petitioner, respondent Nos.1 and
2 entered into a pari-passu Consortium Agreement dated 09.10.2003
(Annexure P2). The respondent No.2 has advanced an amount ... pari-passu Consortium Agreement dated 09.10.2003 is
subsequent to the loan agreement dated 06.10.2003, therefore, in terms of
the Consortium agreement (Annexure P2), the respondent
that the ceding
agreements pertain only to the fixed assets for which both the banks have given
consent for pari passu charge and insofar ... fixed assets and insofar as the ceding agreements are
concerned, those were executed in respect of pari passu charge only with
regard to the fixed
1989.This agreement provided that the mortgage,
hypothecation and charge created there under shall all inter se rank
pari-passu in point of security without ... sale proceeds on
pari-passu basis based on the outstanding positions of loans and
interest as envisaged in the agreements, but the same
application to be treated as a first
charge holder/secured creditor pari-passu with respondent No.2-Industrial
Development Bank of India, respondent ... business;
The mortgage and charge referred to above
shall rank pari passu with the mortgagees and
charges created and/or to be created in favour
Industrial
Development Corporation (PSIDC) have pari passu first charge
over the assets of the Company in terms of an agreement executed
on 21.03.1994. Since
mortgagee. It does not cover a situation where there is a pari passu chargeholder. Therefore, the power to sell which is given to a financial ... right of a pari passu charge-holder. Such a right can be exercised with the consent of the pari passu chargeholder or on orders
reply to the petition pleaded that the breach of agreement by the respondent had been procured by petitioners No. 1 by its own refusal ... objection if the petition was allowed but their interests on pari passu basis be safeguarded. They also mentioned the amounts which were due to them
manufacturing unit. The sanction was granted for the
financial assistance with pari-passu charge in favour of the
consortium of Banks including ICICI, IDBI ... Petition No. 129 of 2004 (O&M) [3]
As per the agreements, the amount was payable in
installments, the last of them being payable
company against the company's fixed assets with pari passu charge with that of Punjab State Industrial Development Corporation. It was stated that ... creditors including the workmen. The dues of the workmen ran pari passu with the dues of the secured creditors. However, the official liquidator
execute a mortgage deed in form S.T. 74 creating a pari-passu first charge along with financial institutions/banks on the assets ... balance amount of 85 per cent. The mortgage deed/agreement or bank guarantee shall be valid till the recovery of the entire deferred amount
