Disposed

J C Flowers Asset Reconstruction Private Limited v. Propcare Mall Management India Pvt. Ltd. and Ors.

DRT30 Jan 2024TA/113/2022

Case brief

AI extract

What is this about?

The Nearly 100% of the judgment text provided is a compromise order. The Debts Recovery Tribunal disposed of the pre-existing appeal (T.A. No. 113 of 2022) based on a joint compromise memo filed by the applicant and defendants 2, 4, 5, and 6. The order directed respondents to pay Rs. 76 crores in four installments by December 2024 and Rs. 21 crores by March 2025. Default triggers a recovery certif

What did the court decide?

Respondents directed to pay Rs. 76 crores in installments by Dec 2024; Defendant 9 to ensure payment; recovery certificate triggered on default; release of securities guaranteed on full payment.

J C Flowers Asset Reconstruction Private Limited versus… — Company and Corporate | DRT (2024)

¶1

IN THE DEBTS RECOVERY TRIBUNAL –I AT CHENNAI

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Dated this 30^th Day of January, 2024

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PRESENT: SHRI A.S.JAYACHANDRA

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Presiding Officer

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TA No.113 of 2022

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[Old OA No.982 of 2022 – DRT-II Bangalore]

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J.C.FLOWERS Asset Reconstruction Private Limited,

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Acting in its capacity as Trustee of JCF YES Trust – 2022-23/12, Reg. Office at:- 12^th Floor, Crompton Greaves House, Dr. Annie Besant Road,

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Worli, Mumbai – 400030.

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. . . Applicant

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Versus

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Propcare Real Estate Management Private limited,

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No.41, Mantri House, Vittal Mallya Road,

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Bangalore, Karnataka – 560011.

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Propcare Mall Management India Private limited, No.41, Mantri House, Vittal Mallya Road,

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Bangalore, Karnataka – 560011.

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Propcare Holdings Private limited, No.41, Mantri House, Vittal Mallya Road, Bangalore, Karnataka – 560011.

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Sushil Mantri, No.41, Mantri House, Vittal Mallya Road, Bangalore, Karnataka – 560011.

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Mantri Developers Private limited, No.41, Mantri House, Vittal Mallya Road, Bangalore, Karnataka – 560011.

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Jubilee Hill Landmark Project Private Limited, Sy No.16/3, Ward No.09, Road No.01, Jubilee Hills Check Post, Jubilee Hills, Hyderabad, Telengana – 500033.

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Mantri Mansion Private limited, No.41, Mantri House, Vittal Mallya Road, Bangalore, Karnataka – 560011.

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Avant Grade Shelters Private Limited, No.41, Mantri House, Vittal Mallya Road, Bangalore, Karnataka – 560011.

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Plaza Agencies Private Limited, No.41, Mantri House, Vittal Mallya Road, Bangalore, Karnataka – 560011.

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Vistra ITCL (India) Limited, IL&FS Financial Centre,

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Plot No.C-22, G-Block, Bandra Kurla Complex, Bandra (East), Mumbai – 400051. . . . Defendants

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Applicant by Mrs.Abitha Banu,Adv

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D1 to D9 by Ms.Vandana Prabhu,Adv

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D10- exparte

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The joint compromise memo is filed by the applicant and defendants 2,4,5, and 6 containing the signatures of M/s.Plaza agencies Defendant No-9.

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Heard the Ld Counsel on the memo.

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TA-113/2022 (OA-982/2022- filed before DRT-II, Bangalore) stands disposed of in terms of compromise memo.

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Accordingly the defendants 2,4,5 and 6 are hereby directed to stick to the terms of compromise and shall pay the agreed amounts by the following timeline:

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a) On or before 31.3.2024	------ Rs.11,68,75,000/-
b) On or before 30.6.2024	------ Rs.11,68,75,000/-
c) On or before 30.9.2024	------ Rs.11,68,75,000/-
d) On or before 31.12.2024	------ Rs.11,68,75,000/-
e) On or before 31.3.2025	------ Rs.21,00,00,000/-

¶35

In default whereof the above terms, the applicant is eligible to obtain the recovery certificate for the total sum of Rs.151,54,53,769.89 (Rupees One Hundred and fifty one crores fifty four lakhs fifty three thousand seven hundred and sixty nine and paisa eighty nine only)

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against defendants 2,4,5 and 6 jointly and severally along with the agreed interest, cost of the present litigation.

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The defendant No-9 shall ensure the payments agreed to be paid by these defendants.

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In the event of the defendants satisfying the entire agreed amounts of Rs.76 Crores by the timeline agreed, the applicant financial institution is hereby directed to release the mortgage, issue prompt no due certificate and further release all the securities, corporate and personal guarantees against such of the defendants concerning their assets.

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It is made clear that any single default shall result in the recovery certificate and the recovery certificate be issued in such an event against defendants 2,4,5 and 6 jointly and severally as mentioned above and the defendant No-9 shall ensure and intimate the prompt repayments for which the defendant No-9 had issued the assurance failing which the applicant bank would be entitled to proceed against defendant No-9 also in accordance with law if so advised.

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A copy of the final order be communicated to the parties concerned as per the rules.

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Sd/- (A.S.JAYACHANDRA) PRESIDING OFFICER DRT-I, CHENNAI

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(Dictated to Assistant who typed in the system, corrected, signed and pronounced in open court on this 30^th Day of January, 2024)

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J C Flowers Asset Reconstruction Private Limited v. Propcare Mall Management India Pvt. Ltd. and Ors.

Case brief

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J C Flowers Asset Reconstruction Private Limited v. Propcare Mall Management India Pvt. Ltd. and Ors.

Case brief

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