentioned above are not secured.


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Annexure 10


UCO Bank Primary Security For the term loan of Rs. 150 Crore: First pari passu mortgage & hypothecation charge over the land building, plant & machinery and other immovable & movable fixed assets of the existing & expansion project of the Company (both existing & future) at MIDC, Warora, Chandrapur district Maharashtra. [On Phase – II project] valued at Rs. 2936.84 Crore (Fair Market Value) as per valuation made by M/s Maharashtra Valuers & Consultants in its report dated January 12, 2017. For the term loan of Rs. 9 Crore: i) The Facility together with interest, further interest additional interest,

liquidated damages, costs, charges, expenses, and all other monies whatsoever payable by the Company shall be secured by the following security interest, to be created in favour of Security Trustee, already appointed, in a form and manner satisfactory to Lenders.

ii) A first pari passu charge by way of Legal/equitable mortgage over land and all fixed assets/immovable assets of the Borrower, present and future; (including 140.32 hectares of leasehold land and 26.69 hectares of Freehold land and all fixed assets/immovable assets of the Borrower)

iii) A first pari passu charge on entire current assets & movable assets of the company by way of hypothecation of entire, both present and future, including movable plant and machinery, machinery spares, tools and accessories, furniture, fixtures, vehicles and all other movable assets, both present and future;

iv) A first pari passu charge on all the company’s bank accounts including, without limitation, the TRA Account and the Debt Service Reserve Account to be established by the company and each of the other accounts as required to be created by the company under any Project Document; (other

Rs. 150 Crore Deed of hypothecation dated April 1, 2008 executed by Company in favour of UCO Bank, securing a facility of Rs. 75 crore: All the Company’s tangible movable assets, including raw materials, stock – in- trade and book debts [We understand from UCO Bank that the DoH secures the Rs. 150 Crore facility, a part of which was released prior to joint documentation.] Deed of hypothecation dated April 30, 2009 executed by the Company in favour of Rural Electrification Corporation Limited, as the Security Agent for a consortium of lenders including UCO Bank: i) All movable assets of the

Company; ii) Assignment of all title and


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than the Cash Reserve Account and the cash therein); v) A first pari passu charge/ assignment on all the intangible assets of the

Borrower, including but not limited to the goodwill, rights, undertakings, Intellectual Property, uncalled capital, trademarks, patents both present and future;

vi) Assignment of all rights and benefits under or in relation to the Project Agreements (and duly acknowledged and consented to by the relevant counter-parties to such Project Agreements) and other agreements or authorizations entered/obtained by the Borrower necessary for construction and operation of the Project;

vii) Assignment of all insurance policies; viii) Share pledge over Sponsor’s shares/preference capital representing 51%

(fifty one percent) ownership interest of Sponsor in the Borrower; ix) Security will be shared on first charge on pari passu basis for the additional

debt [except Cash Reserve] with Existing Rupee Lenders, ECB Lenders (USD 250 Million), working capital lenders (except pledge) and lenders participating in the additional term loan for meeting the cash flow gap.

Collateral Securities (For all credit facilities): i) Second pari passu hypothecation, charge on the entire current assets of

the Company’s project at Warora (First charge with WC lenders), valued at Rs. 94.61 Crore as per valuation made by M/s Maharashtra Valuers & Consultants in its report dated January 12, 2017;

ii) Pledge of promoters’ shareholding in the company to the extent of 51% (fifty one percent) of equity capital in favour of project lenders on pari passu basis;

iii) A first charge on the Trust and Retention Account, Debt Service Reserve Account and other reserves and any other bank accounts of the Company

interest of the Company under the documents and contracts relating to the Project;

iii) Assignment of all right, title and interest of the Company in all the clearances, insurance policies and uncalled capital of the Company; and

iv) All accounts and reserves maintained by the Company.

Pledge Agreement dated April 30, 2009 executed by the KSK Electricity Financing India Private Limited in favour of Rural Electrification Corporation Limited, as the Security Agent for a consortium of lenders including UCO Bank: Pledging over 51% (fifty one percent) of the total issued and paid up equity share capital of the Company


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wherever maintained on pari passu basis with other term lenders; iv) Assignment of all project contracts, documents, insurance policies relating

to power plants, rights, titles, permits/approvals, clearances etc.

Rs. 9 Crore Deed of Hypothecation dated June 29, 2015 executed by Sai Wardha Power Limited in favour of UCO Bank: i) movable plant, machinery,

equipments, implements and appliances situated in the Chandrapur property of the Company;

ii) all stocks and raw materials, wok-in-progress, finished goods, stores and spares.

Memorandum of entry dated

August 11, 2014 executed by the Company in favour of IDBI Trusteeship Services Limited: Mortgage over certain land parcels in Maharashtra together with all the buildings and structures thereon and plant and machinery attached to the earth, or permanently fastened to anything attached to the earth.


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Annexure 11


FACILITY AMOUNT

SECURITY PACKAGE AND GUARANTEE (as per deposited documents)

India Opportunities III Pte Limited

The details of the assets secured have not been specifically set out in the Form C.

Debentures with face value of Rs. 100 Crore

Two unattested deeds of hypothecation dated June 30, 2017 by Company in favour of Vistra ITCL (India) Limited: (i) first priority exclusive security interest on the ‘Debenture Subscription Amount’ and

related amounts; (ii) first priority exclusive security interest on the Service Fee Account and all receivables

under the ‘Services Agreement’ and all rights, titles, interests of the Company in, to and under the ‘Services Agreement’.

Deed of guarantee dated April 30, 2017 executed by the KSK Energy Company Private Limited in favour of Vistra ITCL (India) Limited (as debenture trustee): Guaranteeing the payments of all amounts due in relation to the debentures and undertaking to pay all due amounts on demand, in case of a default by the Company. Indenture of Mortgage on June 30, 2017 executed by the Company as the mortgagor in favour of Vistra ITCL(India) Limited as the debenture trustee:11 Mortgage over 0.13 Hectares of land situated in Tamil Nadu along with the buildings and structures thereon.

11 The verification of the security interest under this document is subject to our review of the related registration documents and ROC filings


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Annexure 12


Bank of India

Primary security (i) First charge/ assignment of all revenues/ receivables of the borrower from

the project or otherwise; (ii) a first charge by way of a legal/ equitable mortgage over all present and

future movable and immovable assets of the Company; (iii) a first charge on all bank accounts of the Company including, without

limitation, the Retention Account and the Debt Service Reserve Account and each of the other accounts requires to be created by the Borrower under this Agreement and any Project Document (other than the Base Cash Reserve Account and the Additional Cash Reserve Account and the cash therein, which shall be exclusively charged in favour of the Lenders and the Administrative Parties);

(iv) a first charge / assignment on all present and future intangible assets of the Company, including but not limited to the goodwill, rights, undertakings, intellectual property and uncalled capital of the Company; and

(v) assignment of all rights and licenses and benefits under or in relation to the Project Agreements (and duly acknowledged and consented by the relevant counter-parties to the Project( Agreements) and other agreements and authorizations entered/ obtained by the Company necessary for construction and operation of the Project;

(vi) first charge/ assignment in favor of lenders of all the right title, interest, benefits, claims and demands whatsoever of the company in any letter of credit guarantee, performance bond provided by any party to the Project Documents

Collateral Security: Share pledge comprising 51% (fifty one percent.) of the equity share capital of the Company

We have not been not been provided with the underlying loan documents. However, from the security documents, we understand that a facility of Rs. 150 Crore has been availed.

No security / guarantee documents have been provided. However, from our review of the memorandum of entry and supplemental memorandum of entry, each dated September 14, 2015 executed by Company in favour of IDBI Trusteeship Services Limited, we note that the mortgage created therein secure a facility of Rs. 150 Crore provided by Bank of India.


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Annexure 13


FACILITY AMOUNT

SECURITY PACKAGE (as per deposited documents)12

Assets Care & Reconstruction Enterprise Ltd (“ACRE”)

(i) Hypothecation of all Company’s movable assets of, both present and future, including but not limited to movable plant and machinery, equipment, appliance and furniture, including Cash flow, receivables, stock and account receivables and the documents as set out in the deed of hypothecation dated April 1, 2015;

(ii) Mortgage charge over the land as

set out on Memorandum of Entry dated September 14, 2015 and supplemental MOE Dated September 14, 2015;

(iii) Pledge of 51% (fifty one percent)

shares of the Company held by KSK Electricity financing India private limited and KSK energy Ventures Limited as set out in second supplemental deed of pledge dated February 19, 2016.

Rs. 55 Crore (availed by the Company from Standard Chartered Bank and assigned to ACRE by way of Deed of Assignment of Debt dated May 19, 2016 executed by Standard Chartered Bank as assignor and ACRE as the assignee

Unattested Deed of hypothecation dated April 1, 2015 executed by the Company in favour of IDBI Trusteeship Services Limited as Security Trustee:

(i) All the movables of the Company; (ii) All the current assets of the Company; (iii) All the intangible assets of the Company; (iv) all rights, titles, licenses, benefits, claims, demands under or in

relation to the project documents, contracts, bonds guarantees etc;

(v) licences and all insurance policies in relation to the projects; (vi) All products of, income from and proceeds of sale or other

disposition of and any rights, easements, benefits, options, agreements, indemnities, warranties or covenants in respect of all foregoing;

(vii) Insurance policies, reinsurance policies and proceeds thereof; (viii) Any letter of credit, guarantee or performance bond; (ix) All sums standing to the credit of any of the bank accounts of the

Company (other than the “Base Cash Reserve Account” and the “Additional Cash Reserve Account” by the Company pursuant to the terms of facility agreement);

(x) All clearances and all rights and benefits thereunder.

12 We understand that the security trustee agreement pertaining to the security documents listed here is a security trustee agreement dated April 1, 2015 (“STA”). We note that the concerned facility is governed by the terms of the joint lenders forum loan agreement dated April 6, 2016, to which, ACRE has acceded by way of a novation deed and a deed of accession, each dated May 26, 2016. Accordingly, given that SCB, as a party to the STA includes its successors and assigns, the benefit under the security documents should be available to ACRE.


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FACILITY AMOUNT

SECURITY PACKAGE (as per deposited documents)12

Memorandum of Entry dated September 14, 2015 executed by the Company in favour of IDBI Trusteeship Services Limited: Immovable property in Maharashtra together with all the buildings and structures thereon and plant and machinery attached to the earth, or permanently fastened to anything attached to the earth. Supplemental memorandum of entry dated September 14, 2015 by the Company in favour of IDBI Trusteeship Services Limited: Immovable property in Maharashtra together with all the buildings and structures thereon and plant and machinery attached to the earth, or permanently fastened to anything attached to the earth.


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Annexure 14


Punjab & Sind Bank

Primary security: (i) First pari passu charge on all immovable (including land and building) and

movable assets of the Company both present and future, (excluding Anicut/ Barrage being constructed by Water Resources Dept. of Chattisgarh Govt and cost for the same spent by the Company would be recovered out of the monthly bill raised by the WR Dept.);

(ii) First pari passu charge/ assignment on all revenues and receivables of the Company relating to the project from the Project or otherwise;

(iii) First pari passu charge on the Escrow Account, Debt Service Reserve Account and other reserves and any other bank accounts of the borrower relating to the project wherever maintained, both present and future;

(iv) First pari passu charge on all intangible assets of the Borrower including but not limited to goodwill, uncalled capital, present and future;

(v) Assignment/ Agreement to assign by way of pari passu charge in favour of lenders, all the rights, titles and interests of the Borrower from all contracts, insurances, licenses in, to, and under all assets of the Project and all project documents, Engineering Procurement and Construction contracts, Other contracts, O&M related agreements, Service contracts, etc., Land Sale deed, which the Borrower is party to including contractor guarantees, liquidated damages and all other contracts relating to the project;

Collateral: (i) 51% (fifty one percent) of promoters’ shares are pledged in favour of

consortium of lenders and held by PNB, the Lead Bank. (ii) EM on 167.786 Hectares of land & 38.18 acres of land (15.457 hectare) in

the name of M/s KSK Water Infrastructure Pvt. Limited.

We have not been not been provided with the underlying loan documents. However, from Corporate Guarantee documents, we understand that the guarantees were provided for a facility of Rs. 643.84 Crore availed by KSK Water Infrastructures Private Limited from a consortium of lenders including Punjab and Sind Bank

Corporate Guarantee dated April 12, 2012 executed by Wardha Power Company Limited in favour of PNB (as the security agent for itself, Central Bank of India, Oriental Bank of Commerce, Indian Overseas Bank and Punjab & Sind Bank) (“2012 CG”): Guaranteeing the payments of all amounts due in relation to the facility of Rs. 507 Crore availed by KSK Water Infrastructures Private Limited. Corporate Guarantee dated December 30, 2014 executed by Sai Wardha Power Limited in favour of PNB ( as the security agent for itself, Central Bank of India, Oriental Bank of Commerce, Indian Overseas Bank and Punjab & Sind Bank):


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Guaranteeing the payments of all amounts due in relation to the facility of Rs. 643.84 Crore (increased from Rs. 507 Crore availed as mentioned in the 2012 CG) by KSK Water Infrastructures Private Limited. We note that the obligations of the Company under the Corporate Guarantees mentioned above are not secured.
