shall be at liberty to initiate the securitisation proceedings with regard to the sale of the secured asset after one year from today. It was further agreed that the rate of rent shall be Rs. 2,25,000/- per month. It was further agreed that in the eventuality of any breach with regard to the payment of rent, the respondent bank shall at liberty to advance the sale of the secured asset. Needless to say that at the time of taking the possession/handing over the possession of the secured asset, the inventory shall also be prepared and the proceedings of taking/handing over the possession shall be video-graphed. It was further agreed that the rent agreement shall be executed within 7 days of 16.01.2024 and the rent shall be payable with effect from 01.02.2024 and if the rent of two months become overdue, the respondent bank shall have the right to advance the date of sale of the secured asset. It was also agreed that the default in making payment of the rent would bring an end to the rent agreement so executed between the parties and a stipulation in this regard would be incorporated in the rent agreement itself. It was further agreed that in the above stated time schedule, the respondent bank shall not cause any impediment in the running of the factory in the premises. Needless to say, that parties shall be bound by their statements. In the eventuality of any breach of the undertaking given today on behalf of the applicants, the respondent bank shall be at liberty to commence the securitisation proceedings from the stage at which those are today. In these circumstances, this SA is disposed of as settled. File be consigned to the record room after due compliance .”
