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BEFORE THE LD. C.J.

M,
NOIDA COURTS, UTTAR PRADESH
NO. ____/19
IN THE MATTER:
CHOLAMANDALAM INVESTMENT AND
FINANCE LIMITED …...APPLICANT

VS.

SARANJEET SINGH SONDHI &ANR.


...…RESPONDENTS

MEMO OF PARTIES

M/s CHOLAMANDALAM INVESTMENT AND


FINANCE COMPANY LIMITED(FORMERLY
KNOWN AS M/S CHOLAMANDALAM DBS
FINANCE LIMITED)

DARE HOUSE NO. 2,


NSC BOSE ROAD, CHENNAI – 600001

Also at:
2nd Floor, Plot No. 6,
MAIN PUSA ROAD,
KAROL BAGH, NEW DELHI – 110005

THROUGH MR GAURAV DAHIYA,


AUTHORIZED OFFICER ...........… APPLICANT

VERSUS

1. SARANJEET SINGH SONDHI


P-402, ADITYA MEGA CITY,
VAIBHAV KHAND INDERAPURAM
NEW DELHI 2-201014.

2. GURMEET KAUR
P-402, ADITYA MEGA CITY,
VAIBHAV KHAND INDERAPURAM
NEW DELHI 2-201014.

3. HARMEET SINGH SONDHI


P-402, ADITYA MEGA CITY,
VAIBHAV KHAND INDERAPURAM
NEW DELHI 2-201014.
4. CONTROL TECH SYSTENS PVT LTD
202, GOLD CRUSHT ADITYA MEGA CITY
VAIBHAV KHUND INDERAPURAM
NEW DELHI 2- 201001.

...........RESPONDENTS

APPLICANT

THROUGH

SONIA SINGH
Advocate
CH. No 547, Lawyers Block,
Saket Court Complex,
New Delhi-110017
(M) +91-9312403651

NEW DELHI
DATED:
BEFORE THE LD. C.J.M,
NOIDA COURTS, UTTAR PRADESH
NO. ____/19
IN THE MATTER:
CHOLAMANDALAM INVESTMENT AND
FINANCE LIMITED …...APPLICANT

VS.
SARANJEET SINGH SONDHI&ANR.
...…RESPONDENTS
P.S.: ___________________

PETITION UNDER SECTION 14 OF THE SECURITISATION AND


RECONSTRUCTION OF FINANCIAL ASSETS AND
ENFORCEMENT OF SECURITY INTEREST ACT, 2002 FOR
SEEKING ASSISTANCE OF THIS HON’BLE COURT FOR
TAKING OVER OF POSSESSION OF THE MORTGAGED
PROPERTY NO.1- RESIDENTIAL PLOT NO.013 ADMEASURING
250 SQ.MTS. IN THE BLOCK-D OF SECTOR-61 GAUTAM BUDH
NAGAR SITUATED IN NOIDA DISTRICT.
MOST RESPECTFULLY SHOWETH:

1. The Applicant is a company incorporated under the Companies Act,


1956 having its Registered Office at Dare House, 1st Floor, No. 2,
NSC Bose Road, Parrys, Chennai – 600001 and provides loan
facilities in the name and style of Cholamandalam Investment and
Finance Company Limited. The Applicant is doing its business from
various offices throughout India and also has its branch office at
1stand 2nd Floor, Plot No. 6, Pusa Road, Karol Bagh, New Delhi –
110005.

2. The Applicant states that the Applicant is in the business of providing


financial facility to the customers for enabling their financial
requirement on the basis of certain norms and criterion of the
applicant with the objective to build sound customer franchises
across distinct businesses.

3. That the Applicant is a ‘Secured Creditor’ within the meaning of


Section 2(1) (zd) of the said Act. The Applicant is a Financial
Institution in whose favour security interest has been created for due
repayment of the financial assistance granted to the Respondent by
the Applicant. The Applicant Company is an approved Company to
take actions under the provisions of the said Act. A copy of the List of
Notified Approved Financial Institutions is annexed herewith as
ANNEXURE – “A”. That the Applicant being a financial institution and
on having assets of five hundred crore rupees and above has been
permitted by the RBI to initiate the present action by way of marking
at entry no. 3 in the Gazette Notification dated 05.08.2016, for
securing the present debt, being that of more than rupees One crore.

4. That the Applicant has authorized Mr. Gaurav Dahiya to file, sign,
verify, institute and follow up the legal proceedings and actions under
the Securitization Act, on behalf of the Applicant. The copy of the
Board Resolution in this respect is annexed and marked as Annexure
“B”.

5. That the Respondent No. 1 is the main borrower of the loan from the
Applicant. The Respondent No. 2 to 4 is the co-borrower of the loan
facilities so extended. Further Respondent.

6. That The Borrower(s) indicated above obtained a loan from Applicant


Cholamandalam Investment and Finance Company Limited (Lender)
under Loan Accounts No. XOHEELD00001735155. The Applicant
sanctioned Home Equity Loans of Rs.3,00,00,000/-(Rupees Three
crore(s) Only)on 20th.07.2016. The borrower(s) had executed the
Loan Facility agreements in this respect and the copies of the said
Loan Facility Agreements are annexed and marked as Annexure “C”
(Colly).

That The Applicant states that in order to secure the said loans
together with all its related dues, the Borrower(s) created mortgage
in favour of the Original Lender by way of deposit of title deeds of
the immovable PROPERTY NO.1- Residential Plot No.013
Admeasuring 250 sq.mts. in The Block-D of Sector-61 Gautam
Budh Nagar Situated in Noida District.
PROPERTY NO. 2- Shop Bearing No.GC-202 on Second Floor in
The Block Gold Crusht Aditya Mega City (Without Roof Rights)
Admeasuring 1053 sq.fts. In The Complex Located at Plot No.
C/GH-3 Admeasuring 64.489.62 sq.mts.Vaibhav Khand Indirapuram
Ghaziabad Uttar Pradesh.
The copies of the title deeds delivered by the Borrower(s) for
creation of mortgage are annexed hereto and marked as Annexure-
“D”.

7. That the Applicant requested the Respondents to maintain financial


discipline in the account. However, in spite of various requests and
reminders, the Respondents have grossly defaulted in making
payment of their outstanding dues.

8. That on account of failure of the respondents to liquidate their liability,


the accounts of the Respondent were declared as non-performing
asset (hereinafter referred to as NPA) by the Applicant on
03.05.2019, as per the guidelines issued by RBI. The certificate in
this behalf is enclosed and marked Annexure – E.

9. That in pursuance to the provisions contained in the said Act and also
in view of the fact that the account of the Respondents was declared
as NPA, the Applicant sent and served upon the Respondents a
notice dated 13.05.2019 under Section 13(2) of the Securitisation and
Reconstruction of Financial Assets and Enforcement of Security
Interest Act, 2002, calling upon the Respondents to pay a sum of Rs.
2,98,60,527.36/-(Rupees Two Crore(s) Ninety Eight Lakhs Sixty
Thousand Five Hundred Twenty Seven & Paise Thirty Six Only)
being due as on 13.05.2019 along with interest within 60 (sixty)
days from the date of receipt of the said notice, together with interest
and penal interest till the date of realization of payment. That a sum
of Rs._________________ /- (Rupees _______________________
Only) being due as on ____________ is outstanding against the loan
accounts of the Borrower/co-borrower. The statement of Outstanding
Amount is annexed hereto and marked as Annexure-“G”(Colly).

10. The said notice was sent and served by Registered/A.D. Post. That
by the said notice, the Respondents were called upon by the
Applicant to discharge in full all their liabilities within 60 days from the
date of notice failing which the Applicant would be entitled to exercise
all or any of the rights under sub-section 4 of Section 13 of the said
Act and not limiting to take possession of the said property and effect
subsequent sale. The copy of the said notice along with postal
receipts and proof of service are annexed as Annexure – F (Colly).

11. That the Applicant submits that the property mortgaged against the
Loan Accounts is a secured asset within the meaning of the said Act
and the Applicant is entitled to take possession of the same under the
provisions of the said Act for realization of the amount outstanding
against the loans.

12. It is submitted that the property mortgaged with the Applicant is a


secured asset available with the Applicant, in which the Company has
a security interest within the meaning of the said Act. Therefore, in
view of the default committed by the Respondent in respect of the
loan facility, the Applicant is entitled to take possession of the
Secured Asset.

13. That as on 13.05.2019 the applicant was entitled to recover a sum


of Rs.2,98,60,527.36/-(Rupees Two Crore(s) Ninety Eight Lakhs
Sixty Thousand Five Hundred Twenty Seven & Paise Thirty Six
Only) being due along with future interest @ 18 % with penal interest
and future interest till actual date of payment from the Respondents.
However, as the Respondents have failed to comply with the demand
notice, the said amount is liable to be recovered by the sale of the
secured assets. That the respondents have paid a meagre sum of
__________________/- in total after issuance of notice under section
13(2) till ___.09.2019 and still a huge amount of ______________/-
as per demand notice is pending to be paid. As per SOA dated-
___.09.2019 a total of Rs ___________/-.

14. It is submitted that the property mortgaged with the Applicant is a


secured asset available with the Applicant, in which the Company has
a security interest within the meaning of the said Act. Therefore, in
view of the default committed by the Respondents in respect of the
loan facility, the Applicant is entitled to take possession of the
Secured Asset.
15. That on account of the malafide and default, as explained, committed
by the Respondents in repaying the amount and also on account of
their non-compliance to the statutory notice issued under Section 13
(2) of the said Act, the Applicant is entitled to take possession of the
said Secured Asset and hence the present Petition is being filed
seeking assistance of this Hon’ble Court for taking over the
possession of the Secured Asset.

16. That however, the Applicant has an apprehension that at the time of
taking over the possession of the secured asset by the Applicant, the
Respondents may attempt to breach law, order and peace in the area
and thus the police assistance would be required by the Applicant at
the time of the taking over the possession of the secured asset.

17. That it would be otherwise in the interest of equity and justice if the
present petition is allowed by this Hon’ble Court and the relief prayed
for hereinafter are granted.

PRAYER

Under the aforesaid facts and circumstances of the case, it is most


respectfully prayed that this Hon’ble Court may kindly:

APPOINT A RECEIVER TO TAKE THE POSSESSION OF Property


immovable PROPERTY NO.1- Residential Plot No.013
Admeasuring 250 sq.mts. in The Block-D of Sector-61 Gautam
Budh Nagar Situated in Noida District.

1. which is the secured asset and issue necessary directions to the

receiver to take over the possession of the secured asset.

2. Issue necessary directions to the court receiver to hand over the

possession of the Secured asset to an authorized officer of the


Applicant.

3. The court receiver so appointed, be also permitted to break open the

locks, if any, found on the property and prepare the inventory of the
goods lying in the secured assets.
4. Permit the court receiver to take necessary police assistance for

effective takeover of the secured asset with direction to the SHO of


the concerned police station to provide necessary police assistance
at the request of the court receiver.

5. Any other and further orders as may be deemed fit and proper under

the facts and circumstance of the case may also be passed.

APPLICANT
THROUGH

SONIA SINGH
Advocate
CH. No 547, Lawyers Block,
Saket Court Complex,
New Delhi-110017
(M) +91-9312403651

VERIFICATION:

Verified at New Delhi on -----day of Oct. 2019 that the contents of the

above Petition are true and correct to my knowledge which derived from

records maintained by petitioner company in ordinary course of its business

, no part of it is false and nothing material has been concealed there from.

APPLICANT
BEFORE THE LD. C.J.M,
NOIDA COURTS, UTTAR PRADESH
NO. ____/19
IN THE MATTER:
CHOLAMANDALAM INVESTMENT AND
FINANCE LIMITED …...APPLICANT

VS.
SARANJEET SINGH SONDHI&ANR. .
...…RESPONDENTS
AFFIDAVIT

I, Gaurav Dahiya , S/o Sh. Samaypal, aged about 34 years, working as


Legal Manager, Cholamandalam Investment Finance Company Limited,
having office at 1st and 2nd Floor, Plot No. 6, Pusa Road, Karol Bagh, New
Delhi – 110005 do hereby solemnly affirm and state as under:

1. That I am the Authorized Officer of Cholamandalam Investment


Finance Company, the Applicant herein, and am well conversant with
the facts and competent and authorized the file the accompanying
Application.

2. That the contents of Accompanying Application have been drafted by


my counsel under my instructions, I have read over and understood
the same, which are true and correct to the best of my knowledge
and based on records maintained by the Petitioner.

3. That the contents of accompanying Application may be read as part


and parcel to this affidavit which are not reproduced herein for the
sake of brevity.

I state that the financial assistance granted loan of Rs. 3,00,00,000 I


state that the borrower has created security interest over the
Property immovable PROPERTY NO.1- Residential Plot No.013
Admeasuring 250 sq.mts. in The Block-D of Sector-61 Gautam
Budh Nagar Situated in Noida District.
PROPERTY NO. 2- Shop Bearing No.GC-202 on Second Floor in
The Block Gold Crusht Aditya Mega City (Without Roof Rights)
Admeasuring 1053 sq.fts. In The Complex Located at Plot No.
C/GH-3 Admeasuring 64.489.62 sq.mts.Vaibhav Khand Indirapuram
Ghaziabad Uttar Pradesh.
I state that the Respondents have created default in the repayment
of the financial assistance granted to them, consequent upon which
the accounts have been classified as NPA as per RBI rules.
4. I state that as per demand notice the dues amount to Rs.
2,98,60,527.36/-(Rupees Two Crore(s) Ninety Eight Lakhs Sixty
Thousand Five Hundred Twenty Seven & Paise Thirty Six Only)
as on 13.05.2019 is due and payable by the Respondents along with
future interest and penal interest. That the respondents have paid a
meagre sum of ____________/- in total after issuance of notice under
section 13(2) till __.09.2019 and still a huge amount of
_____________/- as per demand notice is pending to be paid. As per
SOA dated- __.09.2019 a total of Rs ____________/-.

5. I state that the borrower has not made any representations to the
notice issued under Section 13 (2) of the SARFAESI Act, 2002.

6. I state that the period of 60 days’ notice as required by the provisions


of Section 13 (2) SARFAESI Act, 2002, demanding the defaulted
payment has already been served on the borrower.

7. I state that the property has been physically visited before the filing of
the present petition and the property has been found to be found to
be in possession of the borrowers.

8. I say that there is no stay has been granted by the Ld. Debts
Recovery Tribunal, Delhi or any court of competent jurisdiction with
respect to the secured property herein.

9. That the annexures to the accompanying Petition are true copies of


their respective originals.

DEPONENT
VERIFICATION:
Verified at New Delhi on this day of Oct. 2019 that the contents
of my above affidavit are true and correct to the best of my
knowledge which dervied from records maintained by Applicant
company in ordinary course of its business nothing has been
concealed there from.

DEPONENT
BEFORE THE LD. C.J.M,
NOIDA COURTS, UTTAR PRADESH
NO. ____/19
IN THE MATTER:
CHOLAMANDALAM INVESTMENT AND
FINANCE LIMITED …...APPLICANT

VS.
SARANJEET SINGH SONDHI &ANR.
...…RESPONDENTS
INDEX
SL NO. PARTICULARS PAGE NO.
1. Memo of parties
2. Petition under Section 14 SARFAESI Act
along with supporting affidavit
3. Annexure A: Copy of the gazette notification
dated 05.08.2016
4. Annexure B: Copy of the Board Resolution
in favour of Sh. Gaurav Dhaiya
5. Annexure C: Copy of the loan agreement
6. Annexure D (Colly): Copy of the title deeds
deposited by the Respondents with the
Applicant
7. Annexure E: Certificate issued by Applicant
declaring the loan account of the
Respondents as NPA
8. Annexure F (Colly): Copy of the notice
issued to the Respondents under Section
13(2) SARFAESI Act, 2002 along with postal
receipts
9. Annexure G (Colly): Copy of Statement of
account
10. Vakalatnama

APPLICANT
THROUGH

SONIA SINGH
Advocate
CH. No 547, Lawyers Block,
Saket Court Complex,
New Delhi-110017
(M) +91-9312403651