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TMI Blog2019 (2) TMI 1362X X X X Extracts X X X X X X X X Extracts X X X X ..... al the appellants have also filed the application for stay. The prayer is strongly opposed by the Mr. Mohd. Faraz, counsel for the respondent no. 1. Learned counsel for the appellant no. 1 i.e. ICICI Bank Ltd. is pressing the interim order on the operation of the order of confirmation dated 11.12.2018 passed by the Adjudicating Authority under the Prevention of Money Laundering Act, 2002 confirming Provisional Attachment Order no. 9/2018 dated 25.06.2018 in OC no. 1000/18 titled "Enforcement Directorate Vs. Mehul Choksi & Ors.", qua the properties mortgaged/hypothecated/pledged/guaranteed in favour of the appellant and the other consortium lenders. 3. The following are details of the properties which are mortgaged/pledged/hypothecated in favour of bank and the other consortium lenders and deed executed thereof. " 1. IMMOVEABLE PROPERTIES IMMOVABLE PROPERTY S.NO. Security Provider Facility Secured Name of Property Mortgage Document 1 GECL GECL WC Facility extended vide Third Supplemental Working Capital Consortium Agreement dated June 29, 2011 Unit No.1, Lease Land & Building at Plot No -61, SEEPZ, Parajapur, Kondivita, Marol, Andheri (EAST), Mumbai Deed of Mortgag ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Vide Working Capital Facility Agreement dated 19.08.2016 and Supplemental Working Capital Consortium Agreement dated 06.07.2012 2. ECB Facility extended vide Facility Agreement dated 10.09.2011 1. Deed of Hypothecation dated 19.08.2016 and Deed of Mortgage cum charge cum guarantee dated 06.07.2012 2. Deed of Hypothecation for ECB Facility dated 17.10.2011. 5 GGL 1. GGL WC Facility extended Vide Working Capital Facility Agreement dated 19.08.2016 and Supplemental Working Capital Consortium Agreement dated 06.07.2012 2. ECB Facility extended vide Facility Agreement dated 10.09.2011. 1. Deed of Hypothecation dated 19.08.2016 and Deed of Mortgage cum charge cum guarantee dated 06.07.2012 2. Deed of Hypothecation for ECB Facility dated 17.10.2011. 7 GBL (now known as Nakshatra World Limited/NWL) NWL WC Facility extended Vide Supplemental Amendatory Working Capital Consortium Agreement dated 29.09.2014 and Third Supplemental Working Capital Consortium Agreement dated 18.04.2012 Deed of Hypothecation dated 29.09.2014 and Joint Deed of Hypothecation dated 18.04.2012 8 GECL GECL WC Facility extended vide Supplemental and Amendatory Working Capital Consortium Agreement dated ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 19.08.2016 and Supplemental Working Capital Consortium Agreement dated 06.07.2012 2. ECB Facility extended vide Facility Agreement dated 10.09.2011 1. Deed of Hypothecation dated 19.08.2016 and Deed of Mortgage cum charge cum guarantee dated 06.07.2012. 2. Deed of Hypothecation for ECB Facility dated 17.10.2011. 27 GGL 1. GGL WC Facility extended Vide Working Capital Facility Agreement dated 19.08.2016 and Supplemental Working Capital Consortium Agreement dated 06.07.2012 2. ECB Facility extended vide Facility Agreement dated 10.09.2011 1. Deed of Hypothecation dated 19.08.2016 and Deed of Mortgage cum charge cum guarantee dated 06.07.2012 2. Deed of Hypothecation for ECB Facility dated 17.10.2011. 28 NWL NWLWC Facility extended Vide Supplemental Amendatory Working Capital Consortium Agreement dated 29.09.2014 and Third Supplemental Working Capital Consortium Agreement dated 18.04.2012 Deed of Hypothecation dated 29.09.2014 and Joint Deed of Hypothecation dated 18.04.2012 29 GGL 1. GGL WC Facility extended Vide Working Capital Facility Agreement dated 19.08.2016 and Supplemental Working Capital Consortium Agreement dated 06.07.2012 2. ECB Facility extended vide Fac ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... age cum charge cum guarantee dated 06.07.2012 2. Deed of Hypothecation for ECB Facility dated 17.10.2011. 37 GGL 1. GGL WC Facility extended Vide Working Capital Facility Agreement dated 19.08.2016 and Supplemental Working Capital Consortium Agreement dated 06.07.2012 2. ECB Facility extended vide Facility Agreement dated 10.09.2011 1. Deed of Hypothecation dated 19.08.2016 and Deed of Mortgage cum charge cum guarantee dated 06.07.2012 2. Deed of Hypothecation for ECB Facility dated 17.10.2011. 38 GGL 1. GGL WC Facility extended Vide Working Capital Facility Agreement dated 19.08.2016 and Supplemental Working Capital Consortium Agreement dated 06.07.2012 2. ECB Facility extended vide Facility Agreement dated 10.09.2011 1. Deed of Hypothecation dated 19.08.2016 and Deed of Mortgage cum charge cum guarantee dated 06.07.2012 2. Deed of Hypothecation for ECB Facility dated 17.10.2011. 39 NWL NWLWC Facility extended Vide Supplemental Amendatory Working Capital Consortium Agreement dated 29.09.2014 and Third Supplemental Working Capital Consortium Agreement dated 18.04.2012 Deed of Hypothecation dated 29.09.2014 and Joint Deed of Hypothecation dated 18.04.2012 40 GGL ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ct, Telangana, Andhra Pradesh Gitanjali Gems Limited 1. GGL WC Facility extended Vide Working Capital Facility Agreement dated 19.08.2016and Supplemental Working Capital Consortium Agreement dated 06.07.2012. 2. ECB Facilityextended vide Facility Agreement dated 10.09.2011. 1. Deed of Hypothecation dated 19.08.2016 and Deed of Mortgage cum charge cum guarantee dated 06.07.2012. 2. Deed of Hypothecation for ECB Facility dated 17.10.2011. 4 Gitanjali Gems Ltd, Siapura Industrial Estate, Jaipur Gitanjali Gems Limited 1. GGL WC Facility extended Vide Working Capital Facility Agreement dated 19.08.2016 and Supplemental Working Capital Consortium Agreement dated 06.07.2012. 2. ECB Facilityextended vide Facility Agreement dated 10.10.2011. 1. Deed of Hypothecation dated 19.08.2016 and Deed of Mortgage cum charge cum guarantee dated 06.07.2012. 2. Deed of Hypothecation for ECB Facility dated 17.10.2011. 6 Shoppers Stop, New Delhi Gitanjali Gems Limited 1. GGL WC Facility extended Vide Working Capital Facility Agreement dated 19.08.2016 and Supplemental Working Capital Consortium Agreement dated 06.07.2012. 2. ECB Facility extended vide Facility Agreement dated 10.09.2011. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ("GGL"), M/s Gitanjali Exports Corporation Ltd. ("GECL") and M/s Nakshatra World Ltd. ("NWL"), for which collateral in form of inter alia the present properties attached had been furnished by way of Mortgaged/Hypothecation/Pledge Agreements and Deeds of Corporate and Personal Guarantee. 5. Upon a failure of GGL, GECL and NWL to repay the outstanding amounts as advanced, the Appellant in exercise of its rights issued Recall and Statutory Notice U/s 13(2) SAFAESI, declared the account of GGL and GECL as NPA w.e.f 31.03.2018, filed OA No. 408/2018 on 05.07.2018 in relation to the GGL Working Capital Facility, OA No. 540/2018 on 27.08.2018 in relation to NWL Working Capital Facility and OA No. 520/2018 on 18.08.2018 in relation to the ECB Facility U/s 19 of the RDDBFI Act before DRT, Mumbai. 6. The Appellant has also filed a CIRP Application U/s 7 of the I&B Code against GGL before NCLT, Mumbai being Company Petition No. 3585/2018 who vide Order dated 08.10.2018 was pleased to pronounce the Admission Order and declare Moratorium to come into operation with immediate effect. It is pertinent to state that the IRP has filed also challenged the Impugned Order qua the properties of GGL v ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... CLT, Mumbai were to pass orders in favour of the Appellant. 10. It is not disputed that the said properties are not mortgaged with the bank or bank is not secured creditor. It is also not denied that the bank is a victim party and is entitled to recover the due amount. 11. Similar arguments have been addressed by advocate appeared on behalf of Mr. Vijay Garg, Resolution Professional for Gitanjali Gems Ltd., who is supported the arguments of ICICI Banks Ltd. 12. In view of the above facts and circumstances, I am of the considered view that as per admitted position as that the attached properties are the mortgaged /Hypothecation/pledge agreements and deeds of corporate and personal guarantee, the due amount alongwith the interest is to be realized by the banks/lenders. The trial in the matter against the borrowers may take number of years. The borrowers have cheated not only the bank but also appropriated the public money and left the country by playing the fraud upon this country. No one is aware when the borrowers will return back, and pay the due amount and face the criminal trial and how much time will take to complete the trial. The amount due against the security cannot be d ..... X X X X Extracts X X X X X X X X Extracts X X X X
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