2018 (3) TMI 1911

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....akhs + Interest thereon. It has also been brought to the notice that earlier a Demand Notice u/s 13(2) under SARFAESI Act was served upon the Borrower informing the nature of Facility granted and rate of Interest on the Loan amount. At that time, the consortium of the secured Creditors consisted of only two Banks i.e. Punjab National Bank and Central Bank of India for Credit Facility totalling Rs. 41,38,06,010/-. The Borrower has also furnished the details of the Securities to safeguard the Debt. As per the said list there were few properties over which a charge was created by the Bank. 2. Once the Insolvency Proceedings commenced against the Corporate Debtor an IRP was appointed and thereafter RP Mr. Sanjay Gupta took over the charge and ....

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....ion. 4. Valuers were appointed and submitted their reports, in brief as under :- As per your instruction, I am submitting the Valuation Report of the Property of 1) M/s Vindhya Vasini Industries Ltd. Director Smt. Saroj Singhania W/o Shri K.R. Singhania On Plot No. 502, 503, 504, 505, 506, 507 and 508 at Industrial Growth Centre, Urla, Distt. - Raipur (C.G.) as Rs. 4,68,15,000/- (Rs. Four Crores Sixty Eight Lacs Fifteen Thousand only)." "As per your instruction, I am submitting the Valuation Report of the Property Belonging to Smt. Saroj Singhania W/o Shri Kapiraj Singhania On Kh. No. 98/3, 98/12, 98/32, 98/33, 98/34, 78/3, 101/7, 101/11(old) 101/47(new), PH. No.103 at Tatibandh Veer Sawarkar Nagar Ward No. 1(2), Distt. - Raipur(C.G.) Tot....

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....y 11% of the total Debt. Therefore, to avoid such high percentage of sacrifice, it is necessary to take a decision in favour of the Financial Creditor to initiate Liquidation Proceedings against a Guarantor as well who had mortgaged the property and on that Guarantee the Loan in question was granted. The Debt in question is intricately linked with the property mortgaged hence cannot be segregated in the process of Liquidation proceedings. Therefore, it is hereby authorized that the Liquidator shall take necessary steps to liquidate the asset of Smt. Saroj Singhania, for which a Valuation Report is already on record. 6. This decision is taken on the basis of one of the Sections as prescribed under the I&B Code i.e. Section 60(2) which presc....