Fresh loan versus restructuring: earlier security and NOC did not extend to the later facility without clear continuing charge consent.

A later construction finance facility was treated as a fresh loan, not a restructuring of the earlier secured loan, because the sanction letter did not describe it as a continuation, the two accounts were separate, and the later disbursal was recorded as repayment. The earlier tripartite agreement and NOC were confined to the first facility, and the record showed no fresh NOC or charge registration for the second loan. On those facts, the earlier security arrangement did not extend to the later facility, and the retained security interest could not be claimed over the secured assets on that basis.

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Issues: Whether the second loan was a fresh loan or a restructuring of the earlier loan, and whether the appellant could retain security interest over the secured assets on the basis of the earlier tripartite arrangement and NOC.

Analysis: The sanction letter for the second facility described it as a construction finance loan and did not state that it was a restructuring or continuation of the earlier loan. The two loan accounts were distinct, the later disbursal was treated as repayment, and the record showed that no fresh NOC or charge registration was issued for the second loan. The earlier tripartite agreement and NOC were confined to the first loan, and the correspondence on record supported the conclusion that the request for a fresh NOC remained pending. On these facts, the earlier security arrangement did not extend to the second facility.

Conclusion: The second loan was a fresh loan, not a restructuring of the first loan, and the appellant could not claim retained security interest over the secured assets on that basis.

Final Conclusion: The impugned directions protecting the project implementation and the liquidator's control over the assets were sustained, and the connected requests to reopen the matter also failed.

Ratio Decidendi: A later loan will not be treated as a restructuring of an earlier secured loan, nor will an earlier charge survive for the later facility, unless the record clearly shows a restructuring arrangement and a fresh or continuing charge-backed consent for that specific facility.

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