9911796707
TMI Blog2018 (10) TMI 1934X X X X Extracts X X X X X X X X Extracts X X X X ..... m Private Limited with defendants No.16 and 17 pursuant to which the loan facility vide an aggregate amount of INR 100 Crores is proposed to be advanced to defendant No.3 on security of the assets of defendant No.3 and other subsidiaries of SARE Group. It is pleaded that this arrangement which has yet not been completed is wholly contrary to the Agreement between the parties and will cause irreparable loss and injury to the WAFRA Group if the securities are allowed to be further pledged or given as lien. Plaintiff has made out a prima facie case in its favour. Defendants No.1 to 10 are restrained from creating any encumbrance/charge or lien or mortgage of any of their assets, shares, properties (movable or immovable) to any third party till ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... straining the defendants No.1 to 15 from pledging, mortgaging, encumbering, disposing of, selling or alienating any of their assets, shares, properties (movable and immovable) in any manner whatsoever without obtaining the prior written permission of the Receiver of the plaintiff. Other connected reliefs are also sought. The suit is filed seeking a decree of declaration that all the securities and documents, power of attorneys, non-disposable undertakings, charge on assets etc. sought to be created by the defendants No.1 to 15 in favour of defendants No.16 to 19 or any other person or entity pursuant to and/or in furtherance of the Facility Agreement dated or any other agreement are nonest, null and void. Other connected reliefs are also s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tes that the Issuer (SARE Group) shall use the net proceeds of the sale of the Bonds to the Purchaser to acquire, develop, sell, middle-income residential projects across India with supporting infrastructure by Controlled Subsidiaries. Reliance is also placed on clause 12 which states that so long as the Bond remains outstanding the issuer shall cause each of its Subsidiaries not to directly or indirectly create, incur, assume or suffer to exist any Lien upon any of its property, assets or revenues etc. It is also pointed out that this agreement is signed on behalf of the subsidiaries. It is pleaded that a Facility Agreement has now been executed on 14.5.2018 by defendant No.3/ SARE Gurugram Private Limited with defendants No.16 and 17 pur ..... X X X X Extracts X X X X X X X X Extracts X X X X
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