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It is ordered that M/s Summit Aviation Private Limited, PAN:

AAACS4206M be, and is hereby, prohibited and restrained, until the further order of the undersigned, from receiving from you namely, M/s. Yatih Air Services Pvt Ltd the following property in the possession of the said M/s. Yatih Air Services Pvt Ltd that is to say : to which the said M/s Summit Aviation Private Limited, PAN: AAACS4206M is entitled, subject to your claim of immediate possession thereof;

7. The factual background is that in 2008, Summit Aviation Private Limited obtained financial assistance from respondent no.3, Punjab National Bank, for the purchase of helicopters. This financial assistance was secured through a hypothecation agreement dated 12.05.2008. As per the hypothecation agreement three helicopters were hypothecated, two existing helicopters namely VT-NBA, BELL 407, S. No. 53083 and VT-NBB, BELL 407, S No. 53696 and one proposed helicopter that was to be purchased by the original owner (Summit Aviation Private Limited), out of the fresh term loan. The relevant portion of the hypothecation agreement is reproduced as under -

"PUNJAB NATIONAL BANK, (hereinafter called "the Bank") having at request of M/s Summit Aviation Pvt. Ltd. Having its registered Office at E-55, Greater Kailash Enclave, Part-I, New Delhi (hereinafter called "the Borrower"), agreed to advance Term Loan of Rs.22.12 Crores (Rupees Twenty Two Crores & Twelve Lacs Only) in the name of Borrower M/s Sumit Aviation Pvt. Ltd. At BO- Large Corporate Branch, Tolstoy House, Tolstoy Marg, New Delhi-110001, secured or to be secured by hypothecation of Assets with the Bank, and further by way of hypothecation of Helicopters, Two existing namely VT-NBA & VT-NBB and One Proposed Helicopter to be Purchased out of Fresh Term Loan and Borrower jointly and severally agrees as under:-

"Sir/Madam, This has reference to the captioned letter containing Prohibitory Order and restraining M/s Yathi Air Services and M/s SAR Aviation Services Ltd from delivering the possession of helicopters to any person or persons whomsoever.

It is informed that credit facilities were advanced by the bank to M/s Summit Aviation Private Limited and the said loan account had been classified as Non-Performing Asset. The said credit facilities were granted against hypothecation of helicopters and hypothecation agreement executed on 12.05.2008 empowering the hypothecatee to take possession of the goods and sell the same in the event of default in the payment, in such a case bank can proceed ahead without intervention of the court. As the account has been classified as NPA, the bank is intending to enforce the securities i.e. hypothecated helicopters by taking possession and by sale of these helicopters.