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        C/SCA/9153/2008                                          JUDGMENT



             Respondent No.2 stating that the Respondent No.3              167
             has taken over the term loan from the Petitioner and         Ann. D

sending the drafts of Memorandum of Entry and Paripassu Agreement for approval by the Respondent No.2 for creating pari-passu charge.

(Produced by the Respondent Nos. 1 along with Affidavit dated 18.11.2009) 26.03.2003 Board Resolution passed by the Respondent No. 4 for Ann. H to creation of mortgage of the disputed property and the giving consent to the Respondent No. 3 acting as Affidavit agent of the Respondent No. 1 & 2 to continue to hold in Reply of and retain all title deeds of the disputed property with Resp. No. intent to create mortgage by deposit of title deeds by 1 way of constructive delivery with respect to Rupee Page 440- Respondent No. 1 & 2.

(Produced by the Respondent No. 1 along with Affidavit dated 18.11.2009) 08.04.2003 Declaration on oath by the Respondent No. 4 that the Para 3.4 disputed property is free from all encumbrances, Page 370 claims & demands and that the said property is at present mortgaged to the Respondent No. 3 by way Ann. I to of second charge for its Working Capital Loan and are the intended to be mortgaged by deposit of title deeds Affidavit with Respondent No. 3 acting as agent of Respondent in Reply No. 1 & 2 with intent to create security of the Page 443- 08.04.2003 Joint Mortgage by deposit of title deeds created by Para 3.5 the Respondent No. 4 in respect of the immovable Page 370 properties i.e Survey No. 215, Village Ghanghli, Taluka Sihor, District Bhavnagar together with Ann. J to C/SCA/9153/2008 JUDGMENT building and other structures, erection and godowns the and anything attached to the earth for paripassu first Affidavit charge in favour of the Respondent No.1 for Term in Reply Loan of Rs. 2.50 crores & in favour of the Respondent Page 447- No. 3 for Term Loan of Rs. 77 lacs and second charge 455 for Packing Credit Limit cum Foreign Bills Purchase of Rs. 150 lacs and Cash Credit Limit of Rs. 50 lacs.

fixed plant and machineries, fixtures and fittings permanently fastened or attached to the earth.

The charge created in favour of Respondent No. 1 i.e Exim Bank under the aforesaid Joint Mortgage shall be the first charge ranking paripassu with the charge created by the borrower in favour of BOB for its term loan, but shall however rank prior and paramount over the rights of BOB for its working capital facilities secured by the Joint Mortgage.