TMI Blog2016 (5) TMI 730X X X X Extracts X X X X X X X X Extracts X X X X ..... ns of the SARFAESI Act to sell the assets of the company and take steps to get the sale confirmed as expeditiously as possible. No sooner the sale is confirmed, M/s.Riverside Infrastructure (India) Private Limited, Chennai, shall handover the possession of the assets as per the affidavit of undertaking dated 18.01.2016, without demur or objections. The whole exercise has to be completed within four months from the date of receipt of a copy of this order. - C. P. No. 127 of 2015 and Comp. A. No. 1248 of 2015 - - - Dated:- 19-1-2016 - S. Manikumar, J. For the Petitioner : Mr. P. Elaya Rajkumar for M/s. Ramalingam and Assoc For the Respondent : Mr. K. Rajasekaran ORDER M/s. LIC Housing Finance Limited, represented by its Area Manager, Chennai has filed the Company Petition No.127 of 2015, seeking for an order of winding up of M/s.Riverside Infrastructure (India) Private Limited, Chennai. 2. M/s. LIC Housing Finance Limited, Chennai has submitted that they are the leading Housing Finance Company and engaged in the field of Housing and Project Finance from the year 1989 and they advance loans for project development and housing requirement against mortgage of im ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d with the respondent company, are as follows: (a) The proceeds of all amounts borrowed shall be applied in or towards the implementation and development of the project, mall cum multiplex at Karapakkam, OMR, Chennai, only and no other purpose. (b) Commercial Operation Date or COD was April 2012 (c) The Borrower shall repay the loans to the lenders as set out in the letters of sanction issued by each lender. 7. The petitioner has stated that the aforesaid Project Term Loan was availed by the Respondent Company on 21.04.2011. In consideration of availing and to secure the said loan the under mentioned loan documents were executed by the Respondent Company in favour of the petitioner and the consortium Bankers. (a) Common Loan Agreement entered into between the respondent, petitioner and the consortium bankers viz., State Bank of Patiala and Syndicate Bank. (b) Common Deed of Hypothecation executed by the respondent in favour of the Security Trustee under the Common Loan Agreement viz., State Bank of Patiala. (c) Inter Creditor Agreement entered into between the petitioner and other consortium lenders. (d) Security Trustee Agreement entered into ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed the completion of the Project. 11. Added further that the respondent company had also deviated from the original plan of construction and had modified the project without the consent of the lenders. In the result there was an over run and the project could not be completed on account of the conversions and modifications made. Further the respondent company having availed the loan amount did not adhere to the repayment schedule. On account of the default in repayment of the dues as agreed upon, the loan account of the respondent with the petitioner was classified as Non-performing Asset in accordance with the Directions and guidelines of the Regulatory Bodies of the lenders. 12. It is also the contention of the petitioner that on account of the irregularity in the account of the respondent company, a total of ₹ 1,17,64,21,463.39 had become due and payable to the petitioner as on 01.01.2013, including the unpaid interest from 01.05.2012. Similar defaults were committed with the other consortium lenders, forcing the petitioner and the consortium lenders to initiate proceedings as against the respondent company by enforcing the mortgage on the secured Asset, under the pr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... State Bank of Patiala. M/s. Edelweiss, is the Asset Reconstruction Company for the above lenders. Mr. Omprakash, learned counsel for the petitioner seeks time to take steps for impleading the Assets reconstruction company viz., M/s.Edelweiss. Post on 22.12.2015. 15. Accordingly, impleading application in Comp.A.No.1248 of 2015, is filed. Edelweiss Asset Reconstruction Company Limited, Mumbai, the proposed 2nd respondent, in its counter affidavit has submitted that State Bank of Patiala and Syndicate Bank have under the Consortium lending advanced a total sum of ₹ 117 Crores to the 1st respondent for construction of a Multiplex Mall at Karapakkam, IMR, Chennai. The 1st respondent mortgaged the Multiplex Mall as security by way of equitable mortgage with the Consortium lenders for the loan sanctioned. With the passage of time, the 1st respondent was not able to repay the amount of loan taken from aforesaid consortium lenders and therefore, its account in the books of said banks was classified as Non performing Assets (NPA). 16. That State Bank of Patiala being a secured creditor and the leader of consortium issued a notice dated 6th May 2013 under Sect ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rest and / or pledges created to secure and/or guarantees issued in respect of the repayment of loans. The answering respondent has got the right to enforce such Security Interests, pledges and /or guarantees and appropriate the amount realized there from towards the repayment of loans and to exercise all other rights in relation to such security interest, pledges and/or guarantees. 22. When the matter came up for hearing, an additional affidavit dated 18.01.2016 has been filed by M/s.Riverside Infrastructure (India) Private Limited, Chennai, accepting the liability. In addition to the above at paragraph Nos. 5 to 7, M/s.Riverside Infrastructure (India) Private Limited, Chennai, has averred as follows: 5. I submit that in these circumstances, I am filing this affidavit to the effect to handover possession of the secured assets of the company upon completion and confirmation of the auction sale to be proceeded under the SARFAESI Act. 6. I submit that the 1st respondent Company is always ready and willing to settle the loan amounts due to the respondents and to cooperate with the Asset Reconstruction Company for the amicable settlement by restructuring the Financial Asse ..... X X X X Extracts X X X X X X X X Extracts X X X X
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