BEFORE THE DEBTS RECOVERY TRIBUNAL II, AT CHENNAI

O.A.No. 408 of 2001

BETWEEN

Asset Reconstruction Co. (India) Ltd.

Shrepati Arcade, August Kranti Marg
Nana Chowk, Mumbai – 400 036. ..Applicant

(Applicant has been substituted in place of Indian Bank vide order dated 9/4/2009 in IA
No 72 of 2009)

AND
1. Maxwell Exim Foods Ltd
2. G. Balakrishnan
3. Smt. B. Daara
4. M.S. Mani
5. S. Madhusudhanan
6. C. Rajaraman
7. V.P. Haran
8. K. Sai Jaganathan
9. A.V. Anand (Deceased)
10. R. Prabhakaran (Deceased)
11. Well Stores (Madras) Private Ltd
12. ASREC India Ltd (Assignor-State Bank of Hyderabad)
13. ICICI Bank Ltd (Earlier- Bank of Rajasthan)
14. Smt. A. Shanthi
15. Sri A. Arunraj
16. Minor A Krithika rep. by mother and natural guardian A Shanthi
17. Smt. V. Chandralekha
18. Mrs. Kavitha
19. Sri Satish
(14-17 are legal heirs of A.V Anand)
(18 & 19 are legal heirs of R. Prabhakaran) ..Defendants

MEMO FOR RETURN OF ORIGINAL DOCUMENTS

The Applicants states as follows:

1. The Applicant submits that OA 408 of 2001 was filed seeking for

following reliefs :

a) Directing the Respondents 1 to 10 to pay the Applicant a sum of

Rs.147,63,77,759.00/- together with further interest at 24.25% at

quarterly rests from the date of filing of the plaint till realization,

b) Directing the Respondent 11, as mortgager to pay to the Applicant

a sum of Rs.147.63,77,759.00 together with further interest

24.25% p.a at quarterly rests from the date of plaint till realization.

2. The Applicant submits that OA 408 of 2001 was filed and the Hon’ble Tribunal

after hearing the Applicant and the Defendants was pleased to allow the Original

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 Application, thereafter DRC was issued to the Applicant for an amount of Rs.

411,88,26,676/-. The Applicant states that the Defendants have mortgaged

various properties and the same is proposed to be brought for sale.

3. The Applicant had acquired debts from Indian Bank in December 2007 and since

then various efforts were made to auction or settle dues with the borrowers.

None of these efforts fructified due to various litigation and land acquisition

issues / contiguity of land etc. Considering the multiple litigations with respect

to the properties, sale through auction could not fructify. There have been

multiple auction attempts in 2012 and 2014 all of which have failed on account of

these legal issues and lack of bids. Considering the possibility of failure, strategy

of sale of property through private treaty with the buyer is proposed. Details of

past auctions given below:

Year of Auction Reserve Price Reason for failure

2012 90 Lack of buyers on account of litigations,

title disputes, etc,
2014 65

4. The Applicant had conducted these auctions with the premise that the litigations

and issues in the properties shall be resolved by the buyers and because of the

steep discount was offered. However, buyers came forward with conditional

offer as they were unable to get support from the litigant/owner/borrower.

Current proposal therefore envisages private treaty by the buyers who has

assured us they will look after the issues, however they need the original title

documents of the property. The buyer had paid the Applicant a sum of

Rs.3,00,000/- (Rupees Three Lakhs Only) towards the sale of the property at

Keelaiyur having documents No 1025/1086 and 1033/1986 and the same is

received by the Applicant from the purchaser M/s. Navani Impex Private

Limited on 3rd June 2020 so as the documents has to be handed over to the

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 purchaser, therefore the Applicant is filing this memo which may be taken on

record.

5. Considering the issues and litigations in the case, it has now been decided to

move ahead Sale of Assets under SARFAESI through Private Treaty on “as is

where is and as is what is” basis for all properties located at Kerala.

6. We also undertake that there is no order or stay from any tribunal/court

restraining the sale of the properties subject matter of the present OA.

7. Therefore, the Applicant seeks leave of this Hon’ble Tribunal to take the original

title documents Exhibit A- 148 and Exhibit A- 149 from the registry and

replace the same with certified copies of the same.

In view of the above it is most humbly prayed that this Hon’ble Tribunal

make take this memo on record and permit the Applicant to take back original

title documents bearing the registration No 1025/1086 and 1033/1986 from the

registry and replace the same with certified copies of the same and thereby

render justice.

Dated at Chennai on this the 24th Day of August 2020.

APPLICANT COUNSEL FOR THE

APPLICANT

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 SCHEDULE

1. Part and Parcel of land and building situated at Keezaieyur Village,

Nagapattinam Taluk, comprised in R.S No. 395/13B measuring about 24 cent in
which Rice Mill erected and covered and to the extent of 1296sq.ft. bearing Door
No.1-90 with electrical connection No.37, 52 bearing Mill Licence No.3527 is
bounded on the

North : By main Road

South : By west by lands owned by R.Banumathy
East : Lands owned by Sowrirajulu Naidu
West : By road within the sub-district of Thirupoondi and Registration district
of Nagapattinam.

2. Part and parcel of land and building situated at Keezaieyur village,

Nagapattinan Taluk, comprised in S.No. 388/26 measuring about 40 cent and out
of 77 cent within the registration district of Nagapattinam is bounded on the

North : By Keezaiyur Village Tank

South : By Road
West : By Subbiaha Pathar Punjai Lands
East : By Lands owned by Sowrirajuly Naidu’s land

BEFORE THE DEBTS RECOVERY

TRIBUNAL II, AT CHENNAI

ORIGINAL APPLICATION 408 OF 2001

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 Asset Reconstruction Co. (India) Ltd.
Shrepati Arcade, August Kranti Marg
Mana Chowk, Mumbai – 400 036.
...Applicant
VS

1. Maxwell Exim Foods Ltd

2. G. Balakrishnan
3. Smt. B. Daara
4. M.S. Mani
5. S. Madhusudhanan
6. C. Rajaraman
7. V.P. Haran
8. K. Sai Jaganathan
9. A.V. Anand (Deceased)
10. R. Prabhakaran (Deceased)
11. Well Stores (Madras)
Private Ltd
12. ASREC India Ltd (Assignor-
State Bank of Hyderabad)
13. ICICI Bank Ltd (Earlier- Bank
of Rajasthan)
14. Smt. A. Shanthi
15. Sri A. Arunraj
16. Minor A Krithika rep. by
mother and natural guardian
A Shanthi
17. Smt. V. Chandralekha
18. Mrs. Kavitha
19. Sri Satish
(14-17 are legal heirs of A.V
Anand)
(18 & 19 are legal heirs of R.
Prabhakaran)

..Defendants

MEMO FOR RETURN OF ORIGINAL

DOCUMENTS

AKHIL BHANSALI (E.NO 2210/05)

KM AASIM SHEHZAD (E.NO.325/03)
COUNSEL FOR THE APPLICANT

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