9911796707
TMI Blog2021 (5) TMI 1086X X X X Extracts X X X X X X X X Extracts X X X X ..... the statement made by Mr. Sikri, as recorded in the order dated 20th November, 2020, with the clarification as observed today, shall continue to bind the Respondents. The parties are directed to appear before the learned Sole Arbitrator as and when notified. This is subject to the Arbitrator making the necessary disclosure under Section 12(1) of the Act and not being ineligible under Section 12(5) of the Act. Petition disposed off. - HON'BLE MR. JUSTICE SANJEEV NARULA For the Appellant : Mr. Anupam Lal Das, Senior Advocate with Mr. Raunak Dhillon, Mr. Aditya Marwah, Ms. Isha Malik, Mr. Anirudh Singh and Ms. Niharika Shukla, Advocates. For the Respondent : Mr. Saket Sikri, Mr. Malak Bhatt, Ms. Devanshi Singh and Mr. Rajat Bector, Advocates. JUDGMENT [VIA VIDEO CONFERENCING] SANJEEV NARULA, J. (Oral): I.A. 6422/2021 (for exemption from filing attested/ signed/ affirmed affidavits) 1. The present application on behalf of the Petitioner seeks exemption from filing attested/ affirmed affidavit(s). 2. The application is allowed, subject to the Petitioner filing the exempted documents within two weeks from the day the lockdown restrictions imposed by the Government of NCT of Delhi a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... st October, 2020 to Respondent Nos. 1 and 2 invoking Personal Guarantee [hereinafter referred to as the PG Invocation Notice ], to forthwith, jointly and/or severally, pay the entire outstanding amounts due under the Loan Agreement and the amendment agreement dated 9th September, 2019. 5.4 By virtue of the order dated 10th August, 2020, SPDPL is presently under corporate insolvency resolution process before the National Company Law Tribunal at Mumbai. 6. The Petitioner has approached this Court apprehending that in order to defeat their claim, Respondent Nos. 1 and 2 through their family members, associates, affiliates and/or other entities of Satra Group , are likely to clandestinely and/or in collusion with each other take steps to dispose of/ illegally transfer their assets including those, over which, the Petitioner has a security interest. 7. On 20th November, 2020, when this petition was taken up for hearing, Mr. Saket Sikri, learned counsel accepted the notice on behalf of the Respondents and on instructions stated that his clients undertake not to create any third-party interest in respect of any of their assets. This statement was taken on record by the Court and time was ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... te of our repeated demands you have not paid any amount towards the amount outstanding in your account you have not discharged your liabilities. We do hereby call upon you in terms of section 13 (2) of the Securitisation and Reconstruction of Financial Assets and enforcement of Security Interest Act, 2002 to pay a sum of Rs. 10,61,19,626.11 (Rupees Ten crores sixty one lakhs nineteen thousand six hundred twenty six eleven paisa only) together with contractual rate of interest from 01/04/2021 with monthly rest as per the terms and conditions of loan documents executed by you and discharge your liabilities in full within 60 days from the date of receipt of this notice, failing which, we shall be constrained to enforce the following securities created by you in favour of the bank by exercising any or all of the rights given under the said Act: Flat No.1404, 14th Floor, building LE 88 Mahim Bandra Reclamation Near MTNL Office, Bandra Reclamation Bandra(W) Mumbal-400050. Please note that if you fail to remit the dues within 60 days and if the Bank exercises all its rights under this Act and if the dues are not fully satisfied with the sale of the proceeds of the secured assets, we shall ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Affidavit. 11. In light of the disclosure made in the additional Affidavit, Mr. Das, relying upon Clauses 21 and 22 of the Deed, contends that the relief sought by Respondent No. 1 cannot be granted. The said Clauses read as under: - 21) The Guarantors do hereby further undertake not to sell, transfer, encumber, charge, pledge, hypothecation, mortgage or creation of any lien on all or any of its movable and immovable properties without the prior written permission of the Lender. 22) The Guarantors hereby declares that this guarantee will be enforceable against his present as well as future assets that may be acquired by them hereafter and undertakes not to deal with or dispose of his assets both present and future without the prior written consent of IIFL. The Guarantors further agrees and undertakes to submit to IIFL every year, latest by 30th September, a statement of his net worth. Non-submission of such a statement every year shall be considered as non-compliance of terms and sanction of the said Loan by IIFL. Mr. Das contends that, as a result of the aforesaid Clauses, since the mortgage created by Respondent No. 1, in favour of UBI was subsequent to the execution of the Deed ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ealing with the law on the subject. The Court has considered the contentions of the parties. In the opinion of the Court, the relief as sought by Respondent No. 1 in the application, for permission to sell the Scheduled property can certainly not be granted, as admittedly the same is presently a subject-matter of a mortgage with UBI and the title deeds, thereof, are deposited with the said bank. 14. The case laws and the provisions of law cited by both the parties are not required to be examined by this Court in the present proceedings, as the effect and legality of the mortgage in favour of UBI in light of the Clauses of the Deed relied upon by the Petitioner, is a question which has to be agitated before an appropriate forum, where UBI is a party. This Court, while exercising jurisdiction under Section 9 of the Act, cannot give any finding with respect to the mortgage created by Respondent No. 1, qua the Scheduled property, in favour of UBI. However, the fact remains that, by virtue of the statement made by Mr. Sikri, Respondent No. 1 is bound by the same and in effect, there is an injunction operating against Respondent No. 1 from selling, alienating and/or creating any third-pa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... arned counsel for the parties jointly pray that the present petition be directed to be considered by the learned Arbitrator as an application under Section 17 of the Act. The said request is accepted and accordingly, the present petition is disposed of, with a direction that same shall be treated as an application under Section 17 of the Act, which shall be considered and decided by the learned Arbitrator in accordance with law. Till such time, the statement made by Mr. Sikri, as recorded in the order dated 20th November, 2020, with the clarification as observed today, shall continue to bind the Respondents. It is further directed that the Respondents shall file an affidavit in terms of the decision of this Court in Bhandari Engineers Builders Pvt. Ltd. v. Maharia Raj Joint Ventures Ors.1, disclosing a list of their assets, within a period of four weeks from today. Since the present petition is being disposed of, the affidavits shall be filed before the learned Arbitrator within the timelines stipulated. 19. It is further clarified that any observations made herein above, and in the previous orders are only on a prima facie basis and not a final expression on the merits of the case ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
