Case details

Court: Debts Recovery Tribunals and Appellate Tribunals · DRT Delhi (DRT 3)
Decided: 18 June 2025
Bench: Drat Kolkata
Case number: TMA/126/2022
Type: Judgment

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Debts Recovery Tribunals and Appellate Tribunals

STATE BANK OF INDIA vs MS SRS LTD on 18 June 2025

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**DEBTS RECOVERY TRIBUNAL-III, DELHI**

**4<sup>th</sup> Floor, Jeevan Tara Building,**

**Parliament Street, New Delhi**

**PRESIDING OFFICER : MR. SHIV KUMAR - I**

**(TA No. : 126/2022)**

**1. State Bank of India**

A Body Corporate constituted under the

State Bank of India Act, 1955,

Having its Central Office at

Madam Cama Road, Mumbai – 400021 and

Local Head Offices at

11, Parliament Street,

New Delhi – 110001 and

SBI Stressed Assets Management Branch-I, STC Building, 12<sup>th</sup> Floor Tolstoy Marg, New Delhi – 110001

**.....Applicant Bank No. 1**

**2. Bank of India**

Branch Office at

New Delhi Assets Recovery Branch,

Star House, 3<sup>rd</sup> Floor, H-2,

Connaught Place,

New Delhi – 110001

**.....Applicant Bank No. 2**

**3. Union Bank of India**

Branch Office at

Stressed Assets Management Branch,

At Unit No. 603B,

Konnectus Tower,

Bhav Bhuti Marg,

Opp. New Delhi Railway Station,

New Delhi – 110001

**.....Applicant Bank No. 3**

**4. Punjab National Bank**

**(Punjab National Bank was substituted in place of Oriental Bank of Commerce vide order dated 31.05.2025 passed in IA No. 108/2024)**

Branch Office at

Zonal Sastra Centre,

Bhikaji Cama Palace,

New Delhi

**.....Applicant Bank No. 4**

![Yellow sticky note with handwritten text '705'](3722c87ad60a4c31733d200400aa99a7_16_img.webp)A yellow rectangular sticky note is placed at the bottom left of the page. It has the number '705' handwritten on it in black ink.![Green rectangular sticker](3722c87ad60a4c31733d200400aa99a7_17_img.webp)A solid green rectangular sticker is placed at the bottom right of the page.

**5. Canara Bank**

**(Canara Bank was substituted in place of Syndicate Bank vide order dated 31.05.2025 passed in IA No. 108/2024)**

Branch Office at

Assets Recovery Management (ARM-2),

Branch at A-27,

First Floor, Hauz Khas,

New Delhi – 110016

**.....Applicant Bank No. 5**

**Versus**

**1. M/s SRS Limited

(Borrower)**

**Registered Office :**

SRS Tower, 305 & 307,

3<sup>rd</sup> Floor, Near Metro Station Mewla, Maharajpur, G.T. Road, Faridabad, Haryana – 121003

**Second Address :**

SRS Sunflag Hospital,

Sector – 16A, Faridabad,

Haryana – 121002

**Third Address :**

Flat No. 202, 2<sup>nd</sup> Floor,

27, New Delhi House,

Barakhamba Road,

Connaught Place,

New Delhi - 110001

**Fourth Address :**

"SRS Multiplex"

Top Floor, City Centre,

Sector – 12, Faidabad,

Haryana – 121007

**2. Sh. Sunil Jindal

(Director & Guarantor)

S/o Sh. Girraj Singh Jindal

H. No. 538, Sector – 14,**

TA-126/2022

Faridabad,

Haryana – 121007

3. **Dr. Anil Jindal**

**(Director & Guarantor)**

S/o Sh. Girraj Jindal,

H. No. 538, Sector – 14,

Faridabad,

Haryana – 121007

4. **Sh. Raju Bansal**

**(Director & Guarantor)**

S/o Nanak Chand Bansal

House No. 122,

Sector – 09, Faridabad,

Haryana – 122017

5. **Sh. Vinod Gupta**

**(Director & Guarantor)**

S/o S. Chunni Lal

B-9, Chawla Colony,

Ballabgarh, Faridabad,

Haryana – 121004

6. **SPS Buildcon Limited**

**(Corporate Guarantor)**

**Registered Office :**

"SRS Multiplex",

Top Floor, City Centre,

Sector – 12, Faridabad,

Haryana – 121007

**Second Address :**

Flat No. 202, 2<sup>nd</sup> Floor,

27, New Delhi House,

Barakhamba Road,

Connaught Place,

New Delhi – 110001

**7. SRS Retreat Services Limited

(Corporate Guarantor)**

**Registered Office :**

"SRS Multiplex",

Top Floor, City Centre,

Sector – 12, Faridabad,

Haryana – 121007

**8. SRS Knowledge & Technologies Ltd.

(Corporate Guarantor)**

**Registered Office :**

Flat No. 202, 2<sup>nd</sup> Floor,

27, New Delhi House,

Barakhamba Road,

Connaught Place,

New Delhi – 110001

**Second Address:**

SRS Tower, 305 & 307,

3<sup>rd</sup> Floor, Near Metro Station Mewla, Maharajpur, G.T. Road, Faridabad, Haryana – 121003

**9. SRS Holdings Indian Ltd.

(Corporate Guarantor)**

**Registered Office :**

Flat No. 202, 2<sup>nd</sup> Floor,

27, New Delhi House,

Barakhamba Road,

Connaught Place,

New Delhi – 110001

**10. Latest IT Solutions Pvt. Ltd.

(Corporate Guarantor)**

**Registered Office :**

Flat No. 202, 2<sup>nd</sup> Floor,

27, New Delhi House,

Barakhamba Road,

Connaught Place,

New Delhi – 110001

**Second Address:**

Unit No. 713, SRS Tower,

GT Road, Near Metro Station, Mewla,

Maharajpur, G.T. Road,

Faridabad,

Haryana – 121003

**11. BTL Portfolio Limited

(Corporate Guarantor)**

**Registered Office :**

"SRS Multiplex"

Top Floor, City Centre,

Sector – 12, Faridabad,

Haryana – 121007

**Second Address:**

Flat No. 202, 2<sup>nd</sup> Floor,

27, New Delhi House,

Barakhamba Road,

Connaught Place,

New Delhi – 110001

**12. SRS International Limited

(Corporate Guarantor)**

**Registered Office :**

Flat No. 202, 2<sup>nd</sup> Floor,

27, New Delhi House,

Barakhamba Road,

Connaught Place,

New Delhi – 110001

**13. BTL Holding Company Ltd.

(Corporate Guarantor)**

**Registered Office :**

Flat No. 202, 2<sup>nd</sup> Floor,

27, New Delhi House,

Barakhamba Road,

Connaught Place,

New Delhi – 110001

.....Defendants

![A solid green rectangular box, likely a redaction or placeholder.](5a5c832761b032108515f72176fa9862_18_img.webp)

**Date of Institution: 07.05.2018**

**Date of Pronouncement: 18.06.2025**

Counsels : Mr. Sanjiv Kakra, Sr.Advocate with Mr. Bheem Sain Jain, for all the applicant banks.

Defendants are ex parte since 28.09.2018.

Defendants no. 1, 7 & 8 are before Ld. NCLT, Chandigarh.

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FINAL ORDER

1. This original application has been filed by the applicant banks no. 1 to 5, on 30.05.2018, through Mr. Sudhir Kumar Pandeya, Assistant General Manager of Applicant no. 1; Mr. Ravinder Kumar Sharma, Chief Manager of Applicant no. 2; Mr. Sujit Kumar Dash, Chief Manager of Applicant no. 3; Mr. Vinod Kumar Jain, Chief Manager of Applicant no. 4 and Sh. Ramakant Sharma, Assistant General Manager of Applicant no. 5, being authorized representatives of Applicants, under Section 19 of the Recovery of Debts Due to Banks and Financial Institution Act, 1993 against the defendant no. 1 to 13 for recovery of the following amounts:- Applicant no. 1 - Rs. 585,87,92,129.63 (PNB) Together with pendentelite and future interest @ 11.25% p.a. with monthly rests as regards the Cash Credit Limit, WCDL 1, WCDL 2 and LC Limit and @11.90% p.a. with monthly rests as regards the Corporate Loan besides 2% p.a. penal interest from the date of filing the OA till the date of actual and final realization Applicant no. 2 - Rs. 206,83,94,334.40 (BOI) Together with pendentelite and future interest @ 10.55% p.a. with monthly rests besides 2% p.a. penal interest from the date of filing the OA till the date of actual and final realization Applicant no. 3 - Rs. 120,88,89,163.06 (UBI) Together with pendentelite and future interest @ 10.65% p.a. with monthly rests besides 2% p.a. penal interest from the date of filing the OA till the date of actual and final realization Applicant no. 4 - Rs. 64,00,66,243.00 (OBC) Together with pendentelite and future interest @ 11.95% p.a. with monthly rests besides 2% p.a. penal interest from the date of filing the OA till the date of actual and final realization Applicant no. 5 - Rs. 13,43,85,672.15 (Syndicate Bank) Together with pendentelite and future interest @ 17.20% p.a. with monthly rests besides 2% p.a. penal interest from the date of filing the OA till the date of actual and final realization along with all costs & charges and other relief(s).

1.2 It is pertinent to note here that this OA bearing no. 494/2018 was originally filed before Ld. DRT-I, Delhi, however, in pursuance to Gazette Notification No. 4718 (E) dated 04.10.2022 issued by Government of India, Department of Financial Services, Ministry of Finance, this case file was transferred by Ld. DRT-I, Delhi to this Tribunal in October 2022 and was numbered at TA-126/2022.

2. The brief facts of the case are that the Applicant no. 1, State Bank of India (SBI) is a body corporate constituted under the State Bank of India Act, 1955 and is represented by its authorized representative, Sh. Sudhir Kumar Pandeya, Assistant General Manager, and in terms of General Regulations No. 76 and 77 of State Bank of India General Regulations 1955 made by the Reserve Bank of India in exercise of the powers conferred by Sub-Section(3) of Section 50 of the State Bank of India Act, 1955 with the previous sanctions of the Central Government read with Gazette Notifications published in the Gazette of India dated 26.09.1959, 26.08.1972 and 02.05.1987, he has been authorized to institute, sign and verify the plaint and complete all the legal formalities on behalf of applicant bank no. 1.

Applicant no. 2, Bank of India (BOI) is a bank constituted and functioning under the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 and is represented by its authorized representative, Sh. Ravinder Kumar Sharma, Chief Manager, who has been authorized vide Power of Attorney dated 21.08.2014 to institute, sign and verify the plaint and complete all the legal formalities on behalf of applicant no. 2.

Similarly, Applicant no. 3, Union Bank of India (UBI) is also a bank constituted and functioning under the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 and is represented by its authorized representative, Sh. Sujit Kumar Dash, Chief Manager, who has been authorized vide Power of Attorney dated 05.04.2013 to institute, sign and verify the plaint and complete all the legal formalities on behalf of applicant no. 3.

So far as, Applicant no. 4, Oriental Bank of Commerce (OBC) is concerned, it is also a bank constituted and functioning under the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 and is represented by its authorized representative, Sh. Vinod Kumar Jain, Chief Manager who has been authorized vide Power of Attorney dated 13.09.2003 to institute, sign and verify the plaint and complete all the legal formalities on behalf of applicant no. 4.

Similarly, Applicant no. 5, Syndicate Bank is also a bank constituted and functioning under the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 and is represented by its authorized representative, Sh. Ramakant Sharma, Assistant General Manager, who has been authorized vide Power of Attorney dated 30.01.2010 to institute, sign and verify the plaint and complete all the legal formalities on behalf of applicant no. 5.

It is also stated in the OA that pursuant to the Notification No. 128 Part II, Section 3, Sub-Section (i) and Order No. G.S.R. 157(E) dated 22.02.2017 of the Government of India, State Bank of Travancore (SBT), State Bank of Patiala (SBP) and State Bank of Bikaner and Jaipur (SBBJ), has been acquired by the State Bank of India (SBI), under Section 35 of State Bank of India Act, 1955 w.e.f. 01.04.2017. It is further stated that in terms of the notification, any proceedings or cause of actions, suits, decrees, recovery certificates, orders, appeals, revisions, writ petitions, special leave petitions and all other legal proceedings pending or existing immediately before the effective date before any court of tribunal or any authority (including, for the avoidance of doubt, an arbitral tribunal), by or against the Transferor Bank, SBT, SBP and SBBJ may, as from the effective date, be continued and enforce by or against the Transferee Bank (SBI), by virtue of this Order as it might have been enforced by or against the Transferor Bank, SBT, SBP and SBBJ.

2.1 It is stated in the OA that the defendant no. 1 is a Public Limited Company within the meaning of the of Companies Act, 1956 and is in the entertainment industry and has retail stores, food bazars, cinema, multiplexes and restaurants and has subsequently engaged in manufacturing and sale of jewellery. It is also stated that defendants no. 2 to 5 are the Directors of the Defendant no. 1 and have also given their personal guarantees in respect of the credit / loan facilities granted to defendant no. 1 by the Applicant Bank. Defendants no. 6 to 13 have given their Corporate Guarantee in respect of the credit / loan facilities granted to defendant no. 1 by the Applicant Bank. It is stated that Defendant no. 1 was ![A green rectangular stamp or mark with a blue signature-like scribble to its left.](187734a55bbb7d47c52bbab7a995b45e_5_img.webp)

formerly known as SRS Entertainment & Retail Ltd., Defendant no. 8 was formerly known as SRS Knowledge & Technologies Ltd., Defendant no. 9 was formerly known as BTL Industries Limited, Defendant no. 19 was formerly known as SRS IT Solutions Pvt. Ltd. and Defendant no. 13 was formerly known as BTL Investments & Securities Ltd.

**A. Individual and Consortium Documents regarding Credit Facilities granted by Applicant no. 1 Bank (SBI) and State Bank of Patiala (SBP), State Bank of Travancore (SBT) and State Bank of Bikaner & Jaipur (SBBJ) as part of "SBI Consortium"**

It is stated in the OA that the defendant no. 1 furnished their various requisite Resolutions dated 07.03.2007, 19.03.2007, 08.06.2007, 04.07.2007, 04.07.2007, 04.07.2007, 04.07.2007, 20.08.2007, 20.11.2008, 22.12.2008, 22.12.2008, 16.01.2009, 30.07.2009, 03.08.2009, 03.08.2009, 03.08.2009, 03.10.2009, 05.10.2009, 05.10.2009, 18.01.2010, 24.05.2010, 18.06.2010, 31.07.2010, 22.03.2011, 28.04.2011, 31.03.2012, 22.10.2012, 22.10.2012, 27.01.2014, 08.06.2016, 22.06.2016, 22.06.2016, 22.06.2016, 14.12.2016 and 14.12.2016 in respect of the credit facilities granted to Defendant no. 1 from time to time by the Applicant Bank No. 1. Defendant no. 6 also furnished their various requisite Resolutions dated 23.03.2007, 22.12.2008, 16.01.2009, 04.08.2009, 05.10.2009, 18.01.2010, 24.05.2010, 31.07.2010, 22.03.2011 and 28.04.2011 in respect of the credit facilities granted to Defendant no. 1 from time to time by the Applicant Bank. Similarly, Defendant no. 7 also furnished their various requisite Resolutions dated 23.03.2007, 02.07.2007, 20.08.2007, 22.12.2008, 16.01.2009, 04.08.2009, 05.10.2009, 18.01.2010, 24.05.2010, 31.07.2010, 22.03.2011, 28.04.2011, 02.04.2012 and 22.10.2012, 27.01.2014 and 04.01.2017 in respect of the credit facilities granted to Defendant no. 1 from time to time by the Applicant Bank. Further, Defendant no. 8 also furnished their various requisite Resolutions dated 22.03.2011, 28.04.2011, 02.04.2012, 22.10.2012 and 27.01.2014 in respect of the credit facilities granted to Defendant no. 1 from time to time by the Applicant Bank. Defendant no. 9 also furnished their various requisite Resolutions dated 22.03.2011, 28.04.2011, 02.04.2012 and 22.10.2012 in respect of the credit facilities granted to Defendant no. 1 from time to time by the Applicant Bank. Moreover, Defendant no. 10 also furnished their various requisite Resolutions dated 22.03.2011, 28.04.2011, 02.04.2012, 22.10.2012, 27.01.2014 and 03.01.2017 in respect of the credit facilities granted to Defendant no. 1 from time to time by the Applicant Bank. Defendant no. 11 also furnished their various requisite Resolutions dated 22.03.2011 and 28.04.2011 in respect of the credit facilities granted to Defendant no. 1 from time to time by the Applicant Bank. Defendant no. 12 also furnished their various requisite Resolutions dated 22.03.2011 and 28.04.2011 in respect of the credit facilities granted to Defendant no. 1 from time to time by the Applicant Bank. Further, Defendant no. 13 also furnished their various requisite Resolutions dated 27.01.2014 and 16.12.2016 in respect of the credit ![A green rectangular box with a small curved line above it, possibly a mark or a placeholder.](302298df843d9321f496338b5d5f953f_4_img.webp)

facilities granted to Defendant no. 1 from time to time by the Applicant Bank.

2.2 It is stated in the OA that the Defendant no. 1 approached the Applicant no. 1 for the grant of credit / loan facilities and Applicant Bank no. 1 (SBI) provided the following credit / loan facilities Sanction Letter dated 22.03.2007 :-

<thead> <tr> <th>Nature of Facility/Limit</th> <th>Amount<br/>(Rs. in Crores)</th> </tr> </thead> <tbody> <tr> <td><b>A. Fund Based Limits</b></td> <td></td> </tr> <tr> <td>(I) Cash Credit (Hyp. Of Stock)</td> <td>Rs. 3.00</td> </tr> <tr> <td><b>Total Fund Based Working Capital Limits</b></td> <td><b>Rs. 3.00</b></td> </tr> <tr> <td>Term Loan-I (Takeover)</td> <td>Rs. 22.00</td> </tr> <tr> <td>Term Loan-II (Expansion)</td> <td>Rs. 25.00</td> </tr> <tr> <td><b>Total Term Loan</b></td> <td><b>Rs. 47.00</b></td> </tr> <tr> <td><b>Total Limit</b></td> <td><b>Rs. 50.00</b></td> </tr> </tbody> </table>

In consideration to the grant of the aforesaid Overall Limit of Rs. 50.0 Crore by Applicant Bank no. 1 (SBI), Defendant no. 1 as Borrower and Defendants no. 2 to 5, as Guarantors, signed and executed the following loan and guarantee documents on 22.03.2007 and 25.08.2007 in favour of Applicant Bank no. 1 / SBI :-

- (i) Letter of Sanction of Credit Facilities dated 22.03.2007 signed by defendant no. 1;

- (ii) Letter cum Agreement dated 25.08.2007 signed by defendant no. 1;

- (iii) CIBIL Letter dated 25.08.2007 signed and executed by defendant no. 1, as Borrower;

- (iv) CIBIL Letter dated 25.08.2007 signed and executed by defendants no. 2 to 5, as Guarantors;

- (v) CIBIL Letter dated 25.08.2007 signed and executed by defendant no. 6, as Guarantor;

- (vi) CIBIL Letter dated 25.08.2007 signed and executed by defendant no. 7, as Guarantor.

**Working Capital Facilities granted to Defendant no. 1 by "SBI Consortium" for Rs. 6.0 crore**

2.3 It is stated in the OA that the Defendant no. 1 duly availed the aforesaid loan / credit facilities granted to them by applicant no. 1 bank (SBI). It is also stated that as on 25.08.2007, the following Working Capital Facilities for Rs. 6.0 crore were being availed by defendant no. 1 from the "SBI Consortium", then consisting of Applicant Bank no. 1 (SBI), Applicant no. 3 Bank (UBI).

**Fund Based Facilities granted to Defendant no. 1 by "SBI Consortium"**

**Rs. in Crore**

<thead> <tr> <th rowspan="2">Name of the Bank</th> <th colspan="2">Working Capital Facilities</th> <th rowspan="2">Total</th> </tr> <tr> <th>Fund Based</th> <th>Non Fund Based</th> </tr> <tr> <th></th> <th>CC/OD Facilities</th> <th>LC/SBLC</th> <th></th> </tr> </thead> <tbody> <tr> <td>State Bank of India</td> <td>03.00</td> <td>--</td> <td>03.00</td> </tr> <tr> <td>Union Bank of .</td> <td>03.00</td> <td>--</td> <td>03.00</td> </tr> <tr> <td><b>Total</b></td>

**Total Consortium Limit : Rs. 06.00 Crore**

In consideration to the grant of the aforesaid credit facilities, the following consortium documents were signed and executed on 25.08.2007 by Defendant no. 1 as Borrower and Defendants no. 2 to 7, as Guarantors, in ![A solid green square graphic element.](bcad305b0ebc4fbc7904d50bdc6b1446_11_img.webp)

favour of Applicant Bank no. 1 / SBI and Applicant no. 3 Bank (UBI), for aggregate facilities of Rs. 6.0 Crore :-

- (i) Working Capital Consortium Agreement dated 25.08.2007 signed and executed by defendant no. 1;

- (ii) Joint Deed of Hypothecation dated 25.08.2007 signed by defendant no. 1;

- (iii) Deed of Guarantee dated 25.08.2007 executed by defendants no. 2 to 5;

- (iv) Deed of Guarantee dated 25.08.2007 executed by defendant no. 6;

- (v) Deed of Guarantee dated 25.08.2007 executed by defendant no. 7;

- (vi) Letter of Undertaking executed by Defendant no. 1 for creating a Second Charge on Fixed Assets dated 25.08.2007.

It is stated in the OA that "SBI Consortium" then consisting Applicant Bank no. 1 (SBI) and Applicant no. 3 Bank (UBI) entered into an Inter-se-Agreement dated 25.08.2007 regarding the sharing of the hypothecated assets of defendant no. 1.

**Term Loan or Letters of Credit Facilities granted to Defendant no. 1 by "SBI Consortium" for Rs. 121.52 crore**

2.4 It is stated in the OA that the Defendant no. 1 duly availed the aforesaid loan / credit facilities granted to them by applicant no. 1 bank (SBI). As on 25.08.2007, the following Term Loan or Letters of Credit Facilities for Rs. 121.52 crore were being availed by defendant no. 1 from the "SBI Consortium", then consisting of Applicant Bank no. 1 (SBI), Applicant no. 2 Bank (BOI), Applicant no. 3 Bank (UBI), State Bank of Patiala (SBP), State Bank of Travancore (SBT), State Bank of Bikaner and Jaipur (SBB).

**Non Fund Based Facilities granted to Defendant no. 1 by "SBI Consortium"**

**Rs. in Crore**

<thead> <tr> <th rowspan="3">Name of the Bank</th> <th colspan="2">Working Capital Facilities</th> <th rowspan="3">Total</th> </tr> <tr> <th>Fund Based</th> <th>Non Fund Based</th> </tr> <tr> <th>CC/OD Facilities</th> <th>LC/SBLC</th> </tr> </thead> <tbody> <tr> <td>State Bank of India</td> <td>--</td> <td>47.00</td> <td>47.00</td> </tr> <tr> <td>Bank of India</td> <td>--</td> <td>15.00</td> <td>15.00</td> </tr> <tr> <td>Union Bank of India</td> <td>--</td> <td>16.72</td> <td>16.72</td> </tr> <tr> <td>State Bank of Patiala</td> <td>--</td> <td>25.00</td> <td>25.00</td> </tr> <tr> <td>State Bank of Travancore</td> <td>--</td> <td>10.00</td> <td>10.00</td> </tr> <tr> <td>State Bank of Bikaner and Jaipur</td> <td>--</td> <td>7.80</td> <td>7.80</td> </tr> <tr> <td><b>Total</b></td> <td><b>--</b></td>

</tr> </tbody> </table>

**Total Consortium Limit : Rs. 121.52 Crore**

In consideration to the grant of the aforesaid credit facilities, the following consortium documents were signed and executed on 25.08.2007 by Defendant no. 1 as Borrower and Defendants no. 2 to 7, as Guarantors, in favour of Applicant Bank no. 1 / SBI, Applicant no. 2 Bank (BOI), Applicant no. 3 Bank (UB), SBP, SBT, SBBJ, for aggregate facilities of Rs. 121.52 Crore :-

- (i) Facility Agreement dated 25.08.2007 signed and executed by defendant no. 1;

- (ii) Joint Deed of Hypothecation dated 25.08.2007 signed by defendant no. 1;

- (iii) Deed of Guarantee dated 25.08.2007 executed by defendants no. 2 to 5;

- (iv) Deed of Guarantee dated 25.08.2007 executed by defendant no. 6;

- (v) Deed of Guarantee dated 25.08.2007 executed by defendant no. 7;

- (vi) Undertaking for Cost Overrun and Shortfall in Cash Accruals / Deposits dated 25.08.2007 executed by defendant no. 9, as Guarantor;

- (vii) Undertaking for Cost Overrun and Shortfall in Cash Accruals / Deposits dated 25.08.2007 executed by SBS Finance, as Guarantor;

- (viii) Undertaking for Cost Overrun and Shortfall in Cash Accruals / Deposits dated 25.08.2007 executed by defendant no. 13, as Guarantor;

- (ix) Undertaking for Non-Disposal of Shareholdings in Defendant no. 1 dated 25.08.2007 executed by defendant no. 9, as Guarantor;

- (x) Undertaking for Non-Disposal of Shareholdings in Defendant no. 1 dated 25.08.2007 executed by SBS Finance, as Guarantor;

- (xi) Undertaking for Non-Disposal of Shareholdings in Defendant no. 1 dated 25.08.2007 executed by defendant no. 13, as Guarantor;

(xii) Trust and Retention Agreement dated 25.08.2007 executed by the Defendant no. 1.

It is stated in the OA that "SBI Consortium" then consisting Applicant Bank no. 1 (SBI), Applicant no. 2 Bank (BOI), Applicant no. 3 Bank (UBI), SBP, SBT, SBBJ entered into an Inter-se-Agreement dated 25.08.2007 regarding the sharing of the hypothecated assets of defendant no. 1. It is further stated that Applicant no. 1 Bank (SBI) was designated as Security Agent of the "SBI Consortium" vide Security Agent Agreement dated 25.08.2007 signed by defendant no. 1, Applicant Banks no. 2 and 3, SBT, SBP in favour of Applicant No. 1 Bank (SBI).

2.5 It is further stated in the OA that the Defendant no. 1 duly availed the aforesaid loan / credit facilities granted to them by applicant no. 1 bank (SBI). As on 25.08.2007, the following Term Loan or Letters of Credit Facilities for Rs. 121.52 crore were being availed by defendant no. 1 from the "SBI Consortium", then consisting of Applicant Bank no. 1 (SBI), Applicant no. 2 Bank (BOI), Applicant no. 3 Bank (UBI), State Bank of Patiala (SBP), State Bank of Travancore (SBT), State Bank of Bikaner and Jaipur (SBBJ).