Narender Kumar Arora & Drs
Narender Kumar Arora & Drs
Narender Kumar Arora & Drs
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NARENDER KUMAR ARORA & ORS, Court No. : 23
Nominated Counsel Vs. KOTAK MAHINORA BANK LTO, DISPOSED OFF on 03/11/2016
&ANR.
List ol Common Objections Advocate : SUDHIR KUMAR SINitA
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* IN THE HIGH COURT OF DELHI AT NEW
. '
DELHI
1.
+ ARB.A. 12/2016
versus
ORDER
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·;.:: 1. This appeal is directed against the impugned order dated 12 111 1\1ay 2016
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passed by the sole Arbitrator in an application filed by Kotak Mahindra
}iit- Bank Ltd. ('KMBL'), Respondent No.1 herein to be substituted for the
:~;r~t: original claimant in the arbitral proceedings viz., Citi Financial Consumer
~;}/:·:
Finance India Ltd. (Respondent No.2)
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2. The Appellants herein resisted the said application on the ground that the
assigning of the debt is contmry to the agreement between the parties and
should have not been pennitted. The learned. Arbitrator has by the impugned
.
order negatived the· said objection and allowed the substitution of
Respondent No.2 by Respondent No.1 as the sole claimant in the arbitral
. . .
proceedings.
' •
3. Learned counsel for the Appellants has not been able to point out how the
impugned order falls under any of the categories or'intetim orders passed by
an Arbitrator which can be appealed against under Seytion 37 of the
Arbitration and Conciliation Act, 1996 ('Act').
of the Act. The Appellants will have to await the Award and in the <;ourse of
challenging the Award urge an issue concerning the validity of the
assignment. This appeal is, therefore, not maintainable as such and is
dismissed reserving the right of the Appellants to challenge the validity of
assignment at the stage of challenge to the Award if it is adverse to them.
5. The interim order passed by this Court on 1i 11 June 2016 stands vacated.
.•
"
S. MURAL~DHAR, J
NOVEMBER 03, 2016
dn
ARB.A.1212016 Page 2 of2
•
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* IN THE HIGH COURT OF DELHI AT NEW' DELHI
+ ARB.A. 12/2016
versus
CORAM:
HON'BLE MR. JUSTICE MANMOHAN SINGH
ORDER
30.08.2016
The Hon'ble Judge did not hold the Court before lunch.
Re-notify on 3rd November, 2016.
(COURT MASTER)
AUGUST 30, 2016/ka
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* IN THE HIGH COURT OF. l)ELHI AT NEW DELHI
+ ARB. A. 12/2016
NARENDER KUMAR ARORA AND ORS. .. .. ~Appellants
Through; :tvfr. Sudhir Sinha and Mr. Sandeep,
Advocates
versus
CORAM:
ORDER
_,,,_ ..........
17.06.2016
I.As.J!i~O & 767? of2016{E~emption)
Allowed subject to all just exceptions.
Vide impugned order of Iih May, 2016, first respondent has been
impleaded as a party.
.
Learned counsel for appellants submits that the impleadment of
first respondent is to~ally unwarranted.
Notice.
Mr. Arun Aggarwal, Advocate, accepts notice on behalf of
re~pondent No.1.
I •
2016. In the meantime, the proceedings before the learned Arbitrator be
continued, but be not concluded till further orders.
List on 30th August, 2016 before the Roster Bench.-
(SUNIL GAUR)
VACATION JUDGE
JUNE 17, 2016
s
..
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ARB. A.l212016· Page2
' •
ITEM NO .. ___ .....:. (to be filledupbyCM only)
-VERSUS-
GROUNDS FOR URGENCY ANO THE NATURE OF RELIEF SOUGHT (IN BRIEF):
l. F.I.R. No.
2. Date of F.I.R.
3. Police Station
R~marks L Objections:
·~
Narend~r Kl:lmar Arora & Ors. Vs. Kotak Mahindra Sank & Anr.
INDEX
V'\b l
~.bArbitration Appeal U/S 37 of the Constitution of
India
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~- ~:~ ~-r<>\ 6 6. A
ff'd
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av1t 1n support
~~~ 7. ANNEXURE~
r.-•(·"' . Copy of impugned order. dt. 12.5 ..1.6
~'·.,.,,•;,.G"<~"e·Pa!:)sed by Ld: Ar.bitrator.
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Copies of reply along with Master Circular
Dt. 13.7.05 & .2. 7. 12 containing guidelines ~J~ g~
12. Application U/S 151 CPC for stay ff~-f?f-
13. Affidavit in support
8cf'~ ru
14. Application U/S 151 CPC for exemption
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New Delhi
D,ated: tc/ Ob {?-olb
Uu~q}~
through Petitionerw
1~·\i\. ft.t~ '
Sudhir KLi~a &
Abdhesh Chaudhary
(Cqunsel for petitioners)
A-14, L.G.F., New
Friends Colony,
Delhi-11 0025
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Narender Kumar Arora & Ors. V$. Kotak Mahindra Bank & Anr.
NOTICE OF MOTION
Sir,
Thanking you.
Yours Faithfully.
New Delhi
Dated:- le>IVG (').91 b
?3·\~-
Sudhir KumarSinha &
Abdhesh Chciudhary
(Counsel for petitioners)
A-14, l.G.F., New
Friends Colony, Defhi-110025
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OLCT1036F1617K1 B3
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Slalulcry Ncr! :Tho aulhenlioily ol lhls e·Court iec J'eceipt should be verified r~l WW\.... shcilt3stamp.com . Any dkocrep::.~flcy in the
dntrli1s on !hi~ reoeipt and as available on the website renders it Invalid. In casG ol :Jf•}' discrQpanc;· please in(orrn lht:~ CompGtent
Authority. This mc:elpt is VDild only .,rter verlfic.1~tion & locking by lho Court Olliclal.
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IN THE HIGH COURT OF DELHI AT NEW DELHI
Narender Kumar Arora & Ors. Vs. Kotak Mahindra Bank & Anr.
URGENT APPLIQATION
' .""""""""t" -· • • •
To
The Registrar,
High Court of Delhi
New Delhi
Sir,
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Narender Kumar Arora & Ors. Vs. Kalak Mahindra Sank & Anr.
respondent No.2
2.7.12 That aforesaid guidelines of 2005 were
Clause 7.3(ix}.
as NPA
Ld. Arbitrator.
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dt. 26.12.12.
VI;RSUS
Orderot.12.5.16
Mr. Rajiv Shukla, Ld.Arbitrator,
Arb. petition No.2267/2012
MEMO OF PART!§
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VERSUS
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New Delhr-110001
tl~,'h~
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New Delhi
Dated:
t/u•1Jt~~
Petitio,(lers ~
through --§·~~
Sudhir Kumar Sinha &
Abdhesh Chaudhary
(Counsel for petitioners)
. A-14, L.G.F., New
Friends Colony,
Delhi-110025
GOVERNMENT OF NCT OF DELHI
e-Court·Fee
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OLCT1049F1 658K653
SlalulOJV .'\!crl : The auihuruic\t~: ol this e~Court fee receipl should be vodlied at ww..-o~.shCI!estarnp.corn , Any d1screpancy in
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VERSUS
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RESPECTFULLY SHOWETH:
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ANNEXURE~C)
below:
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remained a nonperforming asset for at least two years
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colly.)
this appeal.
No.5004/2014.
GROUNDS
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application for· substitution of respondent
.
No.1 in place
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18
perverse.
PRAYER
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New Delhi
Dated: I o( ~r·t, l'>t' 1·{,
Petitioner No.2
du~Jt~
Petitioner No.3
through ~·'\l g_~
Sudhir Kumiif'Sinha &
Abdhesh Chaudhary
(Counsel for petitioners)
A~14, L.G.F., New
Friends Colony,
Oelhi-110025
''
IN THE HIGH COURT OF DELHI AT NEW DELHI
Narender Kumar Arora 8< Ors. V$. Kotak Mahindra Bank &Anr.
AFFIDAVIT
Sfo Late Shri R.K. Arora, R/o 8-13; Ground Floor. Greater
Kailaih Enclae-11, NewDelhi-110048.
f)
1 D. JUN 2016
·.··. ··.,.:.
IN THE HIGH COURT OF DELHI AT NEW DELHI
Narender Kumar Arora & Ors. Vs. Kotak Mahindra Bank & Anr. · ..
AFFIDAVIT
Arora, Aged about 57 yrs., S/o Late Shri RK. Arora, Rio 6-
110048.
- DEPONENT
10 JUN 2016
- IN THE HIGH COURT OF DELHI AT NEW DELHI
.· ;
ARBITRATION APPEAL NO. OF 2016
Narender Kumar Arora & .Ors. Vs. Kotak Mahindra Bank & Anr.
AFFIDAVIT
Aged about 57 yrs., S/o Late Shri RK. Arora, R/o 8-13,
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Bt;:FORE THE HON'BLI';: $OLE ARBITRATOR
MR. RAJIV SHUKLA, ADVOCATE, DELHI
Versus
.
It is seen from the record that the Applicant had filed an Application
under Order 22 Rule iO read with Section 151 CPC seeking substitution
of the Applicant Bank (Kotak Bank) in place of M/s Citffinancial
Consumer Finance India Ltd. (to be referred as "CCFIL"). The first such
Application was filed in May, 2014. However, there is another
Application filed In September, 2014 stating therein that in the previous
Application incorrect and someone else's Assignment Deed was placed
on the record inadvertently and thus, the present Application has been
· tiled with the correct Assignment Deed relevant in the present case i.e.
Assignmem Deed dated 26.12.2012. The Respondent has filed Reply to
tile Applicaton and the Applicant has thereafter filed Rejoinder to the
Game.
.
CCFIL invoked arbitration and initiateld the present proceedings under
the Loan Agreements. The Respondent borrower had inter alia agreed
that its Loan Account could be a!)signed by CCFIL to any .other Bank or
Financial Institution. Kotak is .a bani\ within the meaning ascdoed 'and
thus qualifies to purchase NPA. Having already given his consent for
such assignment, Respondent is disabled in ii:!W to object to such
assignment. CCFIL d.eclared the Respondent's Loan Account as a ~_QJl
Performing Asse~ on 3.6.4~.?nd thi? declaration of status has not been
...... assailed, challeng~d:··dl·~~~ted or questioned by Respondent CCFIL
vide Deed of Assignment dated 26:1:~.2012 assigned the Loan Account
in question in favour of Kotak. As per the Applicant, such assignment is
permissible under RSI Guidelines No.DBOD.NO.BP.BC.16/21.04.048/
2005-06 dated 13.7.2005. The Applicar:~t has shown me the copy which is
the print out of the said Guideline taken from the website www.rbi.org.in.
It is seen that the claimant has filed the present arbitration and the
respondent is trying to challenge on technical iss~tes and the amount
, ta~en
I - .
as loan has not been paid back by the respondent. By way of
present arbitration proceedings, that quantum shall be ascertainGd .
.·.
R~in~_.J.he issJJg__QL?..§.~Jgnment, th~ borrower Respondent has no(JS.
· .
~~-~us qua an ac~~~~.~-~~hich has been declared Non Pe1forming Asset (} r:;")
and as such, Respondent cannot raise such objection with respectto its
Application.
',,,,.,.... _., ._.................
~
In this regard, the case of Hindon River Mills Ltd. Vs IFCI Ltd. & Anr.
before Hon'ble Delhi High Court in LPA No.112/2012 may be refered to,
where in it was held as under:
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Cettulco
4!5. • It is settled jurisprudence that there cannot be a duty
casting an obligation upon a parly without there being a
corresponding right in favour of somebody else. If there is no
right, there can be no duty is the. norm of jurisprudence
save and except in instances such as: a man has a right to
dispose of his property in any manner he chooses, but it
casts no duty oil him to dispose it of in a· particular manner.
'A' may have a right to mal<e a will in favour of his son; b~t ·
has no duty to .make su<:;h a will. But, these would be
instances of rights with no corresponding duties. The
instance, by way of exception to ·the general rule that every
nght has a corresponding duty and vice-versa, is explainable
that the right and duty cannot be in one person. The right in a
person must correspond to a duty in some other."
'. -
debtor to be given a notice before assignment of the debt. The·
security interest In the mortgaged properly can always be
transferred under the Transfer of Properly Act by the
martgagor, and thus assignment of debt along with a right to
recover the debt from the mortgaged assets is by way to
transfer of debl, lo be realized from the mortgaged properly.
The Transfer of Property' Act does not place any restriction on
$UGh contract.
During arguments, the Counsel for the Applicant also states that it is a
• common and prevalent market practice to sale/purchase of NPAs those
f are still less than 2 years in books of seller. The Applicant further
vehemently states that a collective reading of provisions contained in·
clause 5(iii), clause.5{x) pnd clauses 6 {i) to 6(iv) of the said guidelines
for purchase/sale of NPA indicates that cash flows estimated oy
purchasing bank/financial institution (the "Purchaser) are to be realized
within three years (yvith at least 5% of such cash flows being rea.lized in
each half year);
- such asset as a 'Standard Asset' in its boof , for a period of 90 days from
date of purc11ase, whereafter its cla~sific\:ition would be determined on
basis of its record of recovery in books of Purchaser with reference to its
estimate9 cash flows;
. \w.«I)~ . .,. ,
Cert\ f.~\'· ;_;, ' ·
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~ opportunity to classify the asset as a 'Standard Asset' thws having ro . . ·)
·~~
The Counsel for the Applicant furtherstates that as the debt stand sold,
CCFIL llas no interest leij in present proceedings and it is only the
Applicant which is present and involved here and hence, it should be
...
permitted to be substituted as Claimant in present proceedings in place
of CCFIL.
I agree with the submissions made on behalf of the applicant and the
respondent has not really raised any other issue during the arguments
and for the reason of aforestated discussion, the application filed on
behalf of the applicant , M/s Kotak Mahindra Bank ~td is allowed and the
applicant is directed to file amended memo of parties be filed and taken
on record.
Now the matter is adjourned for 04-06-2016 at 5.30 pm for submissions
-
on other Mise application/s flied , Le. applications filed by the respondent-
. Copy of this order be sent to parties forthwith.
~--
Rajiv Shukla, Advocate <n-1os711eas)
Arbitrator
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Dated: 2G Decernb()r 2012
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BETWEEN
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Both the ~Jarties ui\d(''it\f:. 10 keep tile terms and coment Qf this le:ter confidential.
Adwowlcd:;cd
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~: Name: <;:" '"'1- E,~>.:> ~=>
Deslgnatlon; "'~€ ~(~>t>t.rl1.
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BETWESN:
f<OTAK M,~HINDI"!r I l\NK LIMITED, a banking company wilhi1; the meaning of the
section 5 {c) of th•:: u~ .. d19 Rer;ula!ion Acl. 1949 {10 of 1949).; and Incorporated under
the Cornpanies At:'. . :;, Mel i'<..vir'g its registered 'office .at ·~6-38A, Narlrnan 61\ava:r.
227, Nariman Point. i-1 ;nbai 400 021 (hereinafter referred lo (lS the "Assignee".. which
expr2ssion sh:.ll. nn: .. · .: rePt•\inanl to toe conh:xl or r:1.eaning thereof. be deemed ·to
r:1ean and inclu(Je il::; '·'-:cesser's and Permitle<.l assigns) of lho FIRS'r PART
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(G) To give err'-'.;\ ; the aforesaid transaction, the Parties have f.lgreed to execlite
this Deed.
Cf,
'1. DEFINITIO!•;:; .;1~0 INTERPRETATION
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1:1 De'finltions
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In this o~.~cci, ·.11lie~s the context othel\vise requires, the following expressions
shall havH '.11~: . : 1eanings se\ out below: ...
pproval,
form of
. y of the
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"BorroWIJ• c . o\ln the Persons specified in Sc
Financial /'.,_ .... l;lnce has been \'lX!ended by the
Document:..
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i.i '6usiness tiny .neans a day whiCI) is not:
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~ (I) a p\Jblic htJii<<Y under Section 25 of the Negotiable.ln:;trument~ Act, 1881 (26
.. ,
of 1681) cl i ;.,,w Delhi;
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;I "Owellinu Uni!" means a residenlial house or any ,
i a flat or an ap;,.; trnenl or a part of a·ny land or co or any other.
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immovabiC;J ;;~t·;.H:rty for the acqltisition .of or against .\he security of which the
i; .•, Borrower sh:iliiL:ave availed of the Fin.an·cial Assislanc~ from \he Assignor, under
., the tern1s of 11·,,. retevam Financing Documer\IS',
l't
"Effective U;n. · meEJns the dale of execution of \his Deed;
"Encvmbr_,:,.;,·. mt')ans any mortgage, charge, pledge. lien, hypothecation.
encumoranc:.. :Jssig.nment, trust arrangement deposit arrangen1enl or o!her
simi1ar arnln\l·c; nenl, if any; ·
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~ ''Financial :~'" i:dance" means a IQar> or any-o'ther credit facimy granted by the
g Assignor hJ ~. '"rowe1 ior {i) purc.h<~sing, constwcling or reno·Jating a Owemng
& Unit by ~·~··:i ·. :•.>~NW•:::·: or (ii) for· person011. business or any othe' puroose .
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against the~~~. .:rny Interests;
~~
''GovernnH:~ ... l Al)tllority" mean~ ·af!y entity or'bod.y or the C:.overnm.~~;~t<:.f ln>;J.;;a
~:;
.,·~ or any rGI,)iu: ... or municipal authority thereof or other state or loeal Oo'Verr~ment
~ or any '"··· :ture, ministry, department, commission, board, autlt6ti\y,
~ .' lnstrumenl:tii:, ;Jgenc::. bureau. nor>-governrnenlal regvlatory boc;ly, political' suo-
•' Qivision, COf\:•. ·:,Ilion or commission under lhe dlrec\ or indirect control of the
~~ Govemmmv. ·.. India or any Stale Government or the RBI or any judicia!
attlhorily, w '' .·.: oxt.ant thalthe rules and regulations or orders of such body have
~ ~ the Ioree oft,,,,;
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"Gvarantnc:' :n.::ans a guarantee in favor of tt\e Assignor for repayment and
p.ayment oi I< .·;eivabl;;:; by a· 6orrower:
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•Guatant.;,( ··'-'ills the Person who shall have lurnishect a Guaran\ee for
I repayment ~~~. payment or Re~eivables, on behali of a Borrower;
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....,-, 'Notice of 1\;;,:ignment" h8s the meaning assigned lo it in Section 11 -~·-hereto:
''Oblig.or" nw:;11·3 the Borrower and the Security Provider;
(i) w•Xd~ of any. geMer ~ire deemed to include the other genders;
(ii) \'.';·,;,:in the sii·I9UI:,~r sh8J! beheld to·includ8 the plural and vice versa
.... .f::;,Nf.'!::.;.:"· '•"-
' -9"':.,;.. 1-1''':'· '"· ~il) <:1 <·llS "t;cr,·.OI'. ''herein", "hereby', "hereto" and any denvalil'e or
., 4~Jfl:.,w ·..~, , -,' ~ t "\ 511l'.JI.li words rete1 lo l/1is entire Dead:
~ :~/,!;~, . .:"li·"'~. ~\
~~ /, .!(lf' ~~' ~ ~ <a
ll1o k11ns "S(;)cttorl" and "Schedule' reier to a Section or Schedule oflhts
~D1·.-=U
""' ~ . "; . ( ~ '11·~·ld,ngs, Slll)·t\eadtngs and bold typeface are only for convenience and
-. ~ ~\. ~ ~h;1il he ionmeu for the· purposes of interpre,tation;
~~,{~~ ~-~
·~ '~~~~ ....~~~·~· ~<::,Q;f, rC'i·;l·cnce to <1"1 t,[lphcable Law or to any provision thereof :shall include
,~. ~l?A,R, $.1\~G~~ .' ,·.;,;.~r-.:nces t0 any such Applkable ~aw as il mey. after the date hereof,
~~~ frc"r" 'ime to iilne, be amended, suppteme{1ted or re-enacted and any
• fl.l<0~e,nca to a statutory provision Si)al! include any subordinate legislation
tn:.,;J.,, from time to time under that provision;
"'' {vii) r.;~,),,:nces loth.;, '.vord "include" or "incluoing" shal!.be construed without.
·':'•,
hn.:t-d10n; ~
1\.:>".::1'). sllall bi.: separeie and independent and shall not be hmite(j by
/.7'. ,-,,: :.:: c·nce to 0111y oliler Section or by anything in this Deecl;
i··l\
(ix) ur•, :;·.,:hedulc:s 8i1n8xed lo. this Deed form an integral part of this fleed
.-'l·~
:u:.J wlil be Qf f1:ll furce and ctlect as though they were expresnly set out in
:rr-, : th" 1:.ucly of 01<:: O.:;ed; and
(X) rui., .,r~ces ID <Ji1/' period of days sha!l be d~i!emed to be I¢ the relevant
""· "''"'r or c::!le,ld>ll' days unless otherwise specified.
-··
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'·'
2. ASSIGI-IiVth-l'l' OF Hl':(;ElVABLES
2.1 Assign,,.;, ..
Go
conveys :.u "·' releases on an 'as ili(ir~her.e hal is' basis.
' ;:---·
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(.)
I 'I r.;.nts.
:~;
. ·
ll!le, ·
tnleresls "'-'·· ·,.Crt'\-< Assignor in the Receivables:
and belie!U:s::G/;;:th ·
~-- Photo Copy Attes!cd ·
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~ (ill Hit ;r:~ills, tit;·e, illhJr<Osts and benefits of the Ass·;gnor over the Security
~~ Inter,,·,; is;
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(Iii) all corresponding :'i';)hto, title, interests
the U:.cierlyir19 Docunwnls; and
and benefits of the Assignor under
:.:
tl
(_i.:
(iv) \_ <Ill rit.:,s. liabilitie:s and obligations relaling to the Receivables and the
f \ Umlc: iying Oocw,e:;Hs;
;:{ i ~~-er~· after :ollectively rderred Ia as the ''A.ssots") to and unto the l\ssi9£lee ·'
·:~ \
I ~ Ar'{fv r, to it'" end and inl.::ntlhat the Assignee shall ~ereafter be deemed to be.
i·
:.;:
f. ,,>:¥ tA¥ ·u, tru~ CJnd al)Soiute owner and the only Person legally anct beneficially
¥ ,, ·~-~ etl to [11~ Assets and U1e A~s'1gnee shall hereinafter oe
vested wlth ali the
·:·:
.,.,
::;
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_ _ ,. dutt~c:. obligation;:; and remedies of the Assignor against the Borrowers in
Pe.of or lb.,, Assets, incl•tding lhe right to recover and receive all Receivables,
;
; · the righ! to fi,<: a suii c>r instnute SliCh other recovery proceedings and take such
·~ other actiorr:. as tncl)' b1; required for the purpose of recovery and/ 01 realization
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of the As;;;,,;~. in ils o><~l n<Jme and right and as a legal acquirer at'd not as a
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representat!•,,~ or agent of the Assignor.
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·~· of lit<:: r,;aignor. Tl :.c F';lrties aclinowledgo that the Purct1ase ConsiCJeration
ecn ; , :',ved at o;·, 11'.lilually agreed terms between the Assignor and the
. . .
Jl! .•f.:~i .~~~1 1\, •. :' of th•s Ddo constitutes an acknowledgement by th~ ParHes, that
,•'',
.').)"" .jf
~ ;( e; .~ft ~~'·:·: t th~ ~.i~\\:1, .-: nl ao·d lr<.<n:;[er effected hereunder is final. absolute and an
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~
··~·<l: ~~. , ft irre~9.C:~~lf: ~:.1le and, as~lgnmenl of the Assets, on an outright basis trom the
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;u,.;.~ Ass1@11:w ift'
<11e A£slgnce
~liiw' Eff9hilf!e!,D'' ~. do n;:>t :<1',,1
and Ihat lh!;: Assets or an)' part thereof. from Ihe
>hall not form part of the propenieli or assets c:,i the
~.,
.''<'(;..., "-... ~( '?ll Ast:rgr;Jc,, ,.., :,, :y even I. :
. "i.l)'b: - - - . / . . !
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. ·"'""'2r Further i-lct;ons
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lt,. 2.2.1. Each bf t:·t·s ·~oarties 11er.aby agrees ihat ir. .he event \hal t.n" -~~Jlllm..'gr re.ceives
& ;~
any. arnnu;:t·' pert<li,1in~ io the Assets a7..;;• the cvt-off Oafi;, :t.·~n:iilf ~J!1l suc.h
amount~ o.- pr! thereof, "~ the case may be, free of any set .off o{ co0ntG'h:laim,
in trust for tile beoefil of ihe Assignee q~nd after the Effective ()ate, shall upon
~~ receipt oi .$L:·:h paym.;n!s i.>eing brought to its kn<;~wledge and identified and
~~,<t. recoro•ilJ ;u\· pa)•m,:nts i'enainlng to the Receivable~, forthwith pay to the
Assigneo. Tl1c: amot.•nit. ·.;o re"eived shall be transferred to the Assignee within
- t.
I~
··~
Ill·
Ill; 2.2.2
30 Busines~ Days frorn llltl Effective Date. The Assignee acknowledges that the
collection cJ ,·,nounts by 11w Assignor after the Out-off Date, shall oe binding on
the Ass-iwn~: ...
ij transfer c' ti:G ammtr.t~ ~~' received to the Assignee, The Assignee shall pay
i5% (e:·;t:lll'-."9 seci!Ct: \Ox, as applicable) of'the total amount collected I;Jy lhe
Ass'tgnor dtH:ng suc1t p·<:ri<ld. as collection fee,. to the Assignor.
·~~ .-;·..
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2.2.3.
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3.3 satisfyiii:J i<~-~:!1 thai ll1'3 i·~·~ceivatiles,: Financial Assistance, and the Security
g .... Interests. 11•<: •. r:; its r-c:qc:ir,.lnent I? purchase, acquire; de<~! and hold the Assets .
~
I•
:- .. , 4. NO RECOUr. 3E AGAIN~T THE ASSIGNOR
1
~~
r: 4.1 The Assi(Ji'IE:·.. hereby agn~es and acknowledges that it is fully aware of the
ob!igatiorls ;3, :J risk'~ inl'l<!rt!nl in owning the Financial Assistance and the Assets
including the: risks relat~li to the Mortgage Security ·lnterest and, inter alia, ttwse
.re oted to cr, · iii periorn:<ii1C<3, delinque.r;.:;y, prepayr.nents, re-pricing ilfld aU otliei·
'ris s, includir ,_; bUt not tirnited to.· any litigation relaled ·risks and that from. t1.1e.
clive O:H :· and with 'diclCt flom the Cut-off Pole. the Assignor. subject to The
·~;·o.r ttl,;:" presu:nt~: (G) is heretiy released from nny and all obligations and
ili(ieo re·;F.:d·rng f11G i•.·:,s;!ts; and (b) will not be liable to llie Ass'1gnee for any of
isi(S in· ;,nd as~ociowd with 'the Assets and that all risks, liabilities and
allons in r0la!ion to the ··Assets, .<lrisif]g on account of any reason
whalsoev'~'. : 1all b<' so:.: ly borne by and be to the account of Ihe Assignee
Without prt;jt:dica to tiKJ oener;:Jiily of the foregoing, the Parties her.;;by further
<l(Jrefl ;ll~CI ~;(.' .. !lOWiedtjv lil:Jt:
4.2. 1 The tr<~m;w,;l; .. 11s cor·<tL<rn;J:,,tcd. upd~r !his Oeeo 11ove been un\lertaken on a true
oulc b;o>Ji•.:. I ·.:nher, \\1(, ''~*:ignrnent and transfer effected ilereunde~ is a final,
absolute <lr:( ::·rcvoc:;lli-2 ;.:.;lo and a.ssignment of tho Assets, on an ou,lrighl basis
rrom U1<: f•::/_:nor to 111·.: /,:;signee; and tho! the Assets or any part thereof, from
tho date Ill: I, ,f, do 1101 :.:• "J shall not form par\ of the properties or assets or the
Assionor ;,, '· y event, ir•O.Il>ding without lirn'1lation, in the evenl of the winding vp
..- • ti(;r; ,r
the A:.siJnor or in ·lhe event of any receiver or a liquidator being
A . ~ 0\ :the tiS~d> :)r properties of the AssignO( and accordingly, ali ol the
ffo . ,_..,.,_.,~ss ·s ~t:'., .:. .:ansfc,rr~·c~ \(,and vested in the Assignee.
. :·· ·..... \ · AA\·.~ltf'i
... ··. f~··'',.
·t·,., ::...t~•. "\l·-
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•
( 1,J.. f# 4.2.2., w:: shall h<N<: no li<Jbil'l!y to repvrctlase or substitute any Financial
·, /: 'jt ~·, 'y<: v:.. ,h
ony othc:r loan(s). or any obligation to make good any lo~s
; ll\ . \ uffered1lc/ j\•e Af'~i911""' due \o non-recovery or non-performance .of any
.1 1 ~eceiv<ll lr dilutio.-• cr interest r<.lte or yield on. any. Rcceiv<Jble. o~ non·
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over) ;;)'•.:;cceiV<IDI•)o r'.li' any reoson whatsoever (mclud1ng but not llmrtP.d to
truot\.Jril',·:: cr re-sclledl:l'ng'of any Financial Assistance and incidental changes
l "<:}. ·-·ln.J,b(~(~~lc'!/u. :reof) 8H0r the Effective Date Bnd with effect from the Cut~off Date.
t•'.•
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t'i{t::lf . ·.;\iv~·
OM<.< <H1d With effect from the Cut·oft Date, llie Ass'1gnee shall
l;. . on ::1! ri~ks related to credit periormance, delinquency, prepayments, re·
pricing. r'"'''" .:turin!]. m:'.,;trmdullng, dilution of yield and all other ri~ks which are
''
~.
usually ~•«·:o•. ,·,ted v:ith :·.n:: loan·as if the Assignee was the original lender.
· 4.2.4 From ti>~:J :.::il .. :livt:: Lruk .11'•.1 with effect from the Cul·ofi Qat e. the Assignor shall
no\ be li:·r!:l.. ,. non.,,,,:,.:·.ry of ;;ny Receivsbtes for any reason whatsoever.
4.2.5 From the 1:,;, ::live [};.\\·,, ,·.nd with effect from tile Cut·off Oale. (a) any C~JSts,
lfu1 ct;arges '"'(' .;,xpcns~s 111 be incurred or payable by the Assignee (inctu<)ing
~~
,; ,r.:,
rP.gislr<ltion ..;es, swmp <iuty, if any), on account of the trans<lctions
~ coll!empl<iloc in this Ou0d; and (0) any litigntions, proceedings, or actions taken
w to be t;Ji',"" rclalin-;;; h..i tile A:s.sels, wiltl;Je borne by and be to the account or CJ,
i ;:~nd be 111 .., :: .:<: n'l~:->ot:·;il:·iiHy of the Assigne(i. It ·1s ctarHied th<ll any expenses
incurrecJ uy ri.. Assignor h.;r initiating any legal action or otherwise for recovery ori3'!'
-·
lf\ffi<
l n
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dues from "' 8orrow0r IJ:Jt rernaineo unpaid till the Effecfrve Date shall not b~
borne b'f ;h .., ..;sign.:;.:: .
4.2.6
!Yr,..,
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'11 ~·,
e!fec\
,..... ctions
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ut not
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(ii)
{iii)
(v~. lilk deeds >·lnd re9istra!ion with the appropriate author.ties, where
:, required by f-IPPik;ab!e Laws:
·,,
{'i) \. m<lr :ilgement of service related reQUifemen!s of Borrowers:_:
~ ~v~f0I n;,., r:cing of 8/lY F•nancial Assistance.
. :ff
~~.11 I :s10ns
u;.. . rer·arcmg pre-paymen t of any
"
. Ftnancla ' . tance:
. I '"'ssts
5.1 The Assionc. llereby <•QrG~:~s and undertakes that Assignor shall hand over, on an
....., ·as ·rs an<! v.::cre 'rs anu :•s is what is' basis, ali the Underlying Documents and
etectron\c n: -ords and dol3 pertaining to the Financial Assistance required by !he
•· 1\; ·I are in itr. fJO&sesslon to the Assignee, In the rnanner as stated
fo'- · ·
5.2 For the uv·~: '.8nce. ol doubt It '1s Clarified thai once the Underlying Documents or
the eiE2ctr.;•r': records and data that .have· been delivered ro the Assignee, the
Assignor ,:: .. 'il not b·~ lii!ble ior any delay· due to non acceptance of such
<docunh:·"'" • : electroni.: rr,cords/data by the Assignee or due to any delay on \hil
part of Jlr,; , .. :$igneo&.
..
'-
(i) n·"' .·,·signor is ::; non~banking financial company, duly organised. validly
t::.:i:·.: .. •9 undc•f i\pp\'r(;able Laws ano is duly qualified and licensed to carry
(>ll i! ',)VSiflu~t::
...c.:·;";~~'T';~"'~· ~~
:N)<::--·L•-•t1.>·, .Si •ror l'l,;,; full corporate power and authority to enter 1nto thl$ Deeo
::,. , ...~;.\~ ,l (E! ~on,;(wt1on Documents and to take any action and execute any
t
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... (Hi) \hi;) R·:·•;eivabt.es are non-performing· as.sets as of the Cut-off Dale and
have !)·;en duly and v<Jiidly. dassifiec! as
such, in accordance wilh !he RBI
? Guir:leli1~es;
~
:~
!;
l no Coc.!>ent is required. the absence "Of which, WOlild materially adversely
~ (iv)
:...
~· lz affect !i)e legal and •ialid execution, delivery and performance by the·
Assignor of this Deed or.the documents ano
'tnstruments contemplated
::~ \\.
(;' hereby or the taking by the Assignor of any actions contemplated herein;
!·;
no r'I~JI.; of set or: 11os been exercised l>y any Borrower in respect of its
! Hocoi1·. :bles;
\
~
n<":ilt\r.: the e>;eculioo and delivery oi this Oeeci and the Transaction
Oncun·.•mts ':>'/ tti.;;,Assignor, nor the consummation of the transactions
conteniJ>Iated hero by and thereby, nor the fulfilment of or comRliance with
~ the tcr!l1s and conditions or'this Deed and the Transaction Oocurnents.
¥
l conflict with or result in a breach of or a detault under any of the terms.
~:;
condi:K>r1S or provisions of any Applkabla Law or any covenant or
~., agreen1ent or instrument to which the Assignor is now a party, or by
which \'ne Assignor or any of the Al>signor's property is bound. nor does
such •.;:·:ecution. oelivery, consummation or compliance violate or result 'tn
the violatio11 of' the Assignor's Certificate of Incorporation, Memorandvm
ol Ast:.·)ciation or Arllcles of 1\ssociation and, the receipt of which is
_".. l1,crcdJ\' aclcnov,;ledgf.)d by the Assignee, except where such conflict.
&'f>'t:"*-·· .. bre:ocl1 or d(liaull would not be reasonabl\1 expected to have a material
,4ft!"~), '''~:r~;: '' ndv(,l~\~ .effCl.ct .on. tho Assignor's abi\'lly ~o consurnmale the transactions
,17.;~' ~-:·~(i\: .... ;''· ... .r,on.\''·''''i·~lated unu.er thrs Deed and the 1ransactton Documents or would
/ ?o.;?J· · ~}~ _, "''~n};l:·\~;;.y~·- .ason<:.bly expected \o 11ave· a material adverse effect on the
''/ "''1 '·l
'· '.[;>
1J;· "" & , '~· va w:r ,,, · Asse,tz; . '
<!~ J.t! \~/ ~.{·.. , :,~·\ ..·,': 'j
t~\ ( '*·· ··JNtn)lo·: ; · ~signor has no\ rescheduled, amend,ed, or granted any relief
c. '"d' ower, regarding any of the payment terms of any of the
~"
(!1<;'4~ . FinCln
<r'l!; /)ll '·
ments, other \han those that have been disclosed by \he
~~--
\ ssignee in ils disclosure letter dated Oecember 26, 2Q12
....···tl owledged by lhe Assignee;
~. : "'G<<ii' ,:~r;r··
(':t. .--:"'
' »~~,!~·~~-ll of the Financial Assistance has been provided by the Assignor in
U''" or'.'inary cour~;e of i\s business;
(ll) nnnc ·- • the rigt1ts an<;J interest or the Al\signor in the Receiva\)les and U1e
Sc:t:\Hil ,· Inter oBIS has been sold, assigned, or pledged. by the Assignor to
any f'• t'$On lil1<1 the Assignor is the sole .legal and full beneficial owner
and 11;.~ full oncl absolute rigl1t to irrevocably ana unconditionally sell.
l<WISI<. r and r.sslgn the same to the Assignee·,
(Xi) nil or ill\? Unoerlying Documents, as referred to '1n Section 5 ·, <Jt;lo~e and r,,
":; nK1v.ioned in lhe document given bY the Assignor to
the Borrowe(~ --·-
o>;:knc,v;!edginl) ret:e'tpt of the particulars of the. Underlying Documents so \:;M' •'\~·~·
r.::cc:lvc:d, ar~ in the possession of the A"signor, except as disclosed i;>y..,~t·T~~;·
the !'.:··· o:gnor pw;:.uanl to Its disclosure letter dated December 26. 2012
d:.<l'J '" ;;no•Niii!dged by \he Ass'tgnee:
/.'·,
-
(xv) L·~ the bBsl nf the kncw-cledge of the A~signor, no suits have been
fil"'>li, ot other proceedings iniliateej by the AS5Ignor agsinst any Borrower
;
before ''ny court. tribunal. Governmental Authority or regulator; body
f~l·
other 111on those disclosed by the Assignor to the Assignee, In its
disc!o~ure tetter dated December 26, 20.12 duly acknowledg:ed by the
Assigne~::; ·
"
(xvi) lo the best of knowledge oi the ·Assignor, other than as discloseo
.,...
·
6.4. All cosls. :charJeS ll,lld expenses (including starnp duty) incurred in connection
with any recliii.;.!ltion in apcordan.ce v&ith Secllon 6.2 above, at1all be [)orne in full
by the Assignc.;· · · ·
6.5. Except lor !11, repres,;ntations. <Jnd warranties. m01ce by \he Assi9nor herein.
neither the Austgnor nor its employees, <:~gents or representatives make any
otner representations or warranties, expressed or implied, whalsoever, in
conncc:ion wi:h · thG transactions . contemplated· under this Deed and 111e
Transaction Oocun1ents. · ·
6.6.1 the fin~ncial cc·ndition ~~ tho 0\lligors of any other pany to any documem relating·
to the Assets i,":;lucling i.Hld~r lhll Underlying Documents;
6.6.2
6.6.4 the Obligor~ or ;·,.·,y ot11er :hird Person performing o; failing to periorm <Jny of their
respective obligations with respect to the Assets in accqrdance with the
Underlying Dowments: o~
6.6.5 any shortfall in \l)e Receivables. whether arising o:JI of lnacequate realizations or
tack or recovery .or realization of the Receivables or otherwise.
7 .1. 'fh~ Assignee 11\:lroby represents and warrants lo lhe Assignor that~
a; on nle ..
Effeylive Date <rnd with reference to !he fads and .circumstances \hen existing:
1
...-..... the Assignee has ful\ corporate power and authority to emer into this
t
l
,, Deed and the Transaction Documents and to take any action and execute
any doc.Jm~:nts required by !he terms thereof and that thi6 Deed and the
1
•.
Transactio!\ Documents huv(! been duly authorised by all necessary
corporsl•; approv<Jis, h;:Ne been duly and validly er.ecutecl and delivered
~ by ilie P..sslgnee, <1nd assuming due a:;thorisation. execution and delivery ·
by the ."ssignor, are the legal, valld and binding obligation of the
•. .• . Assigne.::. enforceable in accordance with the terms thereof;
.·· ,,,·:···~ .
. IT~~ no Consent Is requir<ld, tl1e al:lsence or which, would materially a(lversely
Jt .~/]1@;;!' ~ Y~~ 1
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(iv)\\
/ :.~
~r' ilher
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:l'le ex~c.,tion and delivery of this Deed and the Transaction
/ocum.:: nts by the Assign_ee, nor the consummation of the transactions
f.Ontenwla!ed hereby or thereby, nor the fulfilment of, or compliance with,
'~'(G.}.·
·. m.;~,~ mr. / .' ·ll'lhe terms and conditions of 1hls Deed and lhe Transaction Oocuments .
~'~ . ~~, .s~sr;.···.~.-;f
. . . -<. : . ;;/ conllict with or result in a breach of or a default under any of lhe terms
conditions or provisions of any Ap!Jiicable Law or any covenant or
~
7
aflreemcnt or instrument to which the Assignee is now a party, or py
which ti1e Assionen or any of \he Assignee's property ·1s oovnd. nor does
such <;J:....,culion, dl~liv.:lry, consummation or compliance violate or result in
t11e viol;:;tion or the Assignee's Certificate o! Incorporation. Memorandum
of Association or Articles of Association. except where such conflic!.
'" bre<Jch ~r delauil would not be reasonably expected lo have '" material
aclversv effect on the Assignee's ability to consummate the transactions
contemplated under l/1is Deed and the Transaction Documents;
(v) the f',ssignee hereby acknowledges !ha: from the Effect1ve Oale the
Assigner Slial! not In aoy mat\n~r be responsible for servicing the
Rcceiv:.\:lles including enfqrcing the Security Interests
q,
~,·
\'!'>'~ "'"'
s. ASSIGNOR'S COVENAN'\S .~.)'?tl!,i)~ .
8.1' The Assignor 1·1,;reoy il!flfe•:s and undertaKes irrevocably and unconditionally with
reference \o th;·. facts o.nd circl.lmstances exi~\ing as oh lhe Effective Date:-
8.1.1 1tshall execut•\ at the cof>l of the Assignee, such fut1her documents, deeds and
writings and (lv such further acts. deods or things as may be n or
required (at t\1,, reason<1b\e request of the Assignee) to carry o e
the transactio1 1s cont~mplated uncler this Deed and undehft
Oocume;"'ts. in:>uding any acli~~$ thai may ne7d to be takery~n '!hlt.ltF.\!t,tQt,, ny:
change 111 App .. cable Law ~nd f1hng of all requisite forms in thiS w.:r alf; r•r;o)"...;~ t1l
\~, \ J:.PiJ!\~Jk.j.)
e. 1.2 It s.h<JI!, at the •:os.t of the Assignee. reasonably co-operate wltf:·li\e:t<Mis$\!§-i1'e ~
any leg81 proc·.edlngs llial may be necessary or incidental to a..
the Recei'.labil.s or t11e 1mderlying Security Interests and wi · 0·
operate In an;::::h,.Sf..Ci.~"'"Y proceeo'rngs with !he Assignee .JhrQugQ rrts or
otl1<:~rwiso; ~(~:~,."~~~• ~, 1
11
Fti:O!O\..Opy 1\.ttes~ed
12
~·~;:,.,Ill ,-4_./(/~···"'=·
1
NOT:~ f~~
-c:..--t:? JAI
, ... ,
8.1.3 re~:,,onable efforts to make available to the Assignee, on request. all
It shall take
evidence (under the control and possession of the Assignor) required by the
Assignee in an)• legal proceedings, proVided th.at the Assignee shall reimburse
the Assignor, at ;JCtuals. all costs incvrred by It in this regard;
8.1.4 It shail, upon the receipt of any payments· from any Borrower w\lh respect to the
Receivables asr.igned, as speciflc<:llly indicated by such BorrQ1.'t.er, by way of a
negofrable 1nstn:rnent, forthwith. endorse such negotiable instrument in favour of
the Assignee ar,J hand lhe same over to the Assignee:
ll.1.5 ~ It ,shall, 11and ''ver to the Assignee, all negoti;,bls instrumsnts. and payme'nt
m~~dale; given by the Borrowers duly'endorsed in favour of the Assignee;
.I
It shall, 1and (.ver \o \J·,e Assignee, all ledger extracts/ accounts stalemer>ts/
fo~¢ · re stm<:Jment~; 5e\ling out the detalls of the Financial ,£\ssistance,
:- the an1ounts due under the respectiVe FlnaFJclng Document;:. within 60
Day~ from the F.fiective Date and Assignor confirms thC!t the ledger
cls accounts statoments and foreclosure statements have been maintained
co~cJance wHt1 ·the ;jpplicable general practices and procedure\) and the
internal policies or the Assignor. As -penh8 records maintained by the Assignor.
the amounts·, information and data prov.ided therein are true and correcl.
8.2 The Assignee t>hall ha've the s_ole right of ~o!leol'ing any monies pertair1ing to the
Racefvabl!!s, enforcing the Security Interests .ancJ enforcing payment: of all the
Rec~ivables, in whatever manner it may considel necessary and pru(Jent, in its
absolute <1\scrclion. ·
•• !"',.- ... ~···· .. :·.~
~'~ii~·~~~
~-·)..:::;:-
/A~., ~~;;.·l;.q_N~f:E'S COVENAN1S
y ...,__ • .... " " '
\%\, llt~1 ~ l_rH{e ·~~i~t of <tnY. disputes anq/or proceedings \hat arise between the Assignor
\:::~~-~al)!:l"~p't of lht! Obligors. on account of any om•ssfCn or wrongful act on tM part
~'<A,~, s.r...~:.\d(.))';e Assignee, the Ass'tgnee acknowledgenmd aflrees thai it shall take all
· ~eps to resolv..: sucl1 disputes s<~tisiaclorily and. at· the earliest alid it '1s fwther
agreed that und.;r no.circumstarices shall any:li<=bilily devolve on account of any
sucll omission, mongful act or proc()edings, on the Assignor;
9.3 In the event or; my displ!le and/.or rxoceedlngs that. arise after the Effective Qate,
between li)e .a.~ signee anrl any .or the Obligors, the Assignee shall solely and at
Is own cost, seHie and/ or otf1erwise deell with su~h disputes; and
9.4 The Assignee :.tcknowledges imd: confirms that. from the Effective Date. !t'le
8orrowers sha:l become absolutely a·nd ·Irreversible obligated to the Assignee in
relation to the Ass.;ts. ·
,· ..,
':";.
\
11.1 The Parties ad:r.owledge that Schedulu has· been prepared on the basis of the
information available as on the Cut-off Date and as there could Qe foreclosures of
certain Receivables between the Cut-off· Date·and the Effective Date, the del;lils
of Receivables in relation to which such foreclosures nave occurred will stand
<;!eleted from SchedLJle 1 as they have been foreclosed anCI the Assignor will
refu'nd to the Assigneethe monies, in terms of Section 2.2.2 hereto. in relation to.
the s<~id Receivables ·which have been foreclosed between the Cut-off Date and
the Effective D<:Jle.
1.1.2 :Tn.~Assignor sl~all grJe appropriate r•olice of assignmeo\ in the form as may be
in\.it~'ally
agreed between the Parties C'i'iotice of Asslsnment") to all the
:t 8~rlvvers within a pe(1od of fourteen (14) Business Days from !he Effective
3· ·_> ,:Oat , in ;es.pect of the ussignmenl of the Assets to the Assignee. It is clarified
·...:-...~ / ~(\ po<;ting the: Notico of Assignment \o the Borrowers by registe(ed post
· ...... ' ·' ,r"g/ Knowledgern-:nt due a.no/ or courier shall be deemed to be adequate notice to
·' ~~~.R:,.'fs#."$.~ e Borrowers fe>r the purpose ollhis Deed.
12.2 Alter the G:ffechvn Oats, lt1e Assienee shall be fLJIIy an<! absolutely responsible lor
· any claims. expenscp ~nd/or liabillfles on account of starnp duty and regis\ralion
charges on this Deod undfor t11e Transaction Documents or the Underlying
DocllmentB being found tv be inadequate, including any penalty \hl}refor, arising
due to <Jny real;on whatsoever and shall not mal(e any claim against lhe Assignor
in relation to lhe s<Jme. if the Ass·tgnor receives ;;~ny demand notice for any
deficiency of st<Jil1P duty or regtwation charges payable on or in respect ot this
Deed or the Twnsaclion·Documents from applicable Governmental 1l,u\hori\ies, tl
shall inform the Assignee of the same.
12.3 All other e.xpenses pertaining to the legal costs incurred on drafting, negotialln\.l
and flnalt7.1n@ or lll(l Deeci.payabiG by al'ly Pany shall be borne separalely oy 111e
respect'tve Pany. ·
MISCELLANEOUS
13.1
-
r /
t~~. 1-
··-
M
''
I
It
~
To:
Attn:
3, LSC, Pusllp Vihar, New Oelhi- 110062.
Assignoe
i1 .,. ~
Address: Kotak lnrinili, Building No. 21, Infinity Pari<,
This Deed r<;>ad with the Transaction Documents embolly the enhre agreement
and understanding belween the Parties with respect to the subjecl mailer hereof
and supersedes Hil discussions and agreernent.s· (wbetlisr ·oral or wrilten.
including all correspondence) pripr Ia the date 6.f. this Deed among the Par1ies
with re~pect to rn·e s.ubject matter. of this Deed.
13.4 AtnCIII0ment
This Deed 111fly only be modified or amended 'tn wrinng, (july exec:uled by or on ....
behalf of each of the P<Jrties, >:::..; •
·:·.:~~·:;:i·
13.5 Sevorallilily
sl1a_H be le~al, valid and enforceable and as close to Ihe subst ~r\ll~ a~Q.iln(e!.Hio
1
"
~~ 1
)
1
of tne Scclton so replaced. \~-~\:·.,:.:".il<(f/:s. r//
Surviv~l ~;'~ ·~o·
;; \~~
......,
..... , • I :;<"'
'C§·
'
"*' contained in this Deed shall survive the E.Hective 08\e ;>nd be enforceable IJn\il
S\JCh covenant or agreement has been h,Jily performed.
13.8 Arbitration
13.8 ..1 The Assignor and Assignee hereby agree tnat tl1ey shall work together to resolve
arw disputes or difference that may arise under tl1is Oeed in an amicable best
I effort negolialirms between the-Parties.
n"J~ r ! . .
_..__.J.:)-.6;;?.< .
e ever;t tM Parties fail fo ~ettle tl1e disputes .or difference amicably, the
r:O\R 5/':.'i'<V)S . me. shall be r,1ferred to arbttrat1o~ as per the prov1stons of the Arb1tratton and
L; · - 'Concil!'l!\i9,.Q.Acl, 1996, as m<~Y be amended from time to time or its re-enactment
and)~JWBS made therel.lrider ("Arbitration Act").
• ~ , ...';<
·13.6.3 The' place of arpitration ~hall be New Delhi and the language of the arbitratior)
sl1all be English.
13.8.4 The Parties shall jointly appoinl a sole arbitrator. If the Parties do not agree on a
sole arbilrntor within thirty (30) days of tne dale of service of notice of arbitration
l)y \he Party Initialing arbl\ratlon, each Party shall appoint one (1) arbitrator and
the two (2) arhilrators sl1al\ ihen jointly appoint a \hlrd (3'dl arbitrator. Tl1e third
(3'd) arbi\r8tOr $1,811 be the chairman of the arbitral tribLmat.
~~:;:~~~~The'·aw.ard of the urbilrator(s) shall be final and binding on the Part1es. The award
i'i\1, "~~~_.'rjiQ~<;<:l') ."-~tci1'Mbitralor(:;) shall include a determination ;;~s to which Party shall
d;
l
~/.:[;,-;f.;"" ·J<·.~~a:J~x '- the cost ol the arbitration.
f!J.-.1
U!• {(/'
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9
1-i;,,:['
)'~-~_?d tosr~ e arbitrators which shall be borne by the
1
'
~' ;l!~b~~:ti~~; h~~~d~~~ c~~d~~~~d ~~~c~~~~~a~~th~~se~~~~id~. ~~;~~~t~h~ ~~~~;
Parties equally.
·~~,S13.~~~stmren)~~
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lt''M ., . / ,,
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:(.')',,1. : '"'::-lf.~:;·l~:~,:~~re rs any 1nconsrstcncy between these presents and the Tr~nsochon
:' "<ll:R, ::.lt;i¢!;;1-JJ~nts, !l11s Onncl sh~ll prevail
...._-:~,.~~-.:,; I
13.10 Pcrfonnanc~
13.11 COLtnterpart5
This Def:d rYHty be executed in any number of counterparts, all of which tal<.en
together shall constitute one Deed .
13.13
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IN WITN~SS WriEREOf' U1e PMies hereto have executed !11is Deed on the day, month
and year first herernobove appe<:>ring
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110007
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14 Of
Shop No 1'7, Opp. S.T. Work 30,Jun-J2
$hop, Naroda Road Kubernagar
380045
r,A!Pal
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.®
THE HIGH COURT OF DELHI AT NEW DE~BI,
CM No. 9992/2014
The exemption is fillower·subject
'• ··, . ..
to al,ljust exceptions.
.
The applicatioq,~Jari9s:Cli~p6soo·
. ··:· . .., "•'
of •
W.P.(C) 5004/2014 .
3. The grievance urged by th~ pelitio·ner in the present petition - i.e. that
the assigrunent violates the... atorembntiqned
·:·~ ·-. '. ..
~. ' '
gtlide!ines issue.d by RBI - is
identical to the sla.nd''takeri by t!1e petitioner before the Arbitrator to resist
the application filed by Kotak 'f}artk. .·.
4. In particular; tl1e petitione(ha$/~1it:~d, upon paragraph S(viii) of the
aforementioned. guidelines dated i:lOJ:2~ci$' which reads as un¥er:-
"(viii) A, non-perfonnin~ :as~t;}. ii\ ~.!.~:books of a bank ~hall be
eligible ~qr sale tg ..o,th~r'bap.k{.ogly,':if ithas remain~d a non-
perfonnidg for ~#:c:J~ast 'hv<i:.yga.t~: . ~t,l ~'i:h~! bpoks of the selling
bank." · · ·· ....... ......... · .
involve disputed question of facts and proceedings under Articl-e 226 of the
Constitution of lndia would not be the apposite proceedings for
adjudicating such disputes.
7. The leamed counsel for the petitioner relied upon the decision of the
Supreme Court in Karnataka State Industrial and Development , ;. t t J.. l .,; ; I , II
Corporatio_n Ltd. v. Cavalet India Ltd. and Ors.: (2005) 4 SCC 456 as well
as dedsion of this Court in DLF Limited y. futtlab lYlf:tip!J$1 Bank: 180
(2011) DLT 435 and contend~d ,that In: matters. between a corporation and
its debtor, a Writ c;.ou~:·
Jl '
;.>Jo:uld
•
':iioi in'tt;'rf~re .. except in exceptional
circumstances \Vhi~li in¢1ude CqS~.~.:W.h~re tQere is a statutory violation on
the pa1t Of a. coJ,i)~r,~tib;l. It is:;'J]i~ge~.f:ili.a't .since in the present case, the
' • • '• •' ' • \~ ·., .... I " • : . . •,: ' ·, ; '
9. I am not pursued. that the faCts of th~ present ~ase warrant any
interference by this Court at .this stage. The· question is not whether the
Court can ente1tai.n a writ p~titiort tl.hcl.er .Article·226 of the Constitution of
India where violation of a statute is alleged but whether this Court should
enter upon a dispute which is already a subject matter of proceedings before
the Arbitral Tribunal. The learned counsel for the petitioner has handed
over the reply filed by the petitioiler to the application filed by the Kotak
Bank for being substituted in plac~ of CitiFinancial. The said reply clearly
indicates.that the disputes raised ·in.the present petition have been pvt in
issue before the Arbitrator. The contention that the assignment of debt is
violative of the RBI Guidelines has been specifically pleaded .by ·the
petitioner.
10. The Supreme Court in several,detisions has held that the width of
power under Article 226 of the Constitution of India is wide but the Courts
would not interfere where there is ap equally efficacious remedy available
to the petitioner. The Courts would also ~efrain from entering upon disputes
which are pending before an Arbitral Tribunal.
11. The Supreme Cou.f:H·n the ¢ase 9f Ef1,tp/r~: J c;~e Cf!f.!J/!.{.{!.11! Lin;t/!rd
an~ Ors. v Jute ~o~~eo~at"iqJ,f;o[ltf4i.Cf
. : ..
Li;nitetl and
', .
Anr.:
.
2007(14) sec
.
12. In Tata Finance Limited v. Ajapa Kumar Biswal and Ors.: (2000)
; \ ( ' \ J '•, \ .} • • •. i I fl '. ;
9 SCC 238, the Supreme Court allowed an appeal by setting aside an order
passed by a Division Bench of High Court of Orissa which had directed the
release of a vehicle that had been seized by Tata Finance. The Supreme
Court noted that the matter had been referred to Arbitration and r.n given
• •
mt-.1W%=1WI1W&J~~w;;~if:iiffilf®:il@~Wi~%1f}J.::w~~:~~t~::·:;.:~1-~;:;,,.:::xi:;_J??:.?:::::r;7:c:•,::::;i~:·~:(;,:,,;w~:;~::::"f/!itt:z;::·:::r~~2~'~i;~%"I0~
.. J
circumstances the order passed by the Division Bench could not be
sustained.
13. In the present case, neither the petitioner nor the respondent has
contended that the Arbitrator would not have the jurisdiction to decide the
question whether the assigrunent of debt by CitiFinanclal to Kotak Eailk
was illegal and/or invalid.
. )VTBHUBAKHRU, J
SEPTElVIDER 09, 2.01;4
RK
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VERS!]S
AND
l ~~ THJ<: MA TIER Of'·
M/S KOTAK MAHfNDRA BANK LIMITED
H/1VING JTS REGlSTERED OI"FlC'~ :AT
27 [l((C. C ?.7, G-BLOCK, RANDHA KURLA COMPLEX,
Dt\l'iDR/1 (E), MUMBAl- 400051
NDH- 12-Fcb-14
!.DR- 06-May-14
PRAYER:-
THROUGH
'@
BEFOR11) TilE HON'BLE SOLE ARBITR,ATIOR SH. RAJIV SHUKLA, ADV.,
DELHI.
VERSUS
MR. NAl<ENDER KUMAR ARORA & ORS ... RESPONDENTS
VERSUS
APPLICANT SANK
PLACE:
DATED:
THROUGH
AUTHORIZED REPRESENTATIVE
THROUGH
• •
tt~N~r~f]fi!it!~~[{~lMl%iti.W*ll~"'~""f"'~""l"'.;f""':~wWiffii~~J~~ff~~li~1~tt&~1~~~~E~~~~~~;~;r_r~r~·:}~(~f~~~~~~t~J~:;···~:~~·!/~~~Bj}:f~~?::·~~~~~~~
BEFORE THE HON'BLE SOLE ARBXTRATIOR SH. RA,TIV SHUKJ,A, ADV.,
DELHI.
VERSUS
ANl)
IN THE MATTER OF·
lV!fS KOTt\K Mi\HlNDRA BANK L!MlTED
HAVING ITS REGISTERED OFFICE AT
27-BKC, C-27, G-BLOCK, Bt\NDRA
KURLA COMPLEX, BANDRA (E.)
lvlUMBAl - 400 051
N:OH- 18(09114
1. That the caption~d 'matter is pending be(ore the Hon'ble Tribunal and
the same is fixed for 1/S/09/201:4
2. That the applicant had filed one substilution ·application earh·tr to the
present application, however, inadvertently the copy of '<mother
Assignment Deed dt, 31/10/2012 (in the place of Assignment deed Dt.
26/12/2012) got filed with said substitution application and ~:J:.erefore
It is therefore most respectfully prayed that this Hon 'ble Tribunal may
be pleased to:-
a) Allow the present application and take on record the fresh su'ostitutiop
application alongwith Assignment deed 26/ 12/'20 12.
APPLICANT BANK
PLACE:
DATED~ THROUGH
AUTHORIZED REPRESENTATIVE
THROUGH
COUNSEL
-
it,'
.' '/
S.No. F·mticulars
Page No.
APPLICANT
THROUGH
DATE:
SETHI AND ASSOCIATES
ADVOCATES FOR THI; APPLICANT
PLACE: NEW DELHI.
.• '•
\_\
BEFORE TH& HON'BLE SOLE ARBITRATIOR SR. RAJIV SHUKLA. AOV.,.-@
DELHI.
VERSUS
AND
IN THE MATTER OF-
M/S KOTAK MAHlNDRA BANK LIMITED
HAVING ITS REGISTERED OE<'F!CE AT
27-BKC, C-27, G-BLOCK, SANDRA
KURLA C9MPLEX, SANDRA (E;.)
MUMBAI- 400 051
NDH- 18/09/14
AFFIDAVIT
DEPONENT
Vfi:RIF!CATION :-
DEPONENT
BEFORE THE'HON'BLE SOLE ARBITRATIOR SH. RAJlV SH'QKLA, ADV.,
DELHI.
VERSUS
VERSUS
APPLICANT BAl'.IK.
PCACE:
DAn;o:
/.
THROVGH
·~·
A(J'fHORIZED REPRESJ$N'l'ATIVE:
THROUGH
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BEFORE THE X:ION'BLE SOLE ARBITRATOR SH. RAJIV SHUIU,A, - .· .i
ADVOCATE, DELHI
ARBITRATION PETITION No. 2267 OF 2012
VERSUS
NARENDER KUJvfAR ARORA &ORS. RESPONDENTS
- AND
lN THE MATTER OF:-
MJS. KOTAK MAHINDRA BANK LIMITED
HAVJNG ITS REGISTERED OFFICE AT
27, BKC, C 27, G-BLOCK, BANDRA KURLA COMPLEX;
BAND.~ (E), MU.MBAI-400051
HAVH·.G ITS BRANCH AT:-
KOTM. MAHINDRA BANK LTD.
G-9, V~ '.ASPURI, NEW DELHI A.PPLI CANT!Bi;~NK
'·
REPLY TO APPLICATION UNDER ORDER 12 RuLE 10 R/W SECTIO~,r 151
C.P.C. FILED BY APPLICANT.
PRELI1"41NARY OBJECTION .
.•
1. That the afore captioned applicati?n under reply filed by the applicant is
only to ahuse the pi·ocess of la\v, hence liable to be dismissed on this sole
ground alone.
2. That the afore caption application has not been tiled within the statutory
period of limitation. Hence the applicat~on under reply is liable to b(}
dismissed on this sole grou,nd.
3. That the afore captioned application has not been filed by the duly
authorize~ person of the applicant.bank.
4. That the accompanying Vakalatnama tlled by the applicant bank. has not '
been duly executed.
5. That the proper procedure for purchase/sale of non performing asset
including valuation and pricing aspect has not been followed by the
applicant and CitiFinancial as per guideline issued by the Reserve Bank of
1
Indi Vide number RBI/2005-06/52 dated l3 h July 2005.
(CA nNz peiforming assets in the books of the bank shull be eligi.bf.e
for sale to .:.ther banks only if it has remained a non -pe1jorming assets
for at leaSiol.Wo·years in the books of the selling bank."
6. The copy of the ~oard resolution, if any, passed in this regard has not been
annexed with the application under reply.
7. The cl~useS(VIII> States "uA non peiforming assets in the books of the
bank shallh:ee~tgi'l;lefor sale to·other banks only ifit has remained a 1t0n
-performing asset for at least two· years ii-z the books of the selling bank."
• whereas as per the atmexure of the application Serial Number .89 &
90, the date 0fNPA is 30th June 2012 and the date of assignment of loan is
31 Octo~er·iOl2. As such the account has not remained NPA for at least 2
51
years in the books of the selling bank and is not eligible for sale/purchaSe.
Hence the above 8ale/pUrchase is void ab initio.
:.. 8. The Applicant bank has not declared the sale consideration paid by them
·'.'
9. The Bank has also not complied with the disclosure requirements as per
clause 7.
Reply on merits ..
1. That the para l of application under reply is false and frivolous and hence
··-..
denied. It is -submitted that no decree has been passed by any competent
authority against the respondents as such the application of the applicant is
liable to be dismissed·on this sole ground alone,
That the para 2 of the application under reply need rio. reply as the sa,me are
only reiteration of Clause 2.1.1. ofthe Dee9 of Assignment in question.
3. That the para 3 of the application under reply are wrong and false and hence
denied. It is submitted that, in fact the Applicant has not followed the
mandatory guidelines dated 13 1h July 200S issued by ·i~.B.I.,( under para 5
(viiy which read as under :- ' ~ '
. .
"A non performing a:.;sets in tJie books of the bank shall be ejigible
for sale to other banks onzy if it has retuainecl (L non -petjorming 'rtssets
for at least tu;o years in the books of the selling b(mk. ''
'
subsequent to the aforesaid deed to Assignment all the rights under th~
present claim with the respect to aforesaid loan now stands in favour of the
Applicant Bank.
5. That the contents of para 5 is wrong and hence denie~l. It is wrong and
denied that the present application is bonafide and need be allowed in the
interest and justice.
That the prayer is also wrong and denied and the application of the applicant
may be dismissed with heavy costs.
Date RESPONDENT
THROUGH
COUNSEL
RBI/2005-06/54
DBOD.NO.BP. BC. 16 J 21.04.048/ 200::;-0G 13 July 2005
Dear Sir,
In order to increase the options av;~;I::Jl.;l,; .to lnmi;~; r,o' resolving their non performing
assets and to ctevehJp a healtt•y secondary ITiiHhc;t fur non-performing assels, where
securitisation companies and rP.con~lru.::tion co1np<m""s are not involved, it has been
decided to issue guidelines to banks Gil purck;:;.;; r sale of Non-Performing Assets.
Since the sale/purchase of non-perfurming : linnncial Clssets under this option
would be conducted within the fina11Ciw sys!t~nl". Uk: whole process of resolving the
non performing assets and rn:...tt0r:; rl:lliltGd lr1er.;to has ·to be initialed with due
diligence and care warranting the exisknce of iJ ;;:ol d clear guidelines which shall be
complied with by all entities so tho! U:t: proc(:S·s Gf resolving non-performing assets
by :;;ale and purchase of NPAs prcJCt.h:tls 011 s,',,colil arjd. sound lines. Accordingly
guidelines on sale/purchase of non-r;·.;l·icrr;•ill~ iJSS(;ts 11ave been formulated and
furnished in the Annexure. The uuich:lim;s 11 :;.,y 'iw placed before the bank's/FI's
/NBFC's Board at the next meeti1 10 a: .d 11ppro;Jri8lG-' steps may be taken for their
implementation.
(Prashant Saran)
Chief General Manager
Ends : As above.
'01' 13:.tnl:do!: Oper.i\;('lt:< ~~~<~'I Dl."''>.'l\lfl''·'•:ni. \ \·u;r;d \JIY~~··: \,.,'11\n· ! Cltfl\.: 11;11\lilC. Cul~1ba, tvh1mbul - 1ltllllJ0:5
W1~ Ji'cl No: t) 1-22-221 'S 1) I) 1 (Jr:.i4.i,'l~,~,, .-...;,,· 'JI .;!i'N~::u ~: :n;:-. l-:~ .. ;!il Jl):c~mi.;dlx\[email protected]'i,.in
··Annexure
Guidelines on pucck.s0/ SW.: vl 1\oud Performing
~-tnlt~ .:::1ai ;.J..s.:~~:L~
Scope
1. These guidelines would be applicaolc to Fb and N8FCs purchasing/' sl:'!ll!ng non
performing financial asse\f>, frorn/ l;; ol11c1· cu;·:k:;/Fis/NBFCs (excludin~ 'se,curitisation
.3. The reference to 'bank' in the guideline;> would in::.uLl6 Lrmncial institutions and NBFCs.
Structure
4. The guidelines' to be followed by b;Jnks pt..rcil:.:;;, i;Ji selling non-performing financial assets
from I to other banl<s are given bclo·.,..,. Tile guic!dnus have been grouped under the following
headings:
i) Procedure for purchase/ ~>:de or 1"11'1 performing financial assets by panks,
including valuation and priclnq aspects.
ii} Prudential norms, in !rH:· f(iilov"ing ::;n.:IJS, lor banks for purchase/ sale of non
performing financial ass~.;ts:
5. Procedure for purchase/ sate of non perlorming l;llrliidal assets, .including valuation and
pricing aspects
i) A bank which is purcl-~::;s.ngl scili::q non-per·ronning financial assets should
ensure that the purchosei sale is cunduclec! <: i ~'c~;urdance wilh a policy approved by the
Board. The Board shall lay down poi:,:ies ar1d GL,;liL:c:. 1es covGring, inter alia,
- '
a) Non performing financial assc,,; U,:Jl rnay :.-".: ,,u,ci1ased/ sold;
®
b) Norms and procedure for purcnvsd sa,(; uf ::ud< iinanci3l assets:
c) Valuation procedure lo be fu1lo·M:d Lo crtsure lhat lhe economic value of financial
assets is reasonably estimalt-Jd baseJ 011 lhu Gstimaled cash flows arising out of
repayrnents,and recovery pro~;f.il?,;:s;
d) Delegation of powers of variol!s kr1clion;Jri,.~::; fGr lnl\ing decision on the purcbase/ sale
of the financial assets: etc.
c) Accounting policy
ii) While laying down lhe pv,:cy;. Lh~:: d\:.srd shtlll solisly itself lhal the bank has
adequate skills to purchase non P'::lformifi\-J r;,,a, ,cia I assets and deal with them in an
efficient manner which will resuli i;' v<ilue w.:iu:,ion lo (he bank. The Board should also
ensure that appropriate system's an(i proc,_:•iu::·s or~· in place to effe:ctively address the
risks that a purchasing bank would as.surne •;.;11:18 et1unging in thisacliv1Ly.
iii) The estimated cash flows arc nomJ;iliy c'xpr:cled It; t.;u rcl:lliscd within a period of three years
and not less than 5% of the eslin;::ieCI casn I!Ovi·s snould be realized in each half year.
iv) A bank rnay purchase/sell non-f.;E:rlun:.ing r;,,;:;"c,nl assE:ls from/to other banks only on
'without recourse' basis, i.e., thv c:;:lirc crc\J:t ri;;k associated with th!'! non-performing
financial assets should be transl2rrd t0 u," r,.,rtJ,:>sin\1 bank. Selling bank shall ensure
that the effect of the sale of the r;,1a,-,cial ;:,sst:t;; sl1l;uld b~ such that the asset is taken off
lhe books of the bani( and after li<G ~;ale \llt:re s:1c;uid nol be any known liability devolving
on the selling bank.
v) Banks should ensure that suu~eLJuenl to sak: or lt1e non perforrninn financial assets to
other banks, they do not have <:J,;y ,.volv'""""'' w,lil reference lo assets sold.ancj do not
assume operational, legal or an, uu :er lypc: ur ri~;:-;s relolin9 to the financial assets sold.
Consequently, the specific fimim:i:'l EJssd :;lloukJ not enjoy the support of credit
enhancementstliquidily facilities in L1:1y iOIIII cr manner.
vi) Each bank will make its own as:=:":ssnt\:nt u: !111: value offered by the purchasing bank
for the financial assei and decide wtlL:Lher to :;cc\:pl ur reJect the offer.
® vii) Under no circumstances can a 'iDk~ ~~~ o:, :-::r uanks be made at a contingent price
w!1ereby in the event of shorlfsi: ir, the: r•:~d;;,:,_,,;u,' by lhe purchasing banks, the sellin~
banks would have to bcnr a part tA u r,) shGrll<.. l·:.
viii) A non-performing asset in th<l b(,\Jks of '' G;:,nl-. shall b<·) eligible for sale to other banks
only if it has remained 8 non-pG-dOi<.drlg D:;;;;"''r(;r' ;Jt least lwo years in the books of the
I selling bank.
ix) Banks shall sell non-performing r;,·,anci:ll ;Jss.;;ls to othc~r banks only on cash
_: ·
',i
basis. The
entire sale consideration should lie mceiwd u;Jii'ont and the asset can be taken out of the
books of the selling bank only on ;.::ct:ipl oi lfr0 t.:r ,kc:; sale consideration.
x) A non-performing financial asset Si1oul1i c,,, rd(J by the purchasing bank in its books at
least for a period of 15 months bdore it is sc;ld io uL!1cr banks. Banks should not sell such
assets back to the oank, which h<"d ~;,Ad lll<: ;~h~.\.
(xi) Banks are also permitted Lo S()ii/buy i)cn·,o~_;cntwus pool within retail non-performing
financial assets, on a portlo1ic;l'bEmis proviued l:acll ur the non-performing financial assets
of•the pool has remainr~d as non-p0rforrni1 ·~J lir ;andal asset for at le<Jst 2 years In the
books of the selling bank. The pool of m;sds would be treated as a single asset in the
books of lh<l purchasing bank.
xii) The selling bank shall pursue \he st~1ff ~;;cc.;ul\lal)itily aspects as per the existing
instructions in respect of the non-perlmminf; :;~:c;l:ls sold to other banks.
6. Prudential norms for banks for the pui ch:,;;ui ;;;d,: L< ~.m.~a::tions
- asset classification status of the fin:mc:iuf oss,:l purc:hased, sh<.lll be determined by the
record of recovery in the books
estimated wbile purchasing the
or the pun:;rJ:Jsi> 19 bani< with reference to cash flows
<JSSC::t.wllicn ~IK)Jlli be in compliance with requirements in
Para 5 (iii).
• •
fm!t~@WI&t0K~%M~~~\t~~~~~*1\tiJ(ritW.~tfr'i0Jf\\\a\rfm~::;,F'::::;F:F;};hX(i;c,::yH;:.J:r(,:-·.·.
@)ii) · Th~ asset classification slalus <,i an exist1rr:~ ''·~i,usure (olher than purchase\1 financial
asset) to the same obligor in the l;ocJks of liu1 Pvrd1;:;sing bank will continue to be governed
by the record of recovery of that expvsure ·an(j r•.::nec:· rnay be~ different.·
(iii} Where the purchase/sale does nul s:,tisfy any Di.liH~ prudenlial requirements prescribed in
these guidelines the asset classilica<ion ;;'!;He;·: Jl ii 10 financml asset in the books.·of the
purchasing bank at tile time of p..ii'(:r;:·l:~(~ ;;{l<lli l;e j(,() same as in the books orthe se!Hng
. J
bank. Thereafter, the asset ciJss;l:caLon '~\:.,Js vJill ·co1itinue .to be dete~mined with
reference to the date of NPA in the S<!llin~J bmi,:•.
(iv) Any restructure/reschefJuleirephmse d .tt1e rep:, 7,·n .•:,ll schedule or the estimated cash flow
of the non-performing financial ;J~·.sul !Jy lflc fJ~. ;;ii,'.JSillQ bani< shall render the account as a
non-performing asset.
but 'tvill be utilised to meel the Sllorllail/ k>;;:; \til Jc:counl of s<.Jie of other non performing
financial assets.
Thr-) asset shall altract provisioning requ.ro' 11ent ~if.iPI.(J;·; iu:,; lo its asset classification status in the
books of the purr:hasing bank.
7. Disclosure Requirements
Uanks which purchase non-performing financial asst~ls i1 .__;;n ult1m t>anks shall be required to rnake
2. Aggregate outstanding
3. Aggregate considl~ration rect-,_;veu
C. The purchasing bank shall furnish all reluvant •c:pGrts to CIBIL etc. in respect of the
non-performing financial asse-ts purch;;,;eo c,y iL
~~~~
RESERVE BANK OF INDIA~.__
'~·ww.rbi.org.in
RBl/2012-13/39
DBOD.No.BP.BC.9/21.\J4.048/20'12-13 ~2,2012
All Commercial Banks (excluding RRBs)
Dear Sir
Yours faithfully
(Deepak Singhal)
Chief General Manager-in-Charge
[rr~~~ ~. ~ Q"<lm~.J
--
be eligible for purchase/sale in terms of these guidelines if it is a nonperforrning asset/non
perf~rming investment in the books of the selling bank.
Structure
7.2 The guidelines to be followed by banks purchasing/ selling nonperforming financial
assets from I to other banks are given below. Tile guidelines have been grouped under the
following headings:
7.3 Procedure for purchaser sale of non perf~rming financial asse~s, including
valuation and pricjng aspects
I) A bank which is purchasing/ sellirig. nonperfo.rmlng financial assets should
ensure that the purchase/ sate is condl]cted in accordance with a policy approved
by the Board. The Board shall lay down policies and guidelines covering, inter alia,
e) Accounting poiicy
ii) While laying down the policy, the Soard shall satisfy itself that the bank has
• •
mf1tt8l.IJ.wMttM~m;*~Jt~ii?%;ffW.t~bJJMM:WJ:m:1~?i@~it~&~~:wiW~~;;g~&?~t~~~~~;@,k~:~';'~~::::':rm::r::,;,~~':'";~,:~;~:r7r:~c~~~:~mw;.:{
adequate skills to purchase non performing financial assets and deal with them in an
efficient manner which wtll result in value addition to the bank. The Board should also
ensure that appropriate systems and procedures are in place to effectively,
address the risks that a purchasing bank would assume while. engaging in this
activity.
iii) Banks should, while selling NPAs, work out the net jxesent value of the
estimated cash flows associated with the realisable value of the available securities
net of the cost of realisation. The sale price should generally not be lower than the
net present value arrived <ill in the manner described above. (Same principle should
be used in compromise settlements. As the payment of the compromise amount may
be in instalments, the net present value of the settlement amount should be
calculated and this: amount should generally not be less than the net present value ?f
the realisable value of securities.)
iv) The estimated cash flows are normally expected to be realised within a period
of three years and at least 10% of the estimated cash flows should be realized in the
first year and at least :i% in each half year thereafter, subject to full recovery within
three years.
vi) Banks should ensure that subsequent to sale of the non performing financial
assets Ia other banks, they do not have any involvement with reference to assets
sold and do not assume operational, legal or any other type of risks relating to the
rtnancial assets sold. Consequently, the specific financial asset should not enjoy the
support of credit enhancements /liquidity facilities in any farm or manner.
vii) Each bank will make its own assessment of the value offered by the
purchasing bank for the financial asset .and decidv wh:>ther to accept or reject the
offer.
••
~~-~&'81~i=MiWN'%~t:@lfii.H~m@~:Wf.~~:~j;}.fjf···. ,,.:::,·:rti\0\;:.;::f}':~~:i:::';~=,,;:~:;{fi.~1~=?i?!fiii.'!f.~~~~
price whereby· in the event of shortfall in the reallzalion by the purchc.sing banks, tr1e
selling banks would ll;:lVe to bear a part of the shortfall.
nonperforming asset in the books of a bank shall be eli£lible for sale to other } 1
anks o1ilf"if it haz_~~i:e~-~npertor_ming asset for at.!_eas't_ t~o 1..~~e ·
~o..ks of,th~ sellin~ ~~)
x) Banks shall sell nonperforming financial assets to other banks only o:-: cas)~
basis. The entire sale consideration should be received upfront and the asset ca;_1· be
taken out of t11e books of tile selling .bank only on receipt of the entire 6--.-le
considerption.
xi) A nor;performing financial as~3t should be l1eld. by the purc~la:oinn iJank in its
books at least for a period of 1"5 months before "it is sold to oth~r banl<s.. ~·anks should
not sell such assets back to tile bank, which had ~old the NPFA.
(xii) Banks are also permitted to sell/buy homogeneous pool witldn retail non-
performing financial assets, on a portfolio.basis proi;ided ·each of i:·1e nonperforming
financial assets of the pool has remained."·as non performing financial asset for at least
2 years in the books of the selling bank. The pool of assets wovld be treated II$ a
s!nglc: assetin.th"e bo0ks· -;;f th6 f\\.:r9t~n;:,,[; bunk.
The sellir:g· bank s"n;;:!l ;.;~r~::.J.r• ·the staff accr.iuntaoiiity aspects as pt;i
existing instructions in respect of the nonpe1forming assets sold to othe: banks.
.. 7.4 . Prudential norms for banks for the p~rchas~i sale transactions
.·
t (A) Asset classification norm~
.~
-~.
,·.
(i) The nonperforming financial asset purchased, may bl;l classified as 'stanoard'
'•
in the books of the purchasing bank for a period of 90 days frorn the date of
purcl1ase. Thereafter, the asset c:.Jssification status of the financial asset purchased,
shall -Q~ determined by the record of recovery in the books of the purchasing
bank with reference to cash flows estimated while pLirchasing the asset which should
be in compliance with requirements in Para "f .5 (iv).
(ii) The asset classification status of an e;<isting exposure (other than purchased
financial asset) to the same obligor in lhe bo-J:Zs of the purchasing bank will contin1;e
to be governed by tt-..:·, record c.i ; ~·~(i.;8ry G1' '.hat exposure and hence may be
different.
~:
·:· 39 DBDD·MC Qn IRAC No;:ns-2012
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GOVERNMENT OF NCT OF DELI-II
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IN THE HIGH COURT OF DELHI AT NEW DELHI
- I.A. NO. OF 2016
IN
ARBITRATION APPEAL NO. OF 2016
Narender Kumar Arora & Ors. Vf;. Kotak Mahindra Bank &
Anr.
in the case.
N~. ~~~~ .
~·
New Delhi
Dated: I t \~r:G \,., 1·b Petitioner No.1
Petitioner No.2
Petitioner No.3
through ~·~
Sudhir KumarSinha &
Abdhesh Chaudhary
(Counsel for petitioners)
A-14, L.G.F., New
Friends Colony,
Delhi-110025
IN·THE HIGH COURT .OF DELHI AT NEW DELHI
lA NO. 0F2016
IN
ARBITRATION APPEAL. NO. OF 2016
Narender Kumar Arora & Ors. Vs. Kotak Mahindra Sank &Anr.
AFFIDAVIT
·. IZ~
_.y;i~-~~~~~ '.s.~..
this affidavit on behalf of himself and other appellants
also.
£;</;~E~IiA~??~~~~~ '0~. I
2· That the contents of the accompanying application
1(- l,)alh\ Hlgh CClurl y~ U/S 151 CPC for stay have been drafted by my
'-'· t Period \4·09·2014 ">
\\<:;(, to 13·09·2016 if
~911 Court.&/ counsel under my in;?tructions and the same have
~==..:;:::?'
. . been read over by me and understood by me which~
.
IN THE MATTER OF:
Narender Kumar Arora & Ors. Vs. Kotak Mahindra 6ank & Anr.
AFFIDAVIT
Affidavit of Smt. Bani Arora, W/o Sh. Narindra Kumar
Arora, Aged about 57 yrs., S/o Late Shri R.K. Arora, Rio 6-
110048.
•;,c,O
this affidavit on behalf of himself and other appellants
;.-:;
;}~~ also.
;"-:~~~
....
.'
IN THE HIGH COURT OF DELHI AT NEW DELHI
I.A. NO. OF 20~6
'IN
ARBITRATION APPEAL, NO. OF 2016
Narender Kumar Arora & Ors. Vs .. Kotak Mahindra Bank & Anr.
AFFIDAVIT
Aged about 57 yrs., S/o Late Shri Rl<. Arora; R/o 8-13,
~~~"
0
1 0 JUN 2016
~J,!:; e-;.o~I?;\)J;~FlCATION:
. we~~'\ ~Verified at New Delhi on this day of June, 2016 that the
,,6e"~:~~~·0
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contents of the above affidavit are true and correct to t?r
best of my knowledge and belief.
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do\aiiD Ol'l !hi$ rocoipt ann ll$ nvail:r.bla on lhu wQbsl\o rond<.Hs it in"':tJid. In' case oi any discrepancy plcmso Inform the Competonl
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Narender Kumar Arora·& Ors. Vs. Kotak Mahindra Bank & Anr.
which are not being repeated here for the sake of brevity.
PRAYER
#~~~
f~~~·
New Delhi Ut~~ovf~.
Dated: 1o-1~'61 ?,o 1-/:.
Petitioners
Through
<9·~
Sudhir Kumar Sinha &
- Abdhesh Chaudhary
(Counsel for petitioners)
A-14, L.G.F., New
Friends Colony,
Delhi- i 10025
IN THE HIGH COURT OF DELHI AT NEW DELHI
I.A.' NO. OF 2016
IN
ARBITRATIGN APPEAL NO. OF 2016
Narender Kumar Arora & Ors. Vs. Kotak Mahindra Bank & Anr.
AFFIDAVIT
S/o Late Shri R.K. Arora, Rio 8-13, Ground Floor, Greater
LA NO. OF 2016
IN
ARBITRATION APPEAL NO. OF 2016
Narender Kumar Arora & Ors. Vs. Kotak Mahindra Bank & Anr.
Arora, Aged about 57 yrs., S/o Late Shri R.K. Arora, Rio 8-
110048.
r~~ ·A-a-~
DEPONENT
.•
IN THE HIGH COURT OF DELHI AT NEW DELHI
I.A. NO.
OF 2016
IN
ARBITRATION APPEAL NO. OF 2016
Aged about 57 yrs., S/o Late Shri R.K. Arora, R/o 6-13,
1
Ground Fioor, Greater Kai!ash Enc!ae-11, New Delhi-
110048 ..
.
I, the above named deponent, do hereby solemnly affirm
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on thl& receipt umJ a.~ .nvailabia on utO websiH1 render& II invalid. in Case of any duiicrepuhc1t please lnfotm the co,mpot•>~nll
This receipt i• valid only alter varilicallon & locking by the Coun Olllclol.
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..
'·.
Narender Kumar Arora & Ors. Vs. Kotak Mahindra Bank & Anr.
which are not being repeated here for the sake of brevity.
-
PRAYER
.• .•
filing ~he true typed copies of some of the Annexures at this
stage.
.t\1 . ....,.~.~/L
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New Delhi
Dated: 1 rri b'6 ( 0-c H>
~u~Jt~
Petitioners
through {~· v,· §._ ~~.n~f.
Sudt1ir Kurmtsinha &
Abdhesh ChoudhCiry
{Counsel for petitioners)
A-14, LG.F., New
Friends Colony,
Delhi-110025
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m~r~tf*l!~!ill#ifi?Jr.~ilft~~gJ~W::l*f&~iffir:rr-mz;;n~···
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Narender Kumar Arora & Qrs. Vs. Kotak Mahindra Sank & Anr.
AFFIDAVIT
1 a JUN zata
IN THE HIGH COURT OF DELHI AT NEW DELHI
I.A. NO. OF 2016
IN
ARBITRATION APPEAL NO. OF 2016.
Narender Kumar Arora & Ors. Vs. Kotak Mahindra Bank & Anr.
AFFIDAVIT
Arora, Aged about 57 yrs., S/o Late Shri R.K. Arora, R/o 8-
110048.
I 0 JUN 2016
• •
Ilm~~@:w~;~~wii!Nl\~~willf:::;•t•-~I&@?t::rf·:';:~':@%§®:tti:;,::;:~~,:·~.,~:@z:::'.x~-ITJ~~f:@,'.',:s?
-
IN THE HIGH COURT OF DELHI AT NEW DELHI
I.A. NO. OF 2016
IN
ARBITRATION APPEAL NO. OF 2016
Narender Kumar Arora & Ors. Vs. Kotak Mahindra Bank & Anr.
AFFIDAVIT
Aged about 57 yrs., S/o Late Shri R.K. Arora, R/o 8-13,
110048 ..
i,J ..) Li iY
--· ---
GOVERNMENT OF NCT O'F. DELHI
e-Court Fee
( \
i __ _
-
.(~
VAKALATNAMA
In rc:
VERSUS
M/s. Kotak Mahindra Bank Limited .. Dcrendant/Respondent!Accused,
_ .. j '
KNOW ALL to whom these present shall come tbnt We, Nnrencler Kumar Arora, Bani ArorA, and Kunal
Arora, all XVO :- B-13, Greate.r Kailash Enclave-II, Dethi-110048 presently at New Delhi. The above named
Petitioners , do hereby appoint
Sudhir Kumar Sinha ( Adv,) D/1249/2005, A-14, Lower Ground Floor, New Friends Colony, Dellli-110025.
herein after cal!ed the advocate/s) to be my/our Advocate in the above noted case authorized him :-
To act, appear and plead in the above-noted case in this Court or in any other Court in which the same may
be tried or heard and a!so in the appellate Court including High Court subject lo payment of fees separately for each
To sign, file verify and present pleadings, appeals cross obi~'"· · 1s or petitions for execution review,
revision, withdrawal, compromise or other petitions or affid~vit<' ' ts as may be deemed necessary or
proper for the prosecution of the ~aid case in 'all . . ..
The deposit, draw and receive. money,' 1.of and to do all other acts and
things which may be necessary to be done for lecution of the said case.
To appoint and instruct any other Legal'' .. ~ise the pbwer and authority
hereby conferred upon the Advocato whenever he\ -··.·<~'Sign the Power of Attomey on our
behalf. \ .
And [/We the unders'igned do hereby agrc~,~~--ra;_i·~ and confirm all. acts done by the Advocate or his
substitute in the matter as my/our own acts, as if done by me/us to aH intents and purposes.
And T/We undertake that l/ we or my tour duly authorized agept would appear in the Comt on oil hearings and will
inrom1the Advocates fllr appearance when'the case is called.
And !/we undersigned do hereby agree not to hold the ~dvocate or his substitute responsibie for the result
of the said case. The adjournn1ent costs ·whenever ordered by 'the Coiu:1 sha!l.be ·of the Advocate which he shall
receive and retain l1imself. .
or
And I /we the undersigned do hereby agree that in the event, the whole or part of the fee agreed by me/us
to be paid tO the Advocate remaining unpaid he shall be i;mtided to withdraw from the prosecution of Ihe said case
unril the same is paid up. The ree settled is only for the above case atid above Court.
1/We hc~e]:ly. agree that once the fee is paid. I iwe, will not lle emitled for the refund or the same in any case
whatsoever. If the case:lasts for more than three years, 'the advocate shall be entitled for additional fee equivalent to
half of the agreed fee for every addition three years or patt.thorcof.·
IN WITNESS WHEREOf TI\Ve do hereunto ~et my lo\lr hand to these presents the contents of which have
been understood by me/us on this 09'11 day of June 2.0\6.. ~ t-~
A., •,'..:"-~ ~
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Advocate 0\ \'V 'o'\ Clients [IW Vla ~~
(/. ~ \'\)..~
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BEFORE Ld. SHRI RAJIV SH\..)KLA. ADVOCATE;
SOLE ARBITRATOR AT DELHI.
IN THE MATTER
( .
" .. ; QF:
.
CITIFINANCIAL CONSUMER FINANCE INDIA l TO.
{PREVIOUSLY KNOWN AS ASSOCIATES INDIA FINANCIAL SERVICES LIMITED)
RI;GO. OFFICE:
3, LOCAL SHOPPING, CENTRE,
PUSHP VlHAR, NEW OELHl·110 062. .... CLAIMANT
Vs.
e~Tlii.I$\JlAt; ADDRsSJs~
MR. NARENDER KUMAR ARORA
S/O.SHRI RAM.KI,JMAR 1\RORA.,
C/0. MIS. TAJ CONSULTANCY SERVICES,
A-14, BASEMENT,
NEW FRIENDS COLONY,
NEW DELHI-110025. .. .. RESPONDENT N0.1
1. Thatthe Claimant is a Company, duly i11corporated under the Companies Act, 1956, having
its Registered Office .at 3, Local Shopping Centre, Pushp Vihar, New Delhi~110 062: The
Claknant. Company was originally Incorporated under the name of M/s Avco· Financial
- 2.
Ser\tices India Pvt. Ltd. and was.then changed to M/s Associates India Financial Services
'Limited and now It has been changed \O Mls CltiFinanclal Consumer Finance India Ltd.
Th~t the ··claimont .. company Is· filing. this cl.aim petition thro4gh. ·Shrl. Mandeep · Singh
· Chandoal<, who Is· authorized vlds duly notarized Power of. Attorney dated.25101/2012, to
. fristltute, -sign and verify th,e present petition &,.all other proceedings and to do all other a'ots.
deeas ~~. thil"gs necessary for the proper conduct & .prosecution of this petition in all its
·stages.·"Fhe sald.Shrl Mandeep.Singh .Chandoak Is otherWise also fvlly conversant-with the
facts of the ·.c.ase as ger Information received & .derived from the records & books of the
Clalmant company, maintained by the Ctaim~nt company In the rtlgular course. of its
business arid Is th1.is, co~petent to depose and verify the facts.
3. That the Claimant company Is Inter alia; engaged in .the business of providing home loans.
4. "Fhat t~e r~spondents had approached the .Claimant, as.they were desirQu~ of obtaining a
· loan ·a.nd ·for this. purpose, filled . II') Loan •. Application Forms. That for the pLJrpose of
establishing their ldentity/credenti,als/credit worthiness ttie Respondents furnished copy of
the ·PAN card of the respondent no. 1, 2 and 3. That the respondents offered to create a·.
mortgage of th~lr'Jm!Tl.ovable property, i.e. A-14, Grovnd Floor,. New Friends Colony,· New.
Oelhl-110025, to sect.ire the repayment of the Loan Facility ..
.·, 1 .
BEFORE Ld. SHRI RAJIV SI;UKL~. ADVOCATE
SOLE ARBITRATOR AT NEW DELHI.
ARBITRATION CASE NO. 2267 OF 2012 ..
Vs.
INDEX
- - -...........- ...... ·------~-.....- ..... - . : ....................'!'" .. ~-·--···-··---.:..-. .. """"""'-------~----..,...
,·
s.No. Particulars
.................. _..________ .
~----·':"-·------ ...... .,.
Page No..
--------------·----..............................._____. ________ _
1. Claim petition, ·
~-
4. List of documents.
5. Oocuments.
7. Certificate of Fee.
: 8. · Vakalatnama.
.CLAIMANT
THROUGH
ATIORNEY
THOURGH
That ~t tht:J lnstanc;e and request of Responden~. t~e Clalman.t sanctioned a Home Loan of
· Rs. ·.1 :4 · · · · .to the responqents, and accor?lngly · a wntten Home.. L~an Agreeme.~t
·dateif2 . (hereinafter for the sake of brEMtY,. referred to as the.. sa1d agreement ),
·was .executed betwe_13 n the Claimant and Respondents, whereby ~he Cla1mant gave a ~orne
Loan Facility ofRs. 1,48;00,000/- (hereinafter·for the sake of brev1ty, referred to as the .Loan
Facility') to the respondents. The contents of the "said agreement" rnay be read as part and
parcel of the present para and the same are not being reproduced herein for the sake .of
brevity ano to avoid repetition.
6. That in consideration of the gr<ant of the abovementioned Home Loan Facility and with a view
to secure· the repayment thereof, the respondents .created a ~ortgage of th~ir immo_va_ble ·.
property (A-14, Ground Floor, New Friends Colony, New Delht-1·10025) (hereinafter for the
sake of brevity, referred ·tO as the "mortgaged property"). The respondents also declared tha~ l
they are the owners of the #l!'ortgage~ property" having a clear and m~rketable title ove( the
same and they shall lndemmfy the· cla1man~ against any loss/damage Incurred on account of ·
any defect ,In their title or any misrepresen~tion made by any of tpem·. That all the
documents were duly filled up when th!:ly were signed by ttw.respondents who had read &
understood the s·ame before the same were signed and copy of the doct,Jments were given to
the respondents.
7. That ~ld~ Cla1,1se 2.1 (a) of the "said agreemt;lnt", the r~spof1dents agreed to borrow from the
claimant .and the· claimant agreed to lend to .the· respondents, a sum as stated in the
Schedule; .on the terms and conditions set forth In the •s·atdaQreem.enC' ·
8. That Clause 1~ 1(e) of \he "said agreement" pro,Mes that an event of default shall occur, inter
alia, on the happening of any of the foliowj~g events: ,
. . .
(i) If any default shall have ·occurred in ·payment of EMis or any. part thereof and/or in
paym~nt of any o.tlter amounts due and payable' to the claimant in terms of the "said
ag·reamerit" ~nd/or in terms of any other agreement(s}/document(s) wruch may be
subsisting or Which may be executed between the respondents and the claimant: and
(ii) if default.shall have occurred in the performance of any Other covenants, co.nditlons or
agree.ments on the part of respondents under the "said agreement" or any· other
agreement(s) between the respondents and the claimant In respect of the said loan or
any o~er.loan. · · ··. ·
9. That Cla1,1se 2.4(h) of the "said agreement" provides that In the ev:ent any post-dated cheque
is returr~ed dishonored, the re~?pondents s.hall be liable to pay bounced cheque· charges as .
detailed in the agre~ment ?~nd.shall also be liable to pay penal charges as detailed in the said
agreement, on·the outstanding amount till the date of rece\pt of payment of that lnstaltment of
the loan. :The Clause further provided that nothing contained in this clause, shall prejudice
any other,-rights of the ,claimant ln'law or otherwise. ' .'
. ,
10. That Clause 2.5(b).of the "said agreement" provides thatthe !;lelay in. payment of EMI shall
. remder the respond~nts liable·to pax- additlonat·tnterest at the rate of 36% per annum or at
such higher rate as per the rules ofthe cl'aimant In that behalf·as in force froin tima to time :
and that. in sucn an event, the respondents shall also be liable to pay incidental charges and
costs to th!ll claimant. That vide Clause 2.9 of the "said agreement", the r!;lspondents. agreeo
that their ll~.bility:lo ~l!lortize ti:le loan and to observe the terms and conditions of the "said
agreel"flent" and/or anyother..agreements and documents which may have been or may be
executed by the respondents with the claimant in respect of this loan or any other loan or
loan&; Is joint and several. '
11. "t:hat vide Clause 4.1 of the "said agreemenf', the respondents agreed that the amortization
of the loan, Interest, fees, commitment charges, penal interest, bounced cheque charges and
expenses . and all other amo1,1nts payable IJnder. the ··said agreeml1)nt" or any other
- agreements, $hall be secured by a first charge by way of.mortgag~ in favour of th~ claimant
ov~r the sal):! p~op~rty and such other properties and assets of ttw respondents, as the
claimant maY. req~tlre. . . . ·
12. . That Clause 7. ~ of the ,"~aid agreerryent" provid~s that If one or more of the eyent ~of default
shaU h!lve.o~urr~d. then th~ claimant, by a·w.r1tten noUce to the respondents may declare
the principal and all acc~ued mterest and :h~rg~s on the loan which may be payable by the
'·~ respondents ·,under. -or rn terms of the sa1d agreemenr andlof any other.. agreements
;:'• ooquments suqs1stmg b~M,ee.n the respondents arid the ·claimant, as well as. all other
>
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charges and dues to be. due and upon svch de.cl,aratlon, the $ame shall l:)ecome due and
payable forthwith and.the se.cvrity In relation to ·the'.loan and any other loans, shall become
enforceable, notwithstanding anything to the contrary In the·"sald agreement" or any other
agreements or docvments. That the respondents also provid.ed 'the "mortgaged property• as
described In the Schedule as security for the repayment of the Loan and the· respondents
also undertook to maintain the security In good• order and condition and free f~om any
charge, .loss or damage etc. The respondents further agreed ~hat the. Loan would be used.
only for the pl,Jrpose mentioned In the loan Appllcatl~n.
13. That article 10.6 of the "said agreement" also provides that any notice or reqvest under the
"said agreement" sent by the claimant to the rl')spondents shall be at the address stated in
· the •said agreement'~ or as notified to the claimant In wrltlng..The commrmicatlon sent on this
address shall be deeme<:,l to have been delivered when sent by post.
14. ·That Article 10.7 (h) of the "said agreement" provides that all controversies and disputes with
regard to the "said agreement" shall be refered to a Sole Arbitrator to be appointed by the
claimant. The said artiCle 10.7(h) Is reproduced .herein for the ready reference of this Hon'ble
Forum:~ ··
"In event of any dispute or difference arising under this agreement including any
dispqte as to ariy amount outs,tanding, the real meaning or purport hereof.
("Dispute"), svch, di~p1.1te shall be finally resolved by arbitration. Such arbitration
shtit/1 be condvcted in accordance with the provisions of the Indian Arbitration· itncf.
Conciliation Act, 1996 or any amendment or reenactment thereof by a sing/,
arbitrator to be appointed by the Lender. The venue of arbitration .shall be at New
Delhi and thFJ arbitration shall be conduqted In Englisti Language."
to. That alongwlth the abovementioned Home Lqan the respondents were also deslrolis of
obtaining a Personal loan also in aoditl.on to the abovedetalled Housing/Home Loan. That the
respondents also offered to extend the equitable mortgage of their already mqege<;t
immovable property as detailed herein above, to secure the repayment of this Per8ona1 toan
r-acmty also. ·
1 (). That at the Instance and request of Respondents, the claimant sanctioned a. Personal ·LOliln
of Rs. 52,00,000/: ·to the respqndents, and accordingly a ·written Supplementary Loan
Agreement dated 23~Feb-08 (hereinafter for the sake of b,revlty, referre'd to ·as the
"supplementary agreement"), was executed; between the Claimant and Respondents,
whereby t~e Clalma11t gave another Loan Facility of Rs, 52,,00,000/~ to the resppn.dents-.~That
·the contents of the "supplementary .agreement" may be read as part and parcel of. the·
presel)t para as the same are not being reprod!Jced herE!)in for ·the sake of brevity and to .
avoid .repetition. That the agreement was duly filled. up when they were signed by the
respondents who had read & understood the same before the same were signed ahd copy of
the agreement was duly given to the respondents. That in consideration of the grant of the
abovementioned Personal Loan Facility and with a view to secure the repayment thereof,· the
respondents extended the equitable mortgage of their above· mentioned lmmovaole property.
17. That as per clause 2 ·Of the "9upplernentary Agreement" the· Per.sonal f.,oan was to have thli!
same specific terms and conditions as that of the Home Loan Agreement. That vide clause 3
of the ~supplementary Agreement" the respondents acknowledged. tne tenor, rate of Interest
and all.costs and charge~ to be paid by the respondents to the claimant under the Home
Loari Agreement. •
' . · · ·
18. That the responden\s"vlde:clau~e 5 agreed that the Home toan agreement an~ the·Pt:~raonal
Loan Agreement sball be' for the sam'e tenor and co-terminus •. That'the respondents vide
clause .6 also agreed that they ~?hall be bound by all other terms and conditions ofthe Home.
LQan agreement and· the ~ame shall be. deemed to be ·lncofl)orated hi. the "SlJpplementary
AgrE;Jement•. · . · ·
19. The Respondents had Inter alia; also.executed a· Demand Promissory Note dated 23-Feb-08,
for a sum· of. Rs .. 2,00,00;000/- with interest •ther~on @ 11.5%, per annum, or at the· rate
which ·may from time to time be assigned by the Claimant, to secure the repayment of the
Home. Loan Facility. That as. per the "said agrl:lement", ·the ~esponc:lents were liable to pay
180 .monthly Installments of Rs .. 2336381·, to. the .Claimant as detai.led in the schedule to the
"said agreement". Further, as per the agreed terms and conditions the claimant had the rigHt
to reschedule the repayment terms of the agreement. . .
. '
~·
•,
That the R~spondents failed to maintain the financial discipline unde;, t~e "said agre~ment"
and have defaulted ln. the p~yment·of m~mthiY Installments under the ~a1d agrf!!ement. That.
as .the: default($) committed· by the respondents amoun~ed to an eyent of defau!~ as
envisaged In the "said agF.eement" and also as per the. Supplementary {'greem~nt • t~e· .
. .claimant vide le.gai nptlce bearing .reference no. )'1~?8~5. dated 27~~pr-12, 1n exerc1se of .tts
·rights 'under the '"said agreement", terminated the .satd agreement and recalled the enttre
loan and·called \lpon the respondents to pay a. sum of Rs. 2,06,00,982.79 (as on 23~Apr-~2)
alongwlth .Interest thereon. H(?wever, the respondents h~ve despite receipt of the notice
failed· to comply with the same
21. That'further; the Respondents failed te clear their outsta~din9 with the Glaimant Co':lpany, · ·
despite ·repeated requests & reminder:' of the. Claimant .'n tht~ regard and hen.ce, dts~ures
. and differences arose between the parties, which the. parttes failed to resolve amtcably.
22. That as detailed above; Article 10 .7 {h) of the "said· agreement" provides that if any
c.ontroversy or . dispute arises between the parties In performan.ce, interpretation or
application of the "said agreement" involving any· matter, shall be submitted to arbitration of
a single arbltr~;~tor to be appointed by the claimant whose decision shall be final under the
provisions of the Indian Arbitration and Conciliation Act, 1996.
23. That on account of the def~uit and ttw breach of the "said agreement" & the "Supplementary
Agreemenr committed by the Respohdents and on account of the Respondents refusal and
failure ·to pay the· outstanding amount (des pit~ the above referred demand notice}, the
following bonafide disputes and. differences have arisen between the Claimant and the
Responclen'ts out of the ''said agreem~nt" &. the "Supplementary Agreement". The disputes
are Within/under th.e provisions/clauses/ terms and conditions mentioned' in the "said
agre~inerit" and are liable to be adjudic~ted by the Ld . .Ai'bltrator.
{i) ) Whether the Respondents have committed breach of tlie "s?lid agreement" by committin~
default In U,le payment of the installments under both the abovementioned agreements being.
the ."said ·agreement" and the. "Supplemental Agreement" are liable to pay· Rs.
2,06,00,982.79, the outstanding amount as on 23-Apr-12 as per the Statement of Accounts
attached herewJth? ·· · · ·
.. {il) Whether the Respondents are jointly and .severally liable to pay overdue interest on the
out~tandlng am.ount of Rs.• 2,06~00,982 ..79, atthe rate of 24% p.a. from 24-Apr-12 till the date
of realization?
(iu · Wh.ethar the Claimant ls entitled to recoyer its outstanding from the sale of the mortgaged
pr ·perty?
{iv'> Whether the claimant is entitled to the costs of the proceedings and if yes then the
ql. ..ntvmof such costs?
24. Tl ~t the Clalma.nt had vida Its letter appointed: Shri RAJ IV SHUKLA, Advocate, ;;~s the Sole
A Jitrator and reqvested. him to enter upon the reference and adjudicate. the diuputes and
d ierences having ·arisen between the Respondents and the Claimant ·under the "said
< reement". A. copy· of the above lette~ was also sent to the Respondents. That the Ld.
1 bitrat.or had vide his letter,.accepted the appointment· and entereq upon the·reference.
.. . . .
25. • •at·as on 2~-A~r-12, a sum of Rs. 2.06.00.9S2.79 was due & payable by the Respondents
· the Claimant company, as per· the Statement Of Account. of the Respondents, maintained
I 'I the Claimant 9ompany in the reQular ·course of Its· buslnes$. A copy of the statement of
~c~o.unts of .the "said agn~eme~nt" &. th.e "Supplemental)i Agreement", maintained b:/the
cla1man~ In the ordinary and normal,c;ourse of .bu~iness alorigwith theirrespective Pre-mature
terminatiofl she~ts are·annexed herewith & marked. as Annexuti)·A (Colly) & Annexure-B
(Coli~), l'espectiV.ely•. ·Th.at thE! respondents jilre al~o jointly and severally liable to pay
pendhte and future lnt.erest on the same @ 24% per annum w.e.f .. · 24-Apr-12. That the
respQnQents .have been charged Interest at the c;ontr11ctual ~nd agreed rate and the
re~pondents are contractually ~nq legally liable to pay th~· lnterest.charged., the interest is
also payable aJ.per trac,ie practjce, customs and usage. Th~t the Respondents are jointly and
severally liable to pay theamouots·due and pending to the Claimant and are also liable to
comply Wilh1!'111 th~. terms. and ~pn~~lons of the "said agre.Sment" ~ · ·
...... . ...
. ,•.H-:-:••
',/
.. .
... ;: .,.
·.;
, .....
~-~-.---·
;. Personal Loan were given/extended to the Respondents by the Cl'aimant and the necessary
documents were executed by the Respondents and when. the. property was mortgaged with
the .claimant. The cause of action again arOse on all the dates/occasions when the
tnstallmerits un.der the "said agreement" & the "Supplementary Agreement", became due and
payable, but the Respondents failed to pay the same, The 9ause .of action again arose em all
the dates/occasions · when the Claimant Company demanded .the sums due from the
Respondents, but the Respondents failed to make the payment. The cause· of action again
arose when the Respondents failed to pay tt'leir outstanding and clear their a({count, despite
repeated requests and reminders. The cause of action again arose when the claimant
terminated the "said agreement" & the "Supplementary Agreement" vide its abovementioned
legal riotlce and recalled the loan and' demanded the outs~nding from-the respondents, who
failed to comply with the same. The cause of action is a contln\.ling one and continues. to
subsist and no part of the claim is beyond .the period of limitation.
27. That the entire cause of action has arisen at Delhi. The entire transaction. was entered Into. at
Delhi and the Loan was also disbursed from Delhi. The. •said agre~r:!ient", ·svpplementary
.Agreement"· & other connected documents, were executed. at Delhi. Tfie pa~ tll'lldlr the
"said agreement" was. to be made l;>y the Responqents to .the Claimant at Ollili & p!Wt
payments have been received at Oelhi. The respondents voluntarily reslde·afld WOI'k.lartalfl
at Delhi and also the "mortgaged property" is situated at Delhi. Further this Hori't*t 'ffllliWal·
.has undisputed territorial' jurl~dlction to adjudicate the present matter as per the term~ and
conditions ofthe "said agreement" ·
PRAYER
ln·the.facts and circumstances ofthis case, It is most humbly and respectfully.prayed that the
Ld. Arbitrator may be graciously pleased to:- ..
(a) Awa~d a sum of Rs. 2,06,00,982.79 In·· favour of the Claimant and ~Q.alnst ti'\E.?
Respondents jointly and severally, tog~ther with Interest on the aforesaid amollnt@ 24%
p.a. from 24-Apr-12 till the date of realization;
(b). Direct that the awarded si..tm be realized from the sale of the mortgaged property and If
any sum. still ·remains to b~ realized·, even aft~r the sale of the "mortgaged property", thl'!
same be realized from the respondents personally. ·
(c). Award the cost of the.se pro«eedlngs, In favour of the Claimant ancl against the
Respondents ; &
(d) Pass such other and. further order(s}/dlrection(s} which may. be deem fit. and proper In
.
favour of the Claimant and again~t the Resp~mdents. ·
ANO FOR THIS ACT OF KINDNESS, tHE CLAIMANT AS DUTY BOUND &HAl..L ·EVER
PRAY..
CLAIMANT
,• THROUGH
ATTORNEY
THOURGH
5 TH-8162
ltEBIFIC~QN :), Mandeep Singh Chandoak, Attorney of. the Claimant company, do hereby
ve.~f}"th¥te contents of paras 1 to 25 qf the above claim petition are true to my knowledge
as derived from the .records. and .books of accounts, m'!intained by the Claimant company in
the regular course·of its- business and that lhe contents of ·paras 26 & 27 of the above claim
petition, are based on. legal adv!se received .and believed to be true. The~ last para is in the
form of a. prayer. Verified at Delhi on th.is day of June,.2012. ·
. .
QLAIMANT
THROI,JGH
ATIORNEY
' • '• 6
TH-8162
' 1-:-~~r 1Premature Termination Report Currenty : INR "'
SSINGH36t' 23·APR·20ll U:S6 AM
{'
.• ·"
C.i:tiFinancial Consum~r. Finance Inciia Ltd.
STAT.CMD Aa On 23/04/2012
~10: •\ 4 511038 COST .NI\ME: NARENDER KVMAA MORA NI?ASTAGE:I?DO-NA
· .. :·::;; . R~F STATt;l~: A
-·- -·---------~-~------·------------~--~----~------~---~-----------·-~------"-··--
.
. '
i:..i)Dli.ES~ F
-p-- ~~--------~----·------------------·~----------------------------------------
)\- 14 , GROtlND FLOOR, NEW F,RlENDS COLONY
DELHI·ll.Q025 1 Ph~4651Sll7, 981006'3.990 Mob· 9891163104
A-14,GROtlND FLOOR;NEW .FRIENDS COI,.ONY,I:)ELHI~110025
A 14,BASMENT FLOOR,NEW FRIENDS COLONY,OSLHI-110025
.,. ;: LCE TAJ CO~SUL1.'11NCY
A-l4,BASEMENT,NEW 'FRIENDS COLON"i,DELHI·ll0025,Ph·465l537l
A-l4,G~OOND FLOOR,NE~ ~IENDS COLONY
DELHI ·110025; Ph-46515-317 Mob~981006l990
A-14,GROOND FLOOR NEW FRl~NPS COLONY
DELHI~l10025 1 Ph·~6515317,98l006l990 Mob-9891163104
N-------------------·------------·--·---~---------------~------~----.·---·~-------
ADDRESS F
--·----~-·--------~~--------------------------·~---------------------~---------~-~--
~:URRES 3 SA, NI'l', FAAitlMA.D Mo.b· 9899246499
'•· ·••ov·~iii:iUiiiMf¥
.. ,,~ ;c:;s DE;TAILS :
.
~----~-----------------------------------------------------------------------------
'
ADOR~SS F
•••••••-··~-·--·•••w••••••••••~•••'••••••-••-•••••~---•--••••••'•----··-··-·-•--------
M
. .
~··--·--------~-----~---------------------~-----~-.---------~------------------·------
REGDNO MAKE 'COLOUR ENGINENUM ~RASISNTJM DEALER
'ni4T~ l.OANS Not Available HOME LOA Not Av Not Availabl Not Availabl PAIP TO CUSTOM.
'~!·:l'I\YMENT HISTORY
'1UE DATE EMI .!\MOUNT PAID !;lATE RECDAMT C'HEC'KNO BNC REASON,FOR BOtJNCij PDC
~ .. - - --·------~~- -~------------------·--~~---------------~--------------~----~-
:;-I-\PR-2012 58,650.00 o.oo
~ 'i ~MAR- 2 0 1.2 58,65.0.00 o:oo
.·: ·· I•'EB· 2012 58,650.00 o.oo
.J/\N- 2012 58,650.00 31-JJ\,N-2012 58,647.00 788264 l 1 N
'i!i .. DEC- 2 011 58,65().00 0.00 3 3
::;, - N'()V · 2 0 11 58,650.00 03·FEB·2012 3.00 KO 2 3 N
31-DEG-2011 3.00 787756 N
OCT-2011 58,650.00 3 i ·tlEC· 2011 58,647.00 787756 N
19-tlEC-2011 3.00 1233,636 w
~ :J ~H!:P- 2.Dll 58,650.00 30~NIJV:·20l.l 30,000.00 767180 N
07-SEP-2011 26,023.00 KO N
19·DEC·2011 627.00 1233636 N
:1:; .. AUG- 2011 58,650.00 07-SEP-2011 58,650.00 KO N
'J:>-JUL-2011 58,650.00 21-JQL-2611 58,650.00 KO N
n:, JUN-2011 sa, 650 .·oo 21-JUN-2011 58,650.00 KO N
:_: !i- MAY· 2011 58,650.00 07-MAY-2011 58,650.00 E192861 '{
:;',-J\PR-2011 58;650.00 21-~P,R-2011 5s,65o.oo KO N
~; :l M/l,R-2011 58,650.00 21-M.AR-2011 58,650.00 KO N
r• ') FEB-2011 5~,65o.oo·· 21-FEB-2011 58,650.00 KO N
::.,·.IAN- 2011 58,650.0.0 21-JAN-2011 58,650.00' KO N
~: ;, • !) 8C • 2 0 1 0 58,650,00 21-DEC-2010 58,650.00 KO' N
u:; NOV-2010 58,650.00 20-NOV-2010 58,650.00 KO N
c:,··OCT-:aOlO 5s,·6so.oo 21-0CT-2010 58,650.oo· KO N
'lz'>·SEP·2010 58,650.00 21-SEP-2010 58,650.00 KO N
O!i·Al)G-2010 58,6"50.00 2l·AUG·20l0 58,.650.00 KO N
o:;-JuL-2010 58,650.00 21-JTJL-2010 58,650.00 KO N
o:;.JuN-2010 :37,6,32.00 ll•.:)'UN·'t 0.10 37,632.06 534091 y
.• ,, .. t4AY • 2 010 37,632.00 12-M.l\Y-2010 37,632.00 53'4090 y
u:,·APR-2010 37,632.00 30-APR-2010 37,632.00 KO N
~) :~ MAR-2010 37,632.00 31-!ol,M.-2010 37,632.00 KO N
:1 .. FE:B-2Ql0 37,632.00 26·FEB·2010 37,632.00 40073 N
dAN-2010 37' 63'2. 00 29-JAN-2010' 37' 632.00 3988206 N
:;·) D!!:C·2009 37,632.00 29·DEC·:i009 37,632;00 3985991 N
rJOV- 2009 37,632.00 30-NOV-2009 37,632.00 3985977 N
:: ~ ,\ OCT-2009 37,632.00 30-0CT-2009 37,632.00 <194725 N
w; .. sEP-2009 37,632.00 30-SEP-2009 37,632.00 ·398131.9 N
.'\\)(). :1009 37,632.00 Z9-AI)G·2009 37,832.00 21647 1 1 N
::', · ,JUL- 2 009 37,632.00 06-JI)L-2009 37,632.00 KO N
.! G-- ,JUN- 20 09 45,.923.27 30-\)'I,]N-2009 45,923.27 KO N
n~; .. JUN-2009 60,746.00 30-Ji.JN-2009 60,746.00 KO N
O~i ·MAY- 2009 60,746.00 30-JUN-2009 60,746.00 KO N
'h ·1\PR-2009 60,746.00 ll·APR-2009 60,746.00 207931 '{
.•
" 0 ,,_ -:008 ~0~746.00 10-JUL-2008 60,746.00 207932
. i!JN \ooa 60,746. oo 1o-JUN.:2ooa· 601746.00 207926
111\'{- ''008 60I746.oo· 10·MAY~2oo'8 60,746.00•207924
\-i:·PR· :!i;j;S 60 1746.00 10o•APR·2008 60.746.00 217~72
C,HJNCE INFORMATJ;ON
'H':CKNO CHECK DATE CHECK AMOUNT REASON BANK NAME ST RET.:OT l?DC
J'J 05·Al?R·12
I 05 5~,650.00 3 PUNJAB NATIONAL Bl\,NK B 23-APR-12 N
''J'.il 0 5OS·Al?l\·12 58,650.00 131 PUNJAB NATIONAL BANK B 10·APR•12 y:
': '1952 OS·MAR·12 58,650.00 3 PUNJAB.NATIONAL BANK B o7-MAR-i2 y
'i :>.a sa 05-FEB-12 58,650.00·3 PUNJAB NATIONAL BANK B 08·FEB·12 y
:093 05·DEC·11 58,· 650. 00 1 Punjab National J?ank B 03-FEB-12 N
,;o:n 05-JAN-12 58,650.00 1 ,Punjab National Bank B 03-FEB-12 N
:.5121 05-JAN-12 58,650.00 3 PQNJAa NATIONAL BANK B 07 -Jl\,N ·12 '.{
: ,, .l350 05-,DEC-11 58,650.'00 3 PUNJAB NATIONAL l;!ANK B 09-DEC-11 .J[
11645 05·NOV·11 58,650-.0.0 ·3 PUNJAB NATIONAL BANK B 09-NOV-11 '.{
1&9013 05-0CT-11 58,650.0.0 3 PONJAB NATIONAL BANK B 10-0CT·ll y
. : 12613 05-SJ;:P·J.l 58,650.00 3 PUNJAB NATIONAL BANK B 07-SEP-11 '.{
·': :1 :~ 4 a o 05-A'Q'0-11 58,650.00 3 PUNJAB NATIONAL BANK B 10-At)'G.·11 y
.: ! :; 5108 05-.,7UL·ll 58,650.00 3 PUNJAB NATIONAL BANK B 07·JOL·ll y
J·;~ 74] 05-JUN-11 58,650.00 3 PUNJA)3 NATIONAL BANK B 14 ·J\,.'N-11 '.{
;J :ill 7 4 1 05-JUN-11 58,~50.00' 1 PUNJAB.NATIONAL BANK B 08-Ji)N-11 '.{
.. 1927 OS·APR·1l 58,650.00 3 PUNJAB NATIONAL BANK B 07-APR-11 y
) '1660 05·MAR·ll , 581650.00 3 PUNJAB. NATIONAL .BANK B 09-M,AA-11 y
:./1U655 05 • FJ:;B-ll 58;650.00 3 PUNJ~ NATI9NAL BANK B 08·FEB·l1 y
; :<0123 8 05-JAN-11. 581650.00 3 PUNJAB ·NATIONAL BANK B 07-JA,N·ll y
_ , r::..~775 05-DEC-10 '58·,650.00 3 PUNJ]\B · N.ATIONA,J'., BANK B 09·0EC·10 y
·L<57392 05·NOV·l0 58;650.00 3 PUNJAB NATIONAL BANK B 10-NOV-10 '.{
d3138 05·0CT·10 58,650.00 3 PUNJAB NATIONAL .~K B '07-0.CT-10 y
·l•14 98 05-.SEP-lO 58,650.00 3 PUNJAB NATIONAL ~ANK B 08-SEP~10 '.{
.·.>61524 05-AOG-10 sa I 656,. oo 3 .PONJAB NATIONA,t. ~K B 1·4-AOG-10 y
-:•, 5152 4 05·AOG·10 58,650.00 1 PUNJAB NATI.ONA,J'., Bl\,NK B 07·.AUG•10 y
.! 17849 05-JOL-10 sa~65o.oo 129 PUNJAB NATIONAL BANK B 13-JQI,.-10 y
. i '/'I 8 4 9 05-J!JL-10 sa;65o.oo 1 PUNJAB NATIONAL BANK .B · 07-JOL-10 'y'
J ~ •i () 8 9 05-APR~10' 37,632.00 3 PUNJAB NATIONAL BANK B 20-APR-10 y
: l•l1JB9 05-APR-10 37,632.00 1 PUNJAB NATIONAL BANK B 10-APR-10 y
"': 088 05-MAR•10 37,632.00 3 PONJAB NATIONAL BANK B 16-M.AA-10 y
>.1~088 05-M.AA-10 37,632.00 1 PUNjli,B .NATIONAL BANK B 10·MAR·10 ¥
,ol•l UB 7 05·FEB·10 37,632.00 3 PUNJAB NATIONAL Bl\,NK B 17-FEB-10' '.{
;., 'l!l7 05·F~B-10 37,632.00 1 PONJAB NATIONAJ,. J:IA,NK \:l ll·FEB·10 '.{
\.1 CB6 05-JA,N·lO 371632.00 3 Pt.J'NJAB NATIONAL BANK B 16-JA,N-10 y
) l•l 086 05-JAN-lO 37,632.00 1 PUNJAB 'NA:I'ION.iU. BANK B . 09-JAN-10' y
,, ! "08 5 05:-DJ::C-09 37,632.00 3 PUNJAB NATIONAL 'BANK B 18-l;>EC-09 y
, .~ ·1 O!i ;; 05-0li:C-09 37,632.00 1 PUNJAB NATIONAL BANK a .10-tlSC-09 y
:; ~·:: 0 ~)·1 05-NOV-09 37,632.00 3 PUNJAB NATIONAL.BANK B 19-NOV-09 y
•·•OiH O~·NOV·09 37,632.00 1 PUNJAB NATIONAL' BANK B 10-NOV-09 y
''! 1083 05-0CT-09 37,632.00 3 PUNJAB NATIONAL BANK B 20-0CT-09 '{
' '·1 08 :l 05-0CT-09 37,632.00 1 PUNJAB:NATIONA,J'., ~ANk p· 10-0CT-09 y
; i 082 05·SEP•.09 37,632.00 3 PUNJJ\Jil NATIONAL .BANK .B 18-SEP-09 y
.•.. : 082 05-SEP-09 37,.632.00 1 ~UNJAB· NATIONAL BANK B ll·SEP-.09 '{
, '1193 8 05-AOG-09 2:p,638.00 3 PUN~~ NATIONAL. BANK B 22-AOG-09 y
>HOBl OS·AUG•0.9 37,, 632 .. oo 1 PUNJ]\B NATIONAL. BANK B 28·AQG·09 N
'7936 05-Jt.J'N-09 233,638.00:3 PUNJAB NATIONAL B~K B l"'·JON-09 y
193 6 05-JlJN•OS 2331 638 •.00 1 PUNJAB NAT~ONAL ~K B 0.9-JON-09 'i
.. : 193 4 05-MA¥~09 2331638.00 3 ,, PUNJAB NATIONAL BANK B 16-MA¥·09 y
CL.,AR INFORMATION
; ::K/;,~~~- ~~~;~ -:~; .. ;~~~k·;;;~~;. ;~~' ~;;;~--- ·;~;;;-~; ·;;.~b;~;;;;;;~-- ;~;;·;~-;~~ ·;;;. ;~M,
-----·--~~----------~--------~----~--~----~----·--~---·~~-----·-~----·----~---··---
di;1€;4 31-JAN-12· !58,650.00 ABC 31-JAN-12 3.00 31-JAN-12 EX.A N 90112
.•
·-·~--
/ll.f'./56
':: J 3 6 J,:i
3l·DEC·ll
!.
5S,6SO.OO'ABC
630.00 CASH
31-DEC-11
.19-tlEC-11
58,647 .00. 05-JA.N-12 EMI N
3.00 oi-NOV-11 EMI N
58,647.00 05-0CT·ll EMI N
627.00 05-SEP-'ll EMI N APEX
@
E~I '
String: QOOOOQOOOOOOOOOOOO
6tring: OOOOOOIOI000000001IDOOOOOOOOOOOOOOOOQ000000001~322234
• NO1
:15597365 Status .. :P ASset :HOME LOANS
:uo/App Ot:24-S8P~2ooa Closure dt: Tenure :lao
Co~t 40,000,00Q.OO EMI o,oo Amt Fin: 27,000,000.00
· ·n out. : o.oo· Prin. 01,1e : o.oo Buc;ket :
.. u!.l Del. : 0 . 00 Prin. Del.: o.oo :So\lnces:
;;on·. 214
String:
--------
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CHARGEDESC
-
,·'·''"/Premature Termination Report Currency : 11\\R S~INGH36
- Amount
Financed
Rate
14,831,578.55 Frequency·
13 Tenure
MONTHLY
260
InttYpe
Status
. Interest Tll.l
IY'I Eff ' 1
AUTHORISED
flat· ;--- 1PTPM
'Ol.)ES. I REFUNDS
.,
REDUCING PRINCIPAL CALCULATION
Bal. Principal 13,822,l25.08 Excess Amount 0.00
Residual Value ' o.oo Excess .Refunds 0.00
Installments .834,635.00 Advlces : 0.00
Delinquent PrinCipal· 83,027.71 Rebate o.oo
Delinquent Interest 751,607.29 Adv.lnstalments: · 'o.oo
Ad vices ' 35,750.00 Excess Principal ·o.oo
Prepayment Pen. 465,922;93 SO Amount ',
0.00
(:~,~r Month Interest' 89,845.12 51;) Interest o.oo
f'loating.Interest ·o.oo
Excess lnt Received o.oo
overdues o.oo Excess:Int Income 0.00
Current Overdue o·.oo Excess Int Refund o.oo
,. '•
Curo'verduewatveoff. 0.00
Total Dues 15,246,478.13 Tot;il Refunds o.oo
INT-Acc:ruals 244,174.76 Net Rec:elvabl.e 15,248,478.13
Curr Month Prln 10,311.08 Waiveoff AmQunt . Q.OO
INT Already Accrued 6,517,567;63
..
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CitiFinanc~al Consumer Fi~ance India Ltd.
STAT CARD As On 23/04/2012
!U•:F, NO: 14511110 C\J'ST. NAME: NAA!i:NDER KUMAR MOM
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NPASTAGE:PDO-NA DPD:136
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(:l'\N!;: • ) REF STATUS: A
ADDRESS F
/
::'dRRES A-14,GROUND FWOOR'NEW FRIENDS COLONY . M
PELHI-110025 ,•Ph-46515317, 9610061990 Mob- 9691163104
:;; A-1.4,GROtnm FLOQR,NEW FRIENDS CQLONY,DELHI-110025
::'I A l4,BASMENT FLOOR,NEW FRIENDS COLONY,DELHI-110025
· FICE TAJ CONSULTI\NCY
A-l4,BASEMENT,NEW FRIENDS.COLO~Y,DELHI-110025,Ph-4G5l5371
A-14,GRQUND FLOOR,NEW FRIENDS COLONY
DEl,.I-II-110025., Ph·465153l7 Mob-9810061990
A·14,G~OUNO FLOOR NEW FRIENDS.COLONY
DEt..H:t•l.l9025,Ph-46S15317,981006l990 Mob-9891163104
-----•••••••w•~------~-----------------T-----~-------------·-••-••••••-•••••••-·-~
'!'yp(e : REFERE!11CE NAME : MOHAJ:il l.JW AROR;\
1\I?ORESS DETAI.LS RE·FERENCE
-------~-~----------~~----·------------------------------h-----------------~~·--
ADDRESS F
-
C\JRRES 3!?A, N:ET, FARID.I\BAD·, FAAIDABAD Moh~ 9699246499 M
'!'YPE ADORJ;:SS F
·:'/PI:! : CO-APl?I..ICANT
1\lmRESS Ot;:TAILS :
NAME : BANI ARORA
CO-APPLICANT
M
•·•••••p~---·-~~~----~~-·----·----~-----------~-------•-•••-•••••••••~-~-~--~---------
• .
ADDRESS .F
CUR:RES A
----------------~--------~---------------------~--------------------~--~
:14, GRO\J'ND, FLOOR, NEW FREND.S COLONY, DELHI, P.ELHI, Ph-46515317
- M
- . •,quency Str:
\
APR MAY JUN .;rbr, AUG SEP Ot;T NoV PEC JAN FEB MAR
0 0 0 01 :J 3 2 2 2 3 4
-- --- ----·,----.~~----·----·-.-------------·---~-------~----·-~--~---·---~-~-------
·.-<::T REGDNO MAKE COt,OUR ENGI.NENUM , CHASIS!'jUM OEAI.,ER
'<·11'~ LOANS 1-IOt Available HOME L~A Not Av Not Availabl Not Aviiilab1 PAID TO CUSTOM
····-;~~·--------·.... ·-·---
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Cl.-EAR INFO~MATION
--· ---~~--·----------------~------ --------------~.--~---~----~-·--------·----------
::JIK/I<ECU CHECK DT CHECK AMOUNT B~K N~E C~E~·DT ~LOCATEDAMT CHRG PT CHG POC R$M.
. --------~~--~--~-----~--~---------·--------·---~·----~~---~-~-~--~------~--~----··
'gH/.69 31-JAN-12 166,927.00 ABC 3l-JAN·l2 166,927.00 OS·OCT·1l EMIN 90112
IB 1'/~5 .31-DEC-11 166,927,00 ABC •JJ,·DEC·ll 1661 9.27 • 00 OS·OEC·ll.EMI N EMI 0
.,r,0:<7::l 30-NOV-11 333, as~., oo ABC 30-NOV-11 166,927.00 05-AOG-11 EMI N 90112
.. 166,927.00 05·SE1>·1l EMI N !10112
?.<10542 14•JUN·J:.l 17,336.00 al:lc 14·J'ON-ll 17,336.00 14-YQN·ll.tXA N Exces
HS3l8 OS·.;J'TJN-10 107,106.00 PUNJA13 NATI 11-J'ON-10 107,106.00 OS·JI',rn~10 EMI Y INSTA
"").~11-~-~----------·•"'"""' ..
~~:.~;&').•Xt';).".':f/"X.•)'.l;,:,.:;:_<.,.~~.tO,V~\"'J\"n'l'AVNN•VN~"J\"N.NViv.I'.N,t,l'o<N.t'tl'w"O'w"o">>'•'"Y'•;.-;..,,...-;~:u<-G'.v<..'.>'-"·-.-•..,-,.•-"'* ~~··"-•r···-······
, Bt!
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14 -MAY-10
05-MAY·10
500,000.00 HSBC" 22-MAY-10
107,106.00 PfJl:JJAB NATI 1S·MAY·l0
500,000.00 15·MAY·10 EXA N
107,106.0() 05-M,!\Y-10 EMI' y FC~
INS A
! 12-APR-10 500,000.00 HSBC B~K 27-APR-10 500,000.00 20-APR-10 EXA N FCL ~
·, I ,: ~
-:~ ~~
' ~~2-APR-10 .500,.000.00. HSBC BANK 27·APR·10 500,:000.00 20~APR·10 EXA N FCL
., ; :<;J·- 12-APR-10 500,000.00 HSBC BANK 22-APR-10 5·oo •. ooo. oo 15..-APR-10 EXA N FCL·C
) ~ 06f3 200,000.00 CASH 31.-M.AR-10 200,000.00 31·MNt·10 Ex,A N CLMS
"r· I tl 24-FEB-10 107,106.00 PUNJAB NATI 27-FEB-10 107,1'06.00 05-FES-10 EMI N Ct.MS
: "./.()"~ 107,106.00 CASH 29-JAN-10 107,106.00 05·J~·10 EMI N MGS e
... 989 107,106.00 CASH 29-DEC-09 107:, 106.00 OS -Dl;:c- 09 EMI N emi
H)"> 910 107,106.00 CASH 30~NOV·09 107,.106. 00 05.~NOV·09 EMI N emi
I:? ·l 28-0CT-09 107,106.00 -HSBC BANK 30-0CT~09 107, ·106-. o0 0.$.-0CT· (Hl EMI N pdc-
'" ; 3 18 107,106.00 CASH 30-SEP-09 107,.106. 00 OS·_SEP-09 EMI N emi
:,.j 6 27-AlJG-09 107,106.00 HSBC BANK- 3l·AU~·09 107,106.QQ 05-AIJG-09 EMI.N pdc
30-JUN-09 107,106.00 A. P.M.AHESH 30-JUN-09 1o1,1o6:oo 30-Jp-N'•09 EXA N forbe
I<;)]] 05-APR-09 233,638.00 PUNJAB NATI ll·.!\.PR-09 172',892.00 05-Al?R-09 EMI y INSTA
l')j 0 05-MA,R-09 233,6i8.QO PUNJAB. NAT! 09-MAA-09 172,892.00 05-MAA-09 EMI y INSTA"
.. I 9 <J). 05-FEB-09 233,638.00 PUNJAB NATI 09~FEB·09 172,892.00 OS·FEB-09 EMI y ~NS'l'A
'"")28 05-JAN-09 233,638.00 PUNJAB NATI 10-JAN-09 172,892.00 05-JAN-09 EMI y INSTA
!')?,7 05·DEC-08 2'3'3' 638.00 PUNJAB NATI l0-0EC·08 172,8~2.00 05-DEC-08 EMI y INSTA
':J ~! s 05-NOV·OB 233,638.00 PUNJAB !'-lATI 10-NOV-08 172,892.00 05-NQV-08 EMI y INST.A
" "l ~ 'l 05·0CT·'08 233,638_.00 PUNJAB NATI ll·OCT-08 17:i,8n.i:lo 05-0CT-08 EMI y INSTA
·; 1917 05-SEP-08 233,638.00 PUNJAB NATI _10-SEP~08 172,892.00 05-SEP-08 EMI 'i INSTA
j ' / ~3 5 05·AUG·08 .233, 638.00 PUNJ~ NATI 11-AVG-08 172,992.00 05-AUG-08 EMI 'i INSTA
" ''J 3 2 05-Jl):t-·08 233,638.00 PUNJAB 'NATI 10-JUL-08 172,892.0-0 OS·.:)"U:{..·08 ·EMI y; INSTA
192 6 05-JUN-08 233,, 638.00-. PUNJAB . NATI lO-.roN-o8· 172,892.00 05-Jl)N-08 EMI y INSTA
.. I'; :14 05·MAY·08 2•33' 638.00 PUNJAJ3 NATI 10-MAY-08 172,892.00 OS·MAY-08 EMI y INSTA
; '·: 12 05-APR·\)8 233,638.00 l?UNJA.a NAT! 10-Al?R-08 172,892.00 Oi)·APR-08 iMI y INSTA
·;·/ 4 29-JN\1·08 1,000.00 PUNJAB NATI 06-FEB-013 1,000.00 29-JA,N-08 IMD 1\1 imd
PRINC:tl?AL TOTAL
,• .
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-
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·.·,.,I' No. Status :'C Asset :LG ltC
.J.i;;b/App Dt':29-MAA-2003 Closut~ dti15-0E~-2Q03 Tenure :12
~uuet r~s~ 58,500.00 EMI 4,875.00 Amt fin: 58,500.00
"l'in. 0\.it. 14,6.25.00 Prin. t>ue : 14,625.00 aucl<:et :0
"c~t:;~l· Del. 0.00 Prin·. Del. : 0.00 bo1Jnces:O
- ··l<-~a ~~on;
- ·---!---·--~---------~-----~-~--~~----------------.~-------~----.-----·-----------
EXCESS AMOUNT
INITI~ MONEY RECEIVED
EM!
... '•
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BJ:FORE Ld. SHRI RAJIV SHUKI,.A, AOVOCATE
SOlE ARSITRATOR AT NEW OELHI.
Vs.
---------------·----------------·:-··-------------------------------··---------·--------............................_....
.......................
$.No. Particulars Page No.
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