TMI Blog2021 (5) TMI 264X X X X Extracts X X X X X X X X Extracts X X X X ..... tion of the property is to the tune of ₹ 342.40 crores which is accepted by the bank and the bank has approved the loan, and the attachment by the ED is to the tune of ₹ 120,20,46,000/- crores, this Court grants permission to availing of the loan under the ECLGS scheme. While maintaining the ED s attachment order to the tune of ₹ 120,20,46,000/- crores, and safeguarding the ED s rights in respect of the said attachment, permission is granted to the Petitioner to avail of the loan to the tune of ₹ 25 crores under the ECLGS scheme, by creating a second charge in respect of the subject property- Holiday INN, which is situated at Asset Area 12, Aero-city, Delhi International Airport, New Delhi- 110037 - Petition dispo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... onstructive possession of the ED shall remain over the property in question. Appellant shall not transfer the property in question in any manner directly or indirectly 4. It is the case of the Petitioner that post the outbreak of the COVID-19 pandemic, considering the adverse effect of the same on the hospitality sector, the Ministry of Finance, GOI launched the Emergency Credit Line Guarantee Scheme ( ECLGS ). As per the said Scheme, companies in this sector could avail an additional credit facilities which would be fully guaranteed by the National Credit Guarantee Trustee Company Limited (NCGTC). The Petitioner approached Yes Bank for availing of this credit facility which got an independent valuation of the property concerned. For t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... arded, the ED would have no objection if a further loan facility of ₹ 25 crores, is extended to the Petitioner in respect of the subject property. 8. Mr. Tanveer Ahmed, ld. Counsel for the Petitioner, submits that the total attachment amount qua this property is only to the extent of ₹ 120,20,46,000/-, and the Yes Bank has already valued the property at ₹ 342.4 crores, through its own valuation agency, and has approved the loan. However, the bank has submitted that the same is subject to the permission to be granted by the Appellate Tribunal, which is currently not functional. Hence, he submits that this Court may grant the said approval. 9. On behalf of the Yes Bank it is confirmed to this Court by Mr. Khurana, ld. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... k is as under: Approval from Appellate Tribunal for creation of 2nd charge for the facility being sanctioned under ECLGS scheme to be obtained prior to any disbursement under the facility 14. A perusal of the valuation report of the property, which is confirmed by the Yes Bank, shows that the total value attributed to the property is to the tune of ₹ 342.40 crores, and the realisable value of the said property is ₹ 325.20 crores. The valuation report has been given by the CBRE, which is a valuation advisory services agency, and the said report has also been placed on record. 15. Considering the fact that the Yes Bank s valuation of the property is to the tune of ₹ 342.40 crores which is accepted by the bank ..... X X X X Extracts X X X X X X X X Extracts X X X X
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