It is stated on behalf of Financial

It is stated on behalf of Financial Creditors that the Board of the Corporate Debtor vide Resolution dated 25th July, 2011 resolved to borrow the term loan from Consortium Banks. The member of the Corporate Debtor vide Resolution dated 22nd July, 2011 passed Resolution under Section 293 (1) of Companies Act, 1956 and authorized the Corporate Debtor to borrow a sum not exceeding Rs. 700 crores. The Corporate Debtor executed various loan agreements and mortgage deeds on 1st August, 2011 in favor of the Members of the Consortium to secure the repayment of the loan sanctioned by the Financial Creditors and the other Consortium members.