Delhi District Court
Additional Chief Metropolitan ... vs M/S Madhucon Infra Limited on 7 October, 2021
IN THE COURT OF SH. AKASH JAIN
ADDITIONAL CHIEF METROPOLITAN MAGISTRATE-01
NEW DELHI DISTRICT, PATIALA HOUSE COURTS: NEW DELHI
SARFAESI PETITION
07.10.2021
Case No. 898/21
IFCI Ltd.
Having its registered office at:-
IFCI Towers, 61 Nehru Place
New Delhi-110019
.... Secured creditor/Petitioner Company
Versus
1. M/s Madhucon Infra Limited
Madhucon House, Plot No. 1129/A
Road No. 36, Jubilee Hills
Hitech City Road, Hyderabad-500033
2. Shri Nama Seethaiah
Director of M/s Madhucon Infra Limited
Road No. 36, Jubilee Hills
Hitech City Road, Hyderabad-500033
Also at:- E-14/23, Poorvi Marg
Vasant Vihar, New Delhi-110057
And D-27, East of Kailash
New Delhi-110065
And 11-4-65/C, Nehru Nagar
Khammam-507003
Telangana
.... Respondents
ORDER
1. This is an application moved by the Petitioner Company under Section 14 of the Securitisation and Reconstruction of Financial Assets and CC No:- 898/21 IFCI Ltd. v. M/s Madhucon Infra Ltd. & Anr. Page No. 1 of 5 Enforcement of Security Interest Act, 2002 (hereinafter referred to as 'SARFAESI Act'). It is submitted by Ld. counsel for Petitioner Company that respondents approached the Petitioner Company and requested for financial assistance and after believing upon the presentation and request of respondents, the Petitioner Company vide several instruments subscribed to fully convertible debenture at the face value of Rs. 10/- amounting to Rs. 220 crores in favour of respondents. In order to secure the said loan, the respondents created security interest on "All the pieces and parcels of land comprised in land admeasuring of 390 Sq. yards and forming part of Plot/House No. E 14/23, Vasant Vihar, New Delhi entire basement and ground floor consisting of 4 bedrooms, 4 bathrooms, 1 drawing cum dining room, 1 kitchen, 1 lobby, front patio, rear court yard with servant quarter having a common toilet on the terrace above the second floor, space for 1 car parking in common drive way inside the building and rights of ingress and outgress along with the owners/occupants of the said building on all common facilities eg., lifts, water, pumps, appurtenances attached and erected in the said building along with proportionate, undivided, indivisible and impartible right to the extent of 40% in the said free hold plot of land with a right to use all common entrances, passages, stair cases, lift, car parking, drive ways and other common facilities as available in the said building" in favour of the Petitioner Company. However, after availing the credit facility, the respondents did not adhere to the financial commitments made under the agreement and committed defaults with regard to repayment plan and further the respondents' loan account was declared a non performing asset on 30.06.2016. Thereafter, notice dated 27.07.2016 under Section 13(2) of SARFAESI Act was issued by Petitioner Company to the respondents on their last known address demanding a total amount of Rs.189,87,00,196/- (Rupees One Hundred Eighty Nigh Crores Eighty Seven Lakh One Hundred and Ninety Six only) as on 27.07.2016 and Rs. 476,95,26,040.75/- (Rupees Four Hundred Seventy Six Crores, Ninety Five Lakhs, Twenty Six Thousand Forty and Seventy Five Paisa only as on date of filing of the present petition. However, despite the service of the abovesaid notice, respondents failed to discharge their liability within the period of 60 days and thereafter, the CC No:- 898/21 IFCI Ltd. v. M/s Madhucon Infra Ltd. & Anr. Page No. 2 of 5 present petition has been filed before this Court.
2. I have heard the arguments of Ld. Counsel for Petitioner Company and gone through the relevant provisions of law. I have also perused the original documents relating to the loan/mortgage qua property in question produced by the Petitioner Company along with affidavit and also satisfied with the same. The documents have also been produced in support of the submission that notice under Section 13(2) of the Act was duly served upon the respondents and despite that the outstanding amount has not been paid within the stipulated period. It is submitted by Ld. counsel for Petitioner Company that there is no suit/stay pending in any other Court of law regarding the property in question.
3. Section 14 of SARFAESI Act makes it mandatory for the CMM/ACMM to order taking possession of the assets mortgaged and the documents relating thereto and forward such assets and documents to the secured creditor and for the purpose of securing compliance, the Court may take or cause to be taken such steps and use or cause to be used, such force, as may, in his opinion, be necessary.
4. In view of the aforesaid provisions of law and the submissions made I appoint Ms. Ankita Khanna, Advocate, Enrollment No. D-2582/15, Office at:-
L-13A, First Floor, Rathi Block, Opposite Lock Up, Tis Hazari Courts, Delhi- 54, Mobile No:-9999822504 & 9999922504 to take possession of mortgaged property i.e. "All the pieces and parcels of land comprised in land admeasuring of 390 Sq. yards and forming part of Plot/House No. E 14/23, Vasant Vihar, New Delhi entire basement and ground floor consisting of 4 bedrooms, 4 bathrooms, 1 drawing cum dining room, 1 kitchen, 1 lobby, front patio, rear court yard with servant quarter having a common toilet on the terrace above the second floor, space for 1 car parking in common drive way inside the building and rights of ingress and outgress along with the owners/occupants of the said building on all common facilities eg., lifts, water, pumps, CC No:- 898/21 IFCI Ltd. v. M/s Madhucon Infra Ltd. & Anr. Page No. 3 of 5 appurtenances attached and erected in the said building along with proportionate, undivided, indivisible and impartible right to the extent of 40% in the said free hold plot of land with a right to use all common entrances, passages, stair cases, lift, car parking, drive ways and other common facilities as available in the said building" with the help of police aid including one lady police official and submit her report within three months from the date of this order. Receiver shall give possession notice to the authorized officer of the secured creditor and the borrowers 15 days in advance. Possession notice shall also be affixed on the outdoor or, at such conspicuous place of the immovable property and photographs of that place shall be taken including display of notice on property.
5. Receiver is also empowered to break open the locks if case property in dispute is found locked and in that eventuality, she shall prepare inventory with regards to the items kept inside the premises and hand over one list duly signed by the witnesses and by the receiver to the borrower, if present at the site, and one copy duly signed by the witnesses and by the receiver will be annexed with her report. Photographs of the locked premises before take over and after take over and photographs of the items kept inside the premises shall also be taken by the receiver and be annexed with the report. Broken locks shall be sealed in cloth pulanda and be deposited with concerned company. Miscellaneous expenses on this account shall be borne by the Petitioner Company. After taking over the secured asset it should be handed over to the authorized officer of the company. Photographs be enclosed with the report. Accompanying witnesses shall sign the proceedings. Moreover, Receiver is required to ensure that while executing the order there is no stay from any Court in respect of the aforesaid property. The fee of the Receiver is fixed as Rs. 80,000/- to be paid by the Petitioner Company and fees shall be paid to the Receiver within 15 days from today. A copy of this order be given to the Receiver as well as to the Petitioner Company for compliance and one copy of order be sent to the SHO concerned.
6. Objections, if any by whomsoever concerned should be made before CC No:- 898/21 IFCI Ltd. v. M/s Madhucon Infra Ltd. & Anr. Page No. 4 of 5 the Debt Recovery Tribunal and no objections shall be entertained in this Court. Under the scheme of the Act this court is supposed to provide the assistance to the Financial Institutions to obtain the possession of the secured asset in accordance with law. This Court is not supposed to decide any of the issue between the parties on its merits. After the appointment of Receiver nothing survives in the petition. Receiver is directed to file the compliance report in the office within three months from today, which be placed on the file and then the file be consigned to record room after due compliance. Dasti be given.
ANNOUNCED IN THE OPEN COURT DATED: 07.10.2021 (AKASH JAIN) ACMM-01, NEW DELHI DISTRICT PATIALA HOUSE COURTS, NEW DELHI CC No:- 898/21 IFCI Ltd. v. M/s Madhucon Infra Ltd. & Anr. Page No. 5 of 5