J.C. FLOWERS ASSET RECONSTRUCTION PVT LTD vs NAYATI HEALTHCARE AND RESEARCH PVT LTD AND ORS on 15 November 2025

**FINAL ORDER**

1. 1. The present Original Application was instituted on 11.11.2021 under Section 19 of the Recovery of Debts and Bankruptcy Act, 1993, seeking a composite final order in favour of the Applicant Bank for recovery of Rs. 218,96,22,175.72 (Rupees Two Hundred Eighteen Crore Ninety-Six Lakh Twenty-Two Thousand One Hundred Seventy-Five and Seventy-Two Paise) as on 13.10.2021 from Defendants No. 1 to 7, along with pendentite lite and future interest at the contractual rate of 10.5% per annum and an additional 2% interest until full realization. The Applicant, YES Bank Ltd., is a body corporate incorporated under the Companies Act, 1956 and a scheduled commercial bank under Section 5(c) of the Banking Regulation Act, 1949, having its registered office at YES Bank House, Off Western Express Highway, Santacruz East, Mumbai-400055, and a regional office at Max Towers, Sector-16B, Noida-201301. The bank is represented through its authorised representative, Mr. Mridul Jain, who has been duly empowered under a Power of Attorney dated 24.06.2021 to sign, verify and file the present application and undertake all acts necessary for its proper prosecution. During the pendency of the proceedings, the entire debt of YES Bank Ltd. was assigned in favour of J.C. Flowers Asset Reconstruction Private Limited by virtue of an Assignment Deed dated 16.12.2022, whereby all rights, title and interest of the original applicant stood transferred to the assignee company. In view of the law laid down by the Hon'ble DRAT in Appeal No. 330/2014, this Tribunal allowed the substitution application and, vide order dated 24.07.2023, directed that J.C. Flowers Asset Reconstruction Pvt. Ltd. be substituted as the Applicant in place of YES Bank Ltd.

2. It is pertinent here that this OA bearing no. 1016/2021 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 on 13.10.2022 and was numbered at TA-09/2022.

1. 3. The brief facts of the case are that Defendant No. 1 is a company incorporated under the Companies Act, 1956, with its registered office at Plot No. 1202, 1203 and 1204, DLF City, Phase-I, Sector-28, Gurgaon, Haryana-122002. Defendants No. 2 to 6 are personal guarantors who executed separate deeds of guarantee in favour of the Applicant Bank, confirming their unconditional and unequivocal liability to repay the facilities availed by Defendant No. 1. Defendant No. 4 was authorized through a Board Resolution dated 31.03.2017 to act as the authorised signatory of Defendant No. 1 for creating mortgage and executing security documents in connection with the credit facilities. Defendant No. 7 is the corporate guarantor that executed a corporate guarantee securing repayment of the sanctioned facilities, and its liability is joint, several and co-extensive with that of Defendant No. 1 and the personal guarantors. Defendant No. 8 is a company acting as the security trustee for the securities created by the borrowers and guarantors for the benefit of the Applicant Bank. Defendant No. 1 had approached the Applicant Bank seeking sanction of various credit facilities aggregating to Rs. 259.25 crore, including Term Loan-I, Term Loan-II, Letter of Credit limits, Buyer's Credit limits, Cash Credit limits and Bank Guarantee limits, for the purposes of refinancing, capital expenditure and working capital requirements relating to its hospital projects at Mathura and Agra. The proposal was appraised by the Bank, and after due verification, the Bank sanctioned and released the facilities through Facility Letter No. YBL/DEL/FL/2083/2016-17 dated 31.03.2017. The Board of Directors of Defendant No. 1 passed a resolution on 31.03.2017 authorizing the availing of these facilities and execution of all related documents, and also 

approved in its Extraordinary General Meeting held on 18.04.2017 the issuance and allotment of shares upon exercise of the Bank's conversion rights in an event of default. The sanction letter was duly accepted by Defendant No. 1, and an Addendum Facility Letter dated 31.03.2017 was also acknowledged, incorporating additional fees, commissions and special conditions precedent. Annexures A1, A1(a), A2 and A3.

1. 4. So far as, Despite due service of summons, Defendants No. 1 to 5 and 7 failed to appear or file their written statements within the stipulated period, and consequently, their right to file the written statement was closed vide order dated 18.11.2022. It is further stated that Defendant No. 6 is no more, and accordingly, proceedings against them were initiated in accordance with law.

2. 5. It is pertinent that Defendant No. 1 is concerned, the said Defendant is presently under NCLT pursuant to the order passed by the Ld. NCLT, Chandigarh dated 22.12.2023 in CP (IB) No. 147/Chd/Hry/2018 under Section 9 of the Insolvency and Bankruptcy Code, 2016, and therefore, no relief is being granted against Defendant No. 1 in the present proceedings. However, any amount realized by the Applicant Bank/FI in the said insolvency proceedings shall be duly adjusted in the present recovery proceedings.

3. 6. It is further stated that Defendant No. 1 approached the Applicant Bank/FI seeking sanction of various credit facilities aggregating to Rs. 259,25,00,000/- (Rupees Two Hundred Fifty Nine Crore Twenty Five Lakhs Only), comprising Term Loan-I of Rs. 114,25,00,000/- (Rupees One Hundred Fourteen Crores Twenty Five Lakhs Only) for refinancing existing bank loans utilized towards the capex of the 351-bed Hospital at Mathura (Hospital I); Term Loan-II of Rs. 110,00,00,000/- (Rupees One Hundred Ten Crores Only) for financing the ongoing capex, including but not limited to equipment purchases, for the 351- bed Hospital at Mathura (Hospital I) and the 32-bed Hospital at Agra (Hospital II); a Letter of Credit (Usance/Sight) ("ULC/SLC") facility of Rs. 50,00,00,000/- (Rupees Fifty Crores Only), being a sub-limit of Facility-2, for the purchase of plant, machinery, equipment, capital goods, consumables and other goods required in the ordinary course of business; a Letter of Undertaking for Buyer's Credit ("BC") of Rs. 50,00,00,000/- (Rupees Fifty Crores Only), also a sub-limit of Facility-2, for import of plant, machinery, equipment, capital goods and consumables; a Cash Credit ("CC") facility of Rs. 35,00,00,000/- (Rupees ThirtyFive Crores Only) for refinancing existing working capital limits and meeting additional working capital requirements; and a Financial/Performance Bank Guarantee ("FBG/PBG") facility of Rs. 5,00,00,000/- (Rupees Five Crores Only), being a sub-limit of the CC facility, for issuance of bank guarantees required for regular business needs, including those in favour of Customs, Government Authorities, EPCG and for issuing counter-guarantees to other banks.

7. Further stated that the proposal submitted by Defendant No. 1 was duly scrutinized by the Applicant Bank/FI, and upon satisfactory verification, the Bank/FI sanctioned and released the Term Loan Facilities and Cash Credit Facility in favour of Defendant No. 1 on the terms and conditions contained in the Facility Letter bearing reference No. YBL/DEL/FL/2083/2016-17 dated 31.03.2017. The sanctioned Facilities comprised:

- (i) Term Loan-1 of Rs. 114,25,00,000/- (Rupees One Hundred Fourteen Crores Twenty Five Lacs) for refinancing existing bank loans utilized towards the capex of Hospital I;

- (ii) Term Loan-2 of Rs. 110,00,00,000/- (Rupees One Hundred Ten Crores) for financing ongoing capex, including equipment purchase, in the Hospitals; 

- (iii) (iii) Letter of Credit (Usance/Sight) ("ULC/SLC"), being a sub-limit of Facility 2, amounting to Rs. 50,00,00,000/- (Rupees Fifty Crores) towards procurement of plant and machinery, equipment, capital goods, consumables and other goods required in the ordinary course of business;

- (iv) (iv) Letter of Undertaking for Buyer's Credit ("BC"), also a sub-limit of Facility 2, for Rs. 50,00,00,000/- (Rupees Fifty Crores) towards import of plant and machinery, equipment, capital goods, consumables and other business-related goods;

- (v) (v) Cash Credit ("CC") Facility of Rs. 35,00,00,000/- (Rupees Thirty Five Crores) for refinancing existing working capital limits and meeting additional working capital requirements; and

- (vi) (vi) Financial/Performance Bank Guarantee ("FBG/PBG"), being a sub-limit of the CC Facility, for Rs. 5,00,00,000/- (Rupees Five Crores) for issuance of Bank Guarantees for regular business needs, including in favour of Customs, Government Authorities, EPCG, and for issuance of counter-guarantees to other banks.

8. That the Defendant No. 1 company, after having been sanctioned various credit facilities by the Applicant Bank/FI vide Facility Letter No. YBL/DEL/FL/2083/2016-17 dated 31.03.2017, duly passed a Board Resolution on 31.03.2017 authorizing its Directors/authorized representatives to avail the said facilities and to execute all necessary deeds, documents and writings in this regard, followed by an Extra Ordinary General Meeting Resolution dated 18.04.2017 thereby approving the issuance and allotment of equity shares to the Applicant Bank/FI upon exercise of the option of conversion of the Term Loan and Cash Credit Facility in the event of default; that the Defendant No. 1 unequivocally accepted the terms and conditions of the aforesaid sanction letter, and further agreed to the Additional Facility Fees, Facility Management Fees, Additional Commission and Special Terms and Conditions as stipulated under the Addendum Facility Letter Ref. No. YBL/DEL/FL/2084/2016-17 dated 31.03.2017; that pursuant thereto, the Defendant No. 1 executed the Loan Agreements for Term Loan-I of Rs. 114,25,00,000/- and Term Loan-2 of Rs. 110,00,00,000/- both dated 17.04.2017, and also executed the Master Facility Agreement dated 17.04.2017 in favour of the Applicant Bank in respect of

- (i) Letter of Credit (ULC/SLC) of Rs. 50,00,00,000/-,

- (ii) (ii) Letter of Undertaking for Buyer's Credit of Rs. 50,00,00,000/-,

- (iii) (iii) Cash Credit Facility of Rs. 35,00,00,000/-, and

- (iv) (iv) Financial/Performance Bank Guarantee of Rs. 5,00,00,000/-, including all addendums/amendments thereto, thereby affirming its commitment to abide by and perform all obligations arising under the said agreements.

9. That the Defendant No. 1 executed Deeds of Undertaking for Subordination Loan on 17.04.2017 in favour of the Applicant Bank/FI pursuant to Facility Ref. No. YBL/DEL/FL/2083/2016-17 dated 31.03.2017 for the sanctioned facilities aggregating to Rs. 259,25,00,000/- (Rupees Two Hundred Fifty Nine Crores and Twenty Five Lacs), whereby Defendant No. 1 unconditionally and irrevocably agreed that the subordinated loan, including all interest and other monies due thereon, shall not be prepaid so long as any amounts remain due and payable to the Applicant Bank/FI and further undertook to arrange similar undertakings from the Company and/or individuals upon grant of such subordinated loan; that in continuation thereof, Defendant No. 1 also executed another Deed of Undertaking dated 17.04.2017 reaffirming its unconditional and irrevocable obligation not to prepay the said loan or any part thereof until full discharge of the outstanding facilities availed from the Applicant Bank/FI;

1. 10. That further, Defendants No. 2, 3 and 4 executed their respective Deeds of Undertaking on 17.04.2017 in favour of the Applicant Bank/FI pursuant to the same Facility Reference, wherein they jointly and severally undertook to infuse additional funds by way of equity, subordinate debt or deposit to meet any shortfall in debt servicing or project implementation, undertook that such sub-debt or deposits shall not create any charge or lien on the assets, and agreed not to demand repayment or withdraw such unsecured loans or deposits without prior written approval of the Applicant Bank/FI so long as any dues remain outstanding, while also acknowledging that the terms of the said deeds are specifically enforceable and that damages would not constitute an adequate remedy for breach, executed by Defendant No. 1 are annexed as Annexures A7 and A8, and those executed by Defendants No. 2, 3 and 4 are annexed as Annexures A9, A10 and A11 respectively.

2. 11. That Defendant No. 7 executed a Deed of Undertaking for Promoter Subordination of Loan on 17.04.2017 in favour of the Applicant Bank/FI pursuant to Facility Ref. No. YBL/DEL/FL/2083/2016-17 dated 31.03.2017 for the facility amount of Rs. 259,25,00,000/- (Rupees Two Hundred Fifty Nine Crores and Twenty Five Lacs), whereby Defendant No. 7 unconditionally and irrevocably agreed and undertook that the unsecured loan, including interest and all other monies due thereon, shall not be repaid so long as any amount remains outstanding by the Borrower to the Applicant Bank/FI in respect of the said Facility; that all unsecured loans/debentures/preference capital/ICDs/equity infused by the promoters shall remain subordinated and subservient to the Applicant Bank/FI's debt; that no repayment of such funds nor any dividend/interest or other payment to promoters/unsecured lenders shall be made during the currency of the Applicant Bank's Facility except for conversion of debentures/unsecured loans into other subordinate debt/equity/preferential instruments, which shall be permitted after intimation to the Lender, provided there is no net fund outflow and replacement funds are infused prior to such conversion.

1. 12. It is further stated that Defendant No. 1 executed Demand Promissory Notes dated 17.04.2017 in favour of the Applicant Bank in relation to (i) Term Loan-I of Rs. 114,25,00,000/- (Rupees One Hundred Fourteen Crores Twenty Five Lacs), (ii) Term Loan-II of Rs. 110,00,00,000/- (Rupees One Hundred Ten Crores), and (iii) Cash Credit Facility of Rs. 35,00,00,000/- (Rupees Thirty Five Crores), whereby Defendant No. 1 unequivocally promised to pay the aforesaid principal sums along with applicable interest and interest tax on demand. Copies of the Demand Promissory Notes for Term Loan-I (Annexure-A13), Term Loan-II (Annexure-A14), and Cash Credit Facility (Annexure-A15), all dated 17.04.2017, are annexed hereto.

2. 13. That the Defendant No. 1 executed Letters of Continuity for the Demand Promissory Notes dated 17.04.2017 in relation to (i) Term Loan-I of Rs. 114,25,00,000/- (Rupees One Hundred Fourteen Crores Twenty-Five Lacs), (ii) Term Loan-2 of Rs. 110,00,00,000/- (Rupees One Hundred Ten Crores), and (iii) Cash Credit ("CC") Facility of Rs. 35,00,00,000/- (Rupees Thirty-Five Crores) availed by it, thereby confirming and undertaking to pay the aforesaid principal amounts along with interest and interest tax, as applicable, on demand, the Letters of Continuity dated 17.04.2017 are annexed as (Annexures- A16), 

A17 and A18 respectively. Further, Defendant No. 1 executed an Undertaking-cum-Indemnity dated 17.04.2017 in favour of the Applicant Bank/FI, requesting that instructions in relation to the facilities may also be accepted by the Bank/FI through facsimile or electronic mail, is annexed as (Annexure- A19).

1. 14. Defendant No. 1 also executed a Deed of Undertaking dated 17.04.2017, whereby it unconditionally and irrevocably affirmed that the hospitals were free from litigation, that all requisite approvals had been obtained from competent authorities, that funds from the Applicant Bank/FI's loan would not be utilized for land acquisition or for any activity prohibited by RBI, and that the hospitals would at all times comply with National Building Code 2005 and National Disaster Management Guidelines.

2. 15. It was further undertaken that unsecured loans, debentures, preference capital, ICDs or equity infused by the promoters would remain subordinated to the Applicant Bank/FI's debt and would not be repaid, nor would any dividend, interest or other payment be made to promoter/holding company/unsecured lenders during the currency of the Applicant Bank/FI's facility, except for permitted conversions into subordinate debt/equity/preferential instruments with prior lender intimation and without net fund outflow.

3. 16. Defendant No. 1 additionally undertook not to raise any secured debt, other than vehicle loans, during the subsistence of the Applicant Bank/FI's facility without prior written consent, the Deed of Undertaking dated 17.04.2017 is annexed as (Annexure- A20).

4. 17. That the Defendant No. 7 executed a Non-Disposal Undertaking dated 17.04.2017 in favour of the Applicant Bank/FI in respect of the shares held by it, a copy thereof is annexed as Annexure A21; that the Defendant No. 1 thereafter passed a Shareholder Resolution dated 18.04.2017 under Section 62 of the Companies Act, 2013, resolving that the Equity Shares of Rs. 10/- each to be allotted upon conversion of the Facility would rank pari-passu with the existing Equity Shares and authorizing its directors/authorized representatives to execute all requisite documents and undertakings in relation to the credit facilities sanctioned by the Applicant Bank/FI, the said resolution being annexed as (Annexure- A22);

1. 18. That the Applicant Bank/FI subsequently issued Addendum Letter Ref. No. YBL/DEL/FL/0192A/2017-18 dated 09.05.2017 to the Facility Letters dated 31.03.2017, under which Defendant No. 1 agreed to repay Term Loan-I of INR 114,25,00,000/- in 56 quarterly instalments commencing from 01.06.2018, the addendum being annexed as (Annexure- A23); that another Addendum Letter Ref. No. YBL/DEL/FL/0982/2017-18 dated 09.09.2017 was issued modifying the Security for Term Loan-I, Term Loan-II, the Letter of Credit (Usance/Sight), and the Letter of Undertaking for Buyer's Credit, the terms whereof were duly accepted by Defendant No. 1 and a copy of which is annexed as (Annexure- A24); and that subsequently Defendant No. 1 executed a Deed of Hypothecation dated 12.09.2017 in favour of Defendant No. 8/Security Trustee creating an exclusive charge over all specific standard loan assets/book debts, present and future, in respect of Term Loan-I of Rs. 114.25 Crores, Term Loan-II of Rs. 110 Crores with sub-limits, and Cash Credit of Rs. 35 Crores with sub-limit, along with an exclusive charge over the entire current assets of Defendant No. 1, further agreeing to secure the due repayment of all facilities together with interest, charges, costs and other monies payable to the Applicant Bank/FI, the said Deed being annexed as (Annexure A25).

1. 19. That the Security Trustee Agreement was executed on 12.09.2017 between Defendant No. 1, the Applicant Bank/FI, and Defendant No. 8/Security Trustee in respect of the credit facilities availed by Defendant No. 1, namely (1) Term Loan-I of Rs. 114,25,00,000/- (Rupees One Hundred Fourteen Crores Twenty Five Lacs), (2) Term Loan-II of Rs. 110,00,00,000/- (Rupees One Hundred Ten Crores), (3) Buyer's Credit of Rs. 5 Crores, (4) Cash Credit of Rs. 35 Crores, and (5) Financial/Performance Bank Guarantee ("FBG/PBG") of Rs. 5 Crores, under which all parties agreed to be bound by the terms and conditions stipulated therein, and the said Agreement is annexed as (Annexure- A26).

2. 20. That subsequently, Defendants No. 2, 3, 4, 5, and 6 executed Deeds of Personal Guarantee dated 12.09.2017 in favour of Defendant No. 8/Security Trustee, unequivocally and unconditionally guaranteeing the repayment of the aforesaid Credit Facilities availed by Defendant No. 1, including Term Loan-I, Term Loan-II, Buyer's Credit, Cash Credit, and FBG/PBG limits, and accepted that their liability is joint, several, co-extensive, irrevocable, and continuing along with Defendant No. 1; the Deeds of Guarantee are annexed as (Annexure- A27) (Defendant No. 2), (Annexure- A28) (Defendant No. 3), (Annexure- A29) (Defendant No. 4), (Annexure- A30) (Defendant No. 5), and (Annexure- A31) (Defendant No. 6).

3. 21. That Defendant No. 7 executed a Deed of Corporate Guarantee dated 12.09.2017 in favour of Defendant No. 8/Security Trustee, unconditionally and unequivocally guaranteeing repayment of the Credit Facilities availed by Defendant No. 1, namely (1) Term Loan-I of Rs. 114,25,00,000/- (Rupees One Hundred Fourteen Crores Twenty Five Lacs), (2) Term Loan-II of Rs. 110,00,00,000/- (Rupees One Hundred Ten Crores), (4)

Buyer's Credit of Rs. 5,00,00,000/- (Rupees Five Crores), (5) Cash Credit of Rs. 35,00,00,000/- (Rupees Thirty Five Crores), and (6) Financial/Performance Bank Guarantee ("FBG/PBG") of Rs. 5,00,00,000/- (Rupees Five Crores), with the liability of Defendant No. 7 being joint, several, co-extensive, irrevocable, and continuing along with Defendant No. 1. Copy of the Corporate Guarantee dated 12.09.2017 is annexed as (Annexure- A32).

1. 22. Further, Defendant No. 1 (through its authorized signatory, Defendant No. 3) and Defendant No. 5 executed a Declaration dated 04.10.2017 in favour of the Applicant Bank/FI for creation of mortgage by deposit of original title deeds of immovable properties, namely (i) Property No. 1 measuring 13,002.66 sq. mtr and (ii) Property No. 2 measuring 20,000 sq. mtr, both forming part of Khasra No. 11, Mauza Jai Singh Pura (Bangar), Tehsil & District Mathura, Uttar Pradesh, towards securing Term Loan-I and Term Loan-II aggregating to Rs. 224,25,00,000/- (Rupees Two Hundred Twenty Four Crores and Twenty Five Lacs), copy whereof is annexed as (Annexure- A33).

2. 23. Similarly, Defendant No. 1 (through its authorized signatory, Defendant No. 3) and Defendant No. 6 executed another Declaration dated 04.10.2017 for creation of mortgage by deposit of original title deeds of immovable property measuring 2,669.70 sq. mtr being part of Khasra Nos. 14, 79Ka and 80, Mauza Jai Singh Pura (Bangar), Tehsil & District Mathura, Uttar Pradesh, securing the same loan facilities aggregating to Rs. 224,25,00,000/-, is annexed as (Annexure A34).

3. 24. That the Memorandum of Entry dated 05.10.2017 for creation of mortgage by deposit of title deeds by Defendants No. 1 and 6 was duly recorded by Defendant No. 8 on behalf of the Applicant Bank/FI to secure the credit facilities sanctioned to Defendant No. 1, namely Term Loan-I of Rs. 114,25,00,000/- (Rupees One Hundred Fourteen Crores Twenty-Five Lacs) and Term Loan-2 of Rs. 110,00,00,000/- (Rupees One Hundred Ten Crores), aggregating to Rs. 224,25,00,000/- (Rupees Two Hundred Twenty-Four Crores and Twenty-Five Lacs). The said memorandum records the deposit of original title deeds pertaining to the mortgaged immovable property more fully described in Schedule-II, being land measuring 2669.70 sq. mtr, forming part of Khasra Nos. 14, 79Ka and 80, situated at Mauza Jai Singh Pura (Bangar), Tehsil & District Mathura, Uttar Pradesh, owned by Shri Indrajit Singh and leased to Nayati Healthcare & Research Private Limited, along with the documents listed in Schedule-III, namely: (i) Original Lease Deed dated 02.02.2017 executed by Shri Indrajit Singh in favour of M/s Nayati Healthcare & Research Private Limited, annexed as Annexure A-35; (ii) latest certified copy of Khatoni 1424-1449F showing ownership of Shri Indrajit Singh, annexed as Annexure A-36; (iii) certified copy of the Revenue Sizra Map, annexed as Annexure A-37; and (iv) certified copy of NA Order No. 146 dated 02.04.2012, annexed as Annexure A-38. A copy of the Memorandum of Entry dated 05.10.2017 executed by Defendant Nos. 1 and 6 is annexed as (Annexure A-39).

25. That the Memorandum of Entry dated 05.10.2017 for creation of mortgage by deposit of title deeds by Defendants No. 1 and 5 was duly recorded by Defendant No. 8 on behalf of the Applicant Bank to secure the credit facilities sanctioned to Defendant No. 1, comprising (i) Term Loan-I of Rs. 114,25,00,000/- (Rupees One Hundred Fourteen Crores Twenty Five Lacs) and (ii) Term Loan-II of Rs. 110,00,00,000/- (Rupees One Hundred Ten Crores), aggregating to Rs. 224,25,00,000/- (Rupees Two Hundred Twenty Four Crores and Twenty Five Lacs), against which the said defendants deposited the title deeds pertaining to the immovable properties described in Schedule II, namely, Property No. 1 measuring 13,002.66 sq. mtrs. forming part of Khasra No. 11, Mauza Jai Singh Pura (Bangar), Tehsil & District Mathura, Uttar Pradesh, owned by Shri Kunwar Narendra Singh @ Narendra Singh and leased to Nayati Healthcare & Research Pvt. Ltd., and Property No. 2 measuring 20,000 sq. mtrs. forming part of the same Khasra and Mauza, similarly owned and leased; and the title deeds deposited as detailed in Schedule III include, for Property No. 1, the Original Lease Deed dated 28.04.2017, latest certified copy of Khatoni 1424-1429F, certified Revenue *Sizra* Map, and NA Order No. 148 dated 02.05.2013, and for Property No. 2, the Original Lease Deed dated 15.05.2013, latest certified copy of Khatoni 1424-1429F, certified Revenue *Sizra* Map, NA Order No. 148 dated 02.05.2013, along with latest electricity bill and property tax receipts in favour of the lessee, and the copy of the Memorandum of Entry dated 05.10.2017 executed by Defendant Nos. 1 and 5 is annexed as Annexure- A-44.

1. 26. That Defendant No. 2 executed a Declaration dated 06.10.2017 in favour of the Applicant Bank/FI for creation of mortgage by deposit of original title deeds in respect of (i) Property No. 3 – Freehold apartment bearing No. 901, Block No. 21, 9th Floor, situated at Heritage City, Village Sarhau, Tehsil and District Gurgaon, Haryana, admeasuring 2829.74 sq. ft. along with terrace area admeasuring 467.80 sq. ft., owned by Smt. Niira Radia, and (ii) Property No. 4 – Residential plot bearing No. 1582-P, Sector-57, admeasuring 420 sq. mtrs., Gurgaon, Haryana, owned by Smt. Niira Radia, towards securing the credit facilities granted to Defendant No. 1 under Term Loan-I of Rs. 114,25,00,000/- (Rupees One Hundred Fourteen Crores Twenty Five Lacs) and Term Loan-II of Rs. 110,00,00,000/- 

(Rupees One Hundred Ten Crores), aggregating to Rs. 224,25,00,000/- (Rupees Two Hundred Twenty Four Crores and Twenty Five Lacs). The copy of the Declaration executed by Defendant No. 2 is annexed as (Annexure-A-45). Likewise, Defendant No. 4 executed a Declaration dated 06.10.2017 in favour of the Applicant Bank/FI for creation of mortgage by deposit of original title deeds in respect of (i) Property No. 5 – Freehold apartment bearing No. 302, Block No. 1, Third Floor, admeasuring 2815 sq. ft. along with terrace area admeasuring 183.91 sq. ft., situated at Heritage City, near DLF Phase-II, Mehrauli–Gurgaon Road, Village Sirhail, Tehsil and District Gurgaon, Haryana, along with car parking, owned by Smt. Karuna Menon, and (ii) Property No. 6 – Freehold apartment bearing No. 902, Block No. 24, 9th Floor, Phase-II, Heritage City, Village Sarhail, Tehsil and District Gurgaon, Haryana, admeasuring 4722.76 sq. ft. along with terrace area admeasuring 646.46 sq. ft., towards securing the aforesaid Term Loan-I and Term Loan-II aggregating to Rs. 224,25,00,000/-. The copy of the Declaration executed by Defendant No. 4 dated 06.10.2017 is annexed as (Annexure-A-46).

27. That the memorandum of entry dated 09.10.2017 for creation of mortgage by deposit of title deeds by Defendant No. 2 was duly recorded by Defendant No. 8 on behalf of the Applicant Bank/FI to secure the credit facilities sanctioned to Defendant No. 1 in relation to Term Loan-I of Rs. 114,25,00,000/- (Rupees One Hundred Fourteen Crores Twenty Five Lacs) and Term Loan-II of Rs. 110,00,00,000/- (Rupees One Hundred Ten Crores), aggregating to Rs. 224,25,00,000/- (Rupees Two Hundred Twenty Four Crores and Twenty Five Lacs). The immovable properties mortgaged by Defendant No. 2 comprise (i) Property No. 3- a freehold apartment bearing No. 901, Block No. 21, 9th Floor, Heritage City, Gurgaon, Haryana, admeasuring 2829.74 sq. ft. along with terrace area of 467.80 sq. ft., situated at Village Sarhail, Tehsil and District Gurgaon, owned by Smt. Niira Radia, and (ii) Property No. 4- a residential plot bearing No. 1582-P, Sector-57, admeasuring 420 sq. mtrs., Gurgaon, Haryana, also owned by Smt. Niira Radia. The title deeds deposited for Property No. 3 include the Original Sale Deed dated 02.07.2008 (Annexure A-47), Original Sale Deed dated 03.06.2005 (Annexure A-48), Original Conveyance Deed dated 25.06.2003 (Annexure A-49), Original Builder Buyer Agreement dated 04.10.2002 (Annexure A-50), Original Allotment Letter dated 30.09.2002 (Annexure A-51), Original Possession Letter dated 04.10.2002 (Annexure A-52), certified copy of Possession Certificate (Annexure A-53), utility bills, identity and PAN proof of the mortgagor, and ROC documents of the borrower company. The title deeds for Property No. 4 include Original Conveyance Deed dated 25.08.2015 (Annexure A-54), Original Allotment Letter dated 13.01.2005 (Annexure A-55), Original Possession Letter dated 18.08.2015 (Annexure A-56), certified copy of the Certificate of Incorporation of the borrower, current utility bills, identity and PAN proof of the mortgagor, and the original written permission issued by HUDA dated 23.08.2017 for creation of equitable mortgage in favour of Vistra ITCL (India) Ltd. The copy of the memorandum of entry dated 09.10.2017 pertaining to Defendant No. 2 is annexed as (Annexure A-57).

28. That the memorandum of entry dated 09.10.2017 for creation of mortgage by deposit of title deeds by Defendant No. 4 was duly recorded by Defendant No. 8 on behalf of the Applicant Bank/FI to secure the credit facilities sanctioned to Defendant No. 1 in relation to (i) Term Loan-I of Rs. 114,25,00,000/- (Rupees One Hundred Fourteen Crores Twenty Five Lacs) and (ii) Term Loan-2 of Rs. 110,00,00,000/- (Rupees One Hundred Ten Crores), aggregating to Rs. 224,25,00,000/- (Rupees Two Hundred Twenty Four Crores and Twenty Five Lacs). The immovable properties offered as security and the title documents deposited by Defendant No. 4 included Property No. 5, being a freehold apartment bearing No. 302, Block No. 1, third floor, admeasuring 2815 sq. ft. along with terrace area admeasuring 183.91 sq. ft., situated at Heritage City, near DLF Phase-II, Mehrauli-Gurgaon Road, Village Sirhau, Tehsil & District Gurgaon, Haryana, along with car parking space; and Property No. 6, being a freehold apartment bearing No. 902, Block No. 24, 9th Floor, Phase-II at Heritage City, Gurgaon, Haryana, admeasuring 4722.76 sq. ft. along with terrace area admeasuring 646.46 sq. ft., situated at Village Sarhau, Tehsil & District Gurgaon, Haryana. The title documents deposited for creating the mortgage included, inter alia, for Property No. 5: the Original Conveyance Deed dated 19.12.2003, Original Builder Buyer Agreement dated 18.12.2003, certificate of incorporation, utility bills, identity and PAN proofs of the mortgagor, and ROC records; and for Property No. 6: the Original Sale Deed dated 26.06.2008, Original Conveyance Deed dated 24.03.2006, Builder Buyer Agreement, Possession Letter dated 07.03.2006, certificate of incorporation, utility bills, identity and PAN proofs of the mortgagor, and ROC records. The copy of the memorandum of entry dated 09.10.2017 pertaining to the mortgage created by Defendant No. 4 is annexed as (Annexure A-63).

1. 29. That on 22.11.2017, Defendant No. 7 executed an Unattested Deed of Pledge in favor of Defendant No. 8 to comply with one of the conditions of the agreement, thereby securing the Applicant Bank by creating a pledge over the securities held by Defendant No. 7, inter alia, in respect of the credit facilities availed by Defendant No. 1, namely: (1) Term Loan-I of Rs.


84,25,00,000/-, (2) Term Loan-II of Rs. 110,00,00,000/-, (3) Letter of Credit of Rs. 50,00,00,000/-, (4) Letter of Undertaking for Buyer's Credit of Rs. 50,00,00,000/-, (5) Term Loan (Andhra Bank) of Rs. 30,00,00,000/-, (6) Term Loan (Oriental Bank of Commerce) of Rs. 25,00,00,000/-, and (7) Term Loan (Oriental Bank of Commerce) of Rs. 15,00,00,000/-, the Unattested Deed of Pledge dated 22.11.2017 executed by Defendant No. 7 is annexed as (Annexure A-64).

30. That on 22.11.2017, Defendant No. 7 executed a Power of Attorney in favor of Defendant No. 8/Security Trustee, by which Defendant No. 7 absolutely, irrevocably, and unconditionally nominated, constituted, and appointed the Pledgee and/or the Receiver and/or any principal officers and/or any other person(s) that may be appointed by the Pledgee, as its true and lawful attorney to act in its name and on its behalf in all matters relating to the Deed of Pledge executed by Defendant No. 7 (Annexure A65). Further, Defendant No. 8/Security Trustee, vide its letter dated 23.10.2017, confirmed to the Applicant Bank/FI that it was holding all security documents duly executed by Defendant Nos. 1 to 7, including Security Trustee Documents, on behalf of the Applicant Bank (Annexure A66).

31. In addition, the Ministry of Corporate Affairs, Government of India, issued Certificates of Registration in relation to the creation of charge over hypothecated and secured assets in favor of the Applicant Bank with respect to facilities aggregating Rs. 224,25,00,000/- (Rupees Two Hundred Twenty Four Crores and Twenty Five Lacs), and the same were duly registered with the Office of the Registrar of Companies pursuant to Sections 77(1), 78, and 79(b) of the Companies Act, 2013, and relevant sub-rules of the Companies (Registration of Charges) Rules, 2014 (Annexures A67 and A68).

32. That the Defendant No. 8, on behalf of the Applicant Bank, recorded the creation of charges with the Central Registry of Securitization Assets and Reconstruction and Security Interest of India (CERSAI) on 23.10.2017 over the movable and fixed assets (present and future, excluding vehicles already charged to financiers and any equipment funded by other financiers) of the Hospitals at Mathura and Agra, by way of hypothecation on all current assets, as evidenced by the acknowledgment report annexed as Annexure A69, and further recorded charges over specific immovable properties, including land and buildings measuring 20,000 sq. mtrs. and 13,002.66 sq. mtrs. owned by Shri Kunwar Narendra Singh and leased to Nayati Healthcare & Research Pvt. Ltd. (Annexures A70 and A71), property measuring 2,669.70 sq. mtrs. owned by Shri Indrajit Singh (Annexure A72), freehold apartments and plots in Heritage City, Gurgaon owned by Smt. Karuna Menon and Smt. Niira Radia (Annexures A73 to A76), and confirmed by Defendant No. 8 via letters dated 21.12.2017 regarding registration of Pledge of 2,04,00,000 shares of Defendant No. 7 (Annexure A77), and the Ministry of Corporate Affairs issued certificates of registration of charges over the securities of Defendant No. 7 on 20.12.2017 (Annexure A78), while the shares were recorded with National Securities Depository Limited as security for the facilities availed by Defendant No. 1 (Annexure A79). Additionally, the Applicant Bank issued Addendum Letters dated 29.12.2017 (Annexures A80 and A81) renewing and extending the validity of revolving and non-revolving facilities and recording changes in security for Term Loan I and Term Loan II, and Defendant No. 8 confirmed custody of the original unattested Deed of Pledge dated 22.11.2017 and notarized Power of Attorney of Defendant No. 1 (Annexure A82), while Defendant No. 7 subsequently pledged additional shares in favor of Defendant No. 8 via letters dated 16.02.2018 and 30.04.2018 (Annexure A83).

33. That Defendant No. 7, vide its letter dated 30.04.2018, pledged additional shares of Defendant No. 1 in favour of Defendant No. 8, is annexed hereto as (Annexure A84).

34. Further, Defendant No. 8, vide its letter dated 26.03.2018, confirmed that the original deeds and documents executed post down-selling of loan by the Applicant Bank to the new lenders, namely Oriental Bank of Commerce, Andhra Bank, and South Indian Bank, are in its custody, a copy of which is annexed as Annexure A85. The Applicant Bank, by its Addendum Facility Letter Ref No. YBL/DEL/FL/0920/2018-19 dated 04.09.2018, sanctioned Term Loan-IV (TL-IV) facility of Rs. 25,00,00,000/- (Rupees Twenty-Five Crores), is annexed as (Annexure A86). Defendant No. 1 executed Loan Agreements for Term Loan-IV dated 10.09.2018 agreeing to abide by the terms and conditions thereof (Annexure A87).

35. That, Defendants No. 2, 3, and 4 executed Deeds of Undertaking on 10.09.2018 in favour of the Applicant Bank/FI for the said Term Loan-IV, unconditionally and irrevocably agreeing to bring in additional funds by way of equity, sub-debt, or deposit to meet any shortfall in debt servicing, without creating any charge or lien on the assets, subject to the Bank's approval, enforceable by specific performance, copies of which are annexed as (Annexures A88 (Defendant No. 2), A89 (Defendant No. 3), and A90 (Defendant No. 4).

36. Further, Defendant No. 1 executed an undertaking-cum-indemnity on 10.09.2018, requesting the Bank to allow instructions via facsimile or electronic mail (Annexure A91). Additionally, Defendant Nos. 1 and 7 executed deeds of undertaking for subordination of loan dated 10.09.2018, copies of which are annexed as (Annexure A92) (Defendant No. 1) and (Annexure A93) (Defendant No. 7).

1. 37. That Defendant No. 1, vide Deed of Undertaking dated 10.09.2018, unconditionally and irrevocably undertook in favour of the Applicant Bank/FI, inter alia, that the hospitals were free from all litigations, all necessary approvals from the concerned authorities had been obtained, funds from the YBL loan would not be utilized for land acquisition or any activity prohibited or restricted by the RBI, the hospitals would comply at all times with the National Building Code 2005 and National Disaster Management Guidelines, and no additional secured debt (except vehicle financing) would be incurred during the tenor of the Applicant Bank/FI facility without its prior approval (Annexure A94).

2. 38. Further, Defendant No. 1 executed a Demand Promissory Note dated 10.09.2018 in relation to Term Loan-IV of Rs.25,00,00,000/- (Rupees Twenty-Five Crores), promising to pay the principal sum along with interest and applicable interest tax on demand (Annexure A95), and also executed a Letter of Continuity in relation thereto (Annexure A96). Thereafter, the Applicant Bank, vide Addendum Letters dated 30.10.2018, 14.03.2019 (Ref. YBL/DEL/FL/1316/2018-19, YBL/DEL/FL/2107/2018-19, and YBL/DEL/FL/2108/2018-19), modified, revised, and added certain conditions to the earlier sanction letters, all of which were accepted by Defendant No. 1 (Annexures A97-A99). Subsequently, Defendant No. 1 executed a Declaration dated 22.03.2019 in favour of Defendant No. 8, handing over title deeds of the land and building measuring 1840.22 sq. mtrs and 3563.29 sq. mtrs respectively, situated at House (Hospital) No. 43/497, Khasra No. 672, Kakretha Mustkil, Hari Parwat, Tehsil & District Agra, for creation of an exclusive equitable mortgage to secure Term Loan-IV, and the memorandum of entry for deposit of title deeds was recorded by Defendant No. 8 for the benefit of the Applicant Bank (Annexures A100). The particulars of the immovable properties along with the corresponding title documents deposited with Defendant No. 1 are set out in Schedule I and Schedule II, respectively, are mentioned in the para No. 5.69 of (TA) and a copy of the memorandum of entry dated 22.03.2019 is annexed hereto as (Annexure A101).

1. 39. That the Security Trustee Agreement dated 22.03.2019 was executed between Defendant No. 1, the Applicant Bank/Bank/FI, and Defendant No. 8 in relation to Term Loan IV of Rs. 25,00,00,000/- (Rupees Twenty-Five Crores) under the Addendum to Credit Facility Letter Ref. No. YBL/DEL/FL/0920/2018-19 dated 04.09.2018, whereby the parties agreed to abide by all the terms and conditions of the said Agreement (Annexure A102). Defendant No. 8, as Security Trustee, vide its letter dated 12.04.2019, confirmed to the Applicant Bank/FI that it was holding the security documents, including the Security Trustee Agreement, Memorandum of Entry, and Declaration-cum-Undertaking, all dated 22.03.2019, on behalf of the Applicant Bank (Annexure A103).

2. 40. Further, the Ministry of Corporate Affairs, Government of India, issued a Certificate of Registration dated 29.03.2019 for the creation of charge over the secured assets in favor of the Applicant Bank in respect of the said facility, which was registered with the Registrar of Companies pursuant to Sections 77(1) and 78 of the Companies Act, 2013, and Rule 6(1) of the Companies (Registration of Charges) Rules, 2014 (Annexure A104). The Defendant No. 8 also recorded the creation of charge with the Central Registry of Securitization Assets and Reconstruction and Security Interest of India (CERSAI) on 12.04.2019 in respect of the immovable property comprising House (Hospital) No. 43/497, Khasra No. 672, land area 1840.22 sq.mtrs and total built-up area 3563.29 sq.mtrs, situated at KakrethaMustkil, Hariparwat, Tehsil & District Agra (Annexure A105). Additionally, Defendant Nos. 2, 3, and 4 executed Deeds of Guarantee dated 06.05.2019 in favor of Defendant No. 8 (on behalf of the Applicant Bank/FI), unconditionally and irrevocably guaranteeing repayment of Term Loan IV of Rs. 25,00,00,000/- (Rupees Twenty-Five Crores), with their liability being joint, several, and co-extensive with that of Defendant No. 1, and the guarantees being continuing, irrevocable, and enforceable jointly and severally (Annexures A106–A108).

1. 41. That Defendant No. 7 executed a Deed of Corporate Guarantee dated 06.05.2019 in favor of Defendant No. 8, on behalf of the Applicant Bank, thereby unconditionally and irrevocably guaranteeing repayment of Term Loan IV of Rs. 25,00,00,000/- (Rupees Twenty-Five Crores) under the Addendum to Credit Facility Letter Ref. No. YBL/DEL/FL/0920/2018-19 dated 04.09.2018, with its liability being joint, several, and co-extensive with that of Defendant No. 1, and the guarantee being continuing, irrevocable, and enforceable jointly and severally (Annexure A109). Defendant No. 8, as Security Trustee, vide its letter dated 23.05.2019, confirmed that it was holding the security documents executed by Defendants No. 2, 3, 4, and 7 on behalf of the Applicant Bank (Annexure A110).

2. 42. Further, Defendant No. 1 executed the Amended and Restated Master Facility Agreement dated 26.06.2019 under Facility Letter Ref. No. YBL/DEL/FL/2107/2018-19 dated 14.03.2019, including all addendums and amendments thereto with respect to the Master Facility Agreement dated 17.04.2017 (Annexure A111), and also executed the Supplemental Master Facility Agreement dated 26.06.2019 under the same Facility Letter, incorporating all amendments and addendums thereto (Annexure A112). Additionally, Defendant No. 1 executed an Undertaking-cum-Indemnity in favor of the Applicant Bank on 26.06.2019, requesting the Applicant Bank to permit the customer to provide instructions in connection with the facility via facsimile transmission or electronic mail (Annexure A113).

1. 43. That Defendant No. 1 executed a Demand Promissory Note dated 26.06.2019 in favour of the Applicant Bank/FI for Rs. 40,00,00,000/- (Rupees Forty Crores) under Facility Letter Ref. No. YBL/DEL/FL/2107/2018-19 dated 14.03.2019, undertaking to repay the principal along with interest thereon (Annexure A114). Further, Defendant No. 1 executed a Deed of Undertaking dated 27.06.2019 in favour of the Applicant Bank/FI, unconditionally and irrevocably undertaking, inter alia, that the hospitals are free from all litigations, all necessary approvals from the concerned authorities for the hospitals have been obtained, funds from the YBL loan would not be used for land acquisition or any activity prohibited by the RBI, the hospitals would comply at all times with the National Building Code 2005 and National Disaster Management Guidelines, no additional secured debt (except vehicle financing) would be incurred without prior approval of the Applicant Bank/FI, the Applicant Bank/FI would have the first right of refusal for funding of the upcoming Amritsar Hospital or any other hospital of the group, prior approval would be required for any change in shareholding, ownership, or management of the borrower, no dividend would be paid without the Bank/FI's permission, and all unsecured loans, debentures, preferential capital, or equity provided by the promoters would remain subordinated to the Applicant Bank/FI's debt and would not be repaid during the currency of the Bank's facility except as permitted (Annexure A115).

44. In addition, Defendant No. 1 executed Deeds of Undertaking dated 27.06.2019 for Loan Subordination- Present, Future, and Past, in favour of the Applicant Bank/FI pursuant to the same Facility Letter, unconditionally and irrevocably agreeing that the subordinated loans, including interest and any other monies due thereon, shall not be prepaid so long as any moneys remain due to the Applicant Bank/FI under the facility (Annexures A116, A117 & A118).

45. That Defendants No. 2, 3, and 4 executed Deeds of Undertaking all dated 27.06.2019 in favour of the Applicant Bank/FI pursuant to Facility Letter Ref. No. YBL/DEL/FL/2107/2018-19 dated 14.03.2019 for Rs. 40,00,00,000/- (Rupees Forty Crores) availed by the Defendant, whereby they unconditionally and irrevocably agreed and undertook that the subordinated loan, including interest and any other monies due thereon, shall not be prepaid so long as any moneys remain due by the borrower to the Applicant Bank under the facility (Annexures A119-A121).

46. That Defendant No. 1 executed a Supplemental Deed of Hypothecation dated 28.06.2019 in favour of Defendant No. 8, acting as Security Trustee on behalf of the Applicant Bank/FI, creating a hypothecation over the entirety of its current assets, including present and future receivables, in accordance with the manner provided in the Facility Letter dated 14.03.2019. The short particulars of the hypothecated movable assets are set out in Schedule I, which covers the whole of the current assets, including all present and future receivables of the Borrower, as stipulated in the Facility Letter dated 14.03.2019.

<table border="1"> <thead> <tr> <th>Name of Lender</th> <th>Additional Facility/ Enhanced Facility</th> </tr> </thead> <tbody> <tr> <td>Yes Bank Ltd</td> <td>Cash Credit of Rs. 10,00,00,000/- (Rs. Ten Crores)</td> </tr> </tbody> </table>


<table border="1"> <tr> <td></td> <td>Only)</td> </tr> </table>

Existing and proposed sharing pattern between lenders as follow:

<table border="1"> <thead> <tr> <th>Lenders</th> <th>Existing Credit Amount (IN R)</th> <th>Cash Facility</th> <th>Proposed Credit Amount (IN R)</th> <th>Cash Facility</th> </tr> </thead> <tbody> <tr> <td>Yes Bank Ltd</td> <td>30,00,00,000</td> <td></td> <td>40,00,00,000</td> <td></td> </tr> <tr> <td>Oriental Bank of Commerce</td> <td>5,00,00,000</td> <td></td> <td>5,00,00,000</td> <td></td> </tr> </tbody> </table>

That under the said agreement, Defendant No. 1 agreed to hypothecate the hypothecated assets in favour of the Hypothecatee as security for the due and prompt repayment of all facilities granted by the Applicant Bank, together with all interest, additional interest, default interest, commission, costs, charges, expenses, and all other monies due and payable by Defendant No. 1, the Deed of Hypothecation dated 28.06.2019 is annexed as (Annexure A122).

47. That Defendants No. 2, 3, and 4 executed Supplemental Deeds of Guarantee all dated 28.06.2019 in favour of Defendant No. 8, on behalf of the Applicant Bank/FI, thereby unconditionally and irrevocably guaranteeing repayment of Rs. 10,00,00,000/- (Rupees Ten Crores), with their liability being joint, several, and co-extensive with Defendant No. 1, and the guarantees being continuing, irrevocable, and enforceable jointly and severally (Annexures A123-A125). Further, Supplemental Security Trustee Agreements were executed on 28.06.2019 between Defendant No. 1, the Applicant Bank/Lender Bank 1, South Indian Bank/Lender Bank 2, Andhra Bank/Lender Bank 3, Oriental Bank of Commerce/Lender Bank 4, and Defendant No. 8, in respect of various Novation-cum-Assignment agreements executed between the Applicant Bank, the respective banks, and Defendant No. 1 for amounts ranging from Rs. 5 Crores to Rs. 30 Crores, including enhancement of Cash Credit Facility of Rs. 10 Crores vide Facility Letter dated 14.03.2019 (Annexure A126).

48. Additionally, Defendant No. 1 executed an Amended and Restated Deed of Hypothecation dated 10.10.2019 in favour of Defendant No. 8/Security Trustee, creating hypothecation over the entirety of its current assets, including present and future receivables, and movable fixed assets, both present and future, of its hospitals (i.e., 351-bed hospital at Mathura and 32-bed hospital at Agra), including equipment, plant & machinery, machinery spares, tools, accessories, air handling units, generators, IT equipment and software, furniture, fixtures, and all other movable assets, whether now existing, lying loose or in cases, or to be acquired in the future, in or about the Borrower's premises, factories, godowns, or elsewhere, as security for the due payment, repayment, or reimbursement of all obligations under the facilities granted to the Borrower, subject to prior charges on stocks of raw materials, consumables, and other current assets required for hospital operations in the ordinary course of business (Schedule I).

<table border="1"> <thead> <tr> <th>Facility</th> <th>Facility Amount(INR)</th> <th>Security attached</th> </tr> </thead> <tbody> <tr> <td>Cash Credit &amp; sub-limit</td> <td>450,000,000</td> <td>Second Hypothecated Property</td> </tr> <tr> <td>Term Loan-1</td> <td>1,142,500,000</td> <td>First Hypothecated Property &amp; Third Hypothecated Property</td> </tr> </tbody> </table>

<table border="1"> <tbody> <tr> <td>Term Loan-2 sub-limits</td> <td>1,100,000,000</td> <td>First Hypothecated Property &amp; Third Hypothecated Property</td> </tr> </tbody> </table>

\*The Cash Credit limit was enhanced by INR 10 crore (Indian Rupees Ten Crore only) pursuant to the Addendum Facility Letter YBL/DEL/FL/2107/2018-19 dated 14th March 2019."

SCHEDULE II

<table border="1"> <thead> <tr> <th>Facility</th> <th>Facility (INR)</th> <th>Amount</th> <th>Security</th> </tr> </thead> <tbody> <tr> <td>Term Loan I</td> <td>11,42,500,000</td> <td></td> <td>As Stated as Schedule I</td> </tr> <tr> <td>Term Loan II</td> <td>1,100,000,000</td> <td></td> <td>As Stated as Schedule I</td> </tr> <tr> <td>Inland (I-C) /<br/>Foreign (LC) /<br/>Usance Sight LC /<br/>(SBLC) / (FBG) for<br/>(BC), forming a<br/>sub-limit of Term<br/>Loan-111 (sub-limit<br/>of Facility 2).</td> <td>500,000,000</td> <td></td> <td>As Stated as Schedule I</td> </tr> <tr>

<td>450,000,000</td> <td></td> <td>As Stated as Schedule I</td> </tr> <tr> <td>Financial Performance BG<br/>(sub-limit of CC)</td> <td>50,00,00,000</td> <td></td> <td>As Stated as Schedule I</td> </tr> </tbody> </table>

49. That Under the said agreement, Defendant No. 1 agreed to hypothecate the specified assets in favor of the Hypothecatee as security for the due and prompt repayment of the facilities granted by the Applicant Bank, together with all interest, additional interest, default interest, commission, costs, charges, expenses, and all other monies due and payable by Defendant No. 1, as evidenced by the Deed of Hypothecation dated 10.10.2019 (Annexure A127).

50. Further, Defendant No. 8, vide its letter dated 01.11.2019, confirmed that the original deeds and documents executed by the Defendants post the enhancement of the Cash Credit Facility by Rs. 10 Crores in favor of Defendant No. 1 are in its custody, holding the same for and on behalf of the Applicant Bank (Annexure A128). The Ministry of Corporate Affairs, Government of India, issued a Certificate of Registration in relation to the creation of a first pari passu charge over movable fixed assets (present and future, except vehicles already charged to financiers and any equipment funded by other financiers in the future) of the Hospital, as well as the DSRA for one quarter, as security for TL-I and TL-II facilities, including sub-limits, and a first pari passu charge over current assets (present and future), including receivables of the Hospital for the Cash Credit Facility, including the enhanced CC facility of Rs. 10 Crores, as created vide the Amended and Restated Deed of Hypothecation dated 10.10.2019; the charge was registered with the office of the Registrar of Companies pursuant to Sections 77(1) and 78 of the Companies Act, 2013, and sub-rule (1) of Rule 6 of the Companies (Registration of Charges) Rules, 2014 (Annexure A129). Subsequently, by way of addenda to the Facility Letter Ref. No. YBL/DEL/FL/0213/2020-21 dated 06.07.2020 and YBL/DEL/FL/0569/2020-21 dated 22.09.2020, the terms of the earlier clauses were replaced and/or modified, which were accepted by Defendant No. 1 (Annexures A130 and A131).

1. 51. Defendant No. 1, by a resolution passed in its Board of Directors meeting dated 26.11.2020, approved availing moratorium benefits for the credit facilities granted by the Applicant Bank/FI, covering the total amount of Rs. 11,17,46,473.40 (Rupees Eleven Crores Seventeen Lakhs Forty Six Thousand Four Hundred Seventy Three and Paise Forty Only) being the accrued interest as on 02.09.2020 under Facility Letter Ref. YBL/DEL/FL/2083/2016-17 dated 31.03.2017, as varied and modified from time to time, and last modified by Addendum Facility Letter Ref. No. YBL/DEL/FL/0569/2020-21 dated 22.09.2020 (Annexure A132).

2. 52. Further, Defendant No. 1 executed Letters/Agreements dated 30.01.2021 for repayment of accrued interest obligations amounting to Rs. 3,77,95,156.40 (Rupees Three Crore Seventy Seven Lakh Ninety Five Thousand One Hundred Fifty and Paise Forty), Rs. 1,46,45,106.06 (Rupees One Crore Forty Six Lakh Forty Five Thousand One Hundred Six and Paise Six), Rs. 2,51,98,989.60 (Rupees Two Crore Fifty One Lakh Ninety Eight Thousand Nine Hundred Eighty Nine and Paise Sixty), and Rs. 3,41,07,221.34 (Rupees Three Crore Forty One Lakh Seven Thousand Two Hundred Twenty One and Paise Thirty Four), which shall serve as security for the due and prompt repayment of the said obligations along with interest, additional interest, default interest, costs, charges, expenses, and all other monies payable by Defendant No. 1 under the Letters-cum-Agreements dated 30.01.2021. The Applicant Bank/FI, vide the said Letters/Agreements, agreed to provide additional time to Defendant No. 1 for repayment of the aforementioned accrued interest amounts. the Agreements/Letters dated 30.01.2021 are annexed hereto as (Annexures A133, A134, A135, and A136) respectively.

53. After availing the credit facilities to the optimum and maximum extent, Defendant No. 1 Company failed to maintain financial discipline, as it neither submitted stock statements nor statements of sundry debtors, nor routed its sale and purchase transactions through the Cash Credit Limit Account maintained with the Applicant Bank. Additionally, the Defendant No. 1 Company failed to submit financial data and cash flow statements on a regular basis, and on due dates, it did not maintain adequate balances in its accounts to meet the contingent liabilities of the facilities. Despite various demands by the Applicant Bank, the Defendant No. 1 Company failed to repay the amounts outstanding in its accounts. Consequently, the loan accounts of Defendant No. 1 Company were classified as Non-Performing Assets with effect from 28.02.2021, in accordance with the directives and guidelines of the Reserve Bank of India. On 06.09.2021, the Applicant Bank issued a Loan Recall ("LRN") cum Guarantee Invocation Notice to Defendant Nos. 1 to 7, recalling the following facilities:

<table border="1"> <thead> <tr> <th>Sr. No.</th> <th>Facility Name</th> <th>Sanctioned</th> <th>Principal O/s as on 06-Sept-21</th> <th>Interest O/s as on 06-Sept-21</th> <th>Total O/s as on 06-Sept-21</th> </tr> </thead> <tbody> <tr> <td>1.</td> <td>Term Loan-I</td> <td>114,25,00,000.00</td> <td>58,17,68,886.77</td> <td>5,21,51,415.88</td> <td>63,39,20,302.65</td> </tr> <tr> <td>2.</td> <td>Term Loan-II</td> <td>110,00,00,000.00</td> <td>64,83,75,000.00</td> <td>6,45,79,28.13</td> <td>71,29,54,218.13</td> </tr> <tr> <td>3.</td> <td>Term Loan-IV</td> <td>25,00,00,000.00</td> <td>24,93,75,000.00</td> <td>2,41,62,682.70</td> <td>27,35,37,682.70</td> </tr> <tr> <td>4.</td>

<td>40,00,00,000.00</td> <td>39,59,89,366.56</td> <td>5,71,33,367.07</td> <td>45,31,22,733.63</td> </tr> <tr> <td>5.</td> <td>Fixed Interest Term Loan<br/>Term Loan I</td> <td>3,68,24,147.25</td> <td>3,68,24,147.25</td> <td>36,82,534.01</td> <td>4,05,06,681.26</td> </tr> <tr> <td>6.</td> <td>Fixed Interest Term Loan<br/>Term Loan II</td> <td>3,32,46,944.38</td> <td>3,32,46,944.38</td> <td>33,62,423.88</td> <td>3,66,09,368.26</td> </tr> <tr> <td>7.</td> <td>Fixed Interest Term Loan<br/>Term Loan IV</td> <td>1,42,68,349.32</td> <td>1,42,68,349.32</td> <td>13,81,694.68</td> <td>1,56,50,044.00</td> </tr> <tr> <td>8.</td> <td>Fixed Interest Term Loan</td> <td>2,51,98,989.60</td> <td>1,40,73,057.71</td> <td>24,11,448.77</td> <td>1,64,84,506.48</td> </tr> </tbody> </table>

<table border="1"> <tr> <td></td>

<td></td> <td></td> <td></td> <td></td> </tr> <tr> <td></td> <td>Total</td> <td>300,20,38,<br/>430.55</td> <td>197,39,20,<br/>751.99</td> <td>20,88,64,7<br/>85.12</td> <td>218,27,85,<br/>537.11</td> </tr> </table>

Rs. 218,27,85,537.11 (Rupees Two Hundred Eighteen Crores Twenty Seven Lakhs Eighty Five Thousand Five Hundred Thirty Seven and Eleven Paise Only) as on 6th September 2021.

54. That by way of the Loan Recall-cum-Guarantee Invocation Notice dated 06.09.2021, the Applicant Bank invoked the guarantees and demanded that the amounts due there under be paid within seven (7) days of receipt of the notice (Annexure A137). The transaction between the Applicant Bank/FI and Defendant No. 1 is a commercial transaction, entitling the Applicant Bank/FI to pendent-lite and future interest at the contracted rate with monthly rests, as on the date of this Application. Interest and compound interest have been charged at such rates and capitalized at such periodic rests as permitted by, and not in contravention of, the directives of the Reserve Bank of India, and certified copies of the statement of account under the Banker's Books Evidence Act are filed herewith as Annexure B.

55. The cause of action firstly arose when the Defendants approached the Applicant Bank and the Bank sanctioned Term Loan and Cash Credit Facilities through Addendums to the Facility Letters on 31.03.2017, 09.05.2017, 09.09.2017, 29.12.2017, 04.09.2018, 09.09.2018, 30.10.2018, 14.03.2019, 06.07.2020, and 22.09.2020, and further arose when the loan, security, and share pledge documents were signed and executed by the Defendants jointly and/or severally on 17.04.2017, 18.04.2017, 12.09.2017, 04.10.2017, 05.10.2017, 06.10.2017, 09.10.2017, 29.12.2017, 10.09.2018, 22.03.2019, 06.05.2019, 28.06.2019, 10.10.2019, and 30.01.2021. The cause of action further arose when Defendant No. 1 passed a Board Resolution on 26.11.2020 to avail moratorium benefits for the credit facilities granted by the Applicant Bank, aggregating Rs. 11,17,46,473.40 (Rupees Eleven Crores Seventeen Lakhs Forty Six Thousand Four Hundred Seventy Three and Paise Forty Only) being accrued interest as on 02.09.2020 under Facility Letter Ref. YBL/DEL/FL/2083/2016-17, as varied and modified from time to time and last modified by Addendum Facility Letter Ref. No. YBL/DEL/FL/0569/2020-21 dated 22.09.2020. The cause of action again arose when Defendant No. 1 executed Letters/Agreements dated 30.01.2021 for repayment of accrued interest obligations of Rs. 3,77,95,156.40, Rs. 1,46,45,106.06, Rs. 2,51,98,989.60, and Rs. 3,41,07,221.34 (Annexures A133–A136).

56. The cause of action further arose on 06.09.2021 when the Applicant Bank issued the Loan Recall-cum-Guarantee Invocation Notice to Defendant Nos. 1 to 7, recalling and invoking the facilities/guarantees and demanding payment of the amounts due thereunder forthwith. The cause of action continues to subsist and endure as the Defendants have failed to pay the outstanding dues to the Applicant Bank. The relevant documents are being filed along with the present application to assist in the interpretation of pleadings, the nature of the transaction, and the terms thereof, and the Applicant Bank seeks leave of this Tribunal to file any additional document(s) as may be required or discovered in the course of proceedings. The schedule of the Mortgaged Properties/Securities is mention in the para No. 5.102 of (TA). Copies of the Net Worth Statements of Defendants No. 2, 3, and 4 for the year 2019 are annexed as (Annexures A138, A139, and A140), respectively.

57. To substantiate its case, the Applicant Bank has placed on record the affidavit of Mr. Mridul Jain, S/o Mahesh Kumar Jain, aged about 29 years, who is serving as an Authorized Officer with YES Bank Limited at Max Towers, 4th Floor, Sector-16, Noida-201301. He affirms that YES Bank Ltd. is a scheduled commercial bank having its registered office at YES Bank House, Off Western Express Highway, Santacruz East, Mumbai-400055, with a regional office at Max Towers, Sector-16B, Noida, and that he is fully conversant with the facts of the present matter based on the records maintained by the Bank. He confirms that he has been duly authorized to depose, sign, verify, and file evidence in these proceedings on behalf of the Applicant Bank, and in support of this authority he relies upon a Power of Attorney dated 24.06.2021.

1. i. Power of Attorney dated 24.06.2021 executed in favour of Mr. Mridul Jain, Exhibit AW1/A;

2. ii. Board Resolution passed by Defendant No. 1 company dated 31.03.2017 authorizing availing of credit facilities sanctioned vide Facility Letter Ref. No. YBL/DEL/FL/2083/2016-17, Exhibit AW1/1;

3. iii. Resolution passed in the Extra Ordinary General Meeting of Defendant No. 1 dated 18.04.2017 for issuance and allotment of equity shares to the Applicant Bank, Exhibit AW1/1(a);

4. iv. Facility Letter having reference No. YBL/DEL/FL/2083/2016-17 dated 31.03.2017 issued by the Applicant Bank, Exhibit AW1/2;

5. v. Addendum Facility Letter Ref. No. YBL/DEL/FL/2084/2016-17 dated 31.03.2017 issued by the Applicant Bank, Exhibit AW1/3;

6. vi. Loan Agreement executed by Defendant No. 1 for Term Loan-I of Rs. 114,25,00,000/- dated 17.04.2017, Exhibit AW1/4

- vii. Loan Agreement for Term Loan-II of Rs. 110,00,00,000/- dated 17.04.2017, Exhibit AW1/5;

- viii. Master Facility Agreement executed by Defendant No. 1 dated 17.04.2017, Exhibit AW1/6;

- ix. Deed of Undertaking for Subordination Loan executed by Defendant No. 1 dated 17.04.2017 pursuant to Facility Ref. No. YBL/DEL/FL/2083/2016-17 for facilities amounting to Rs. 259,25,00,000/-, Exhibit AW1/7;

- x. Deed of Undertaking for Subordination Loan executed by Defendant No. 1 dated 17.04.2017 pursuant to the same facility, Exhibit AW1/8.

- xi. Deeds of Undertaking dated 17.04.2017 executed by Defendant Nos. 2, 3 and 4, Exhibit AW1/9, Exhibit AW1/10 and Exhibit AW1/11 respectively.

- xii. That Defendant No. 7 executed a Deed of Undertaking for Promoter Subordination of Loan dated 17.04.2017 pursuant to the same Facility Ref. No. YBL/DEL/FL/2083/2016-17, the said deed, Exhibit AW1/12.

- xiii. That Defendant No. 1 executed Demand Promissory Notes dated 17.04.2017 for (1) Term Loan-I of Rs. 114,25,00,000/-, Exhibit AW1/13, (2) Term Loan-II of Rs. 110,00,00,000/-, Exhibit AW1/14, and (3) Cash Credit facility of Rs. 35,00,00,000/-, Exhibit AW1/15.

- xiv. That Defendant No. 1 also executed Letters of Continuity for the said DPNs dated 17.04.2017, Exhibit AW1/16, Exhibit AW1/17 and Exhibit AW1/18 respectively.

- xv. An Undertaking-cum-Indemnity dated 17.04.2017 permitting instructions via fax/email, Exhibit AW1/19,

- xvi. Deed of Undertaking dated **17.04.2017**, Exhibit AW1/20.

- xvii. That Defendant No. 7 executed a Non-Disposal Undertaking dated 17.04.2017 in respect of shares held by it, Exhibit AW1/21.

- xviii. That Defendant No. 1 passed a Shareholder Resolution dated 18.04.2017 under Section 62 of the Companies Act, Exhibit AW1/22.

- xix. That the Applicant Bank issued Addendum Letters dated 09.05.2017 and 09.09.2017 modifying repayment terms and securities under the facility, Exhibit AW1/23 and Exhibit AW1/24 respectively.

- xx. That Defendant No. 1 executed a Deed of Hypothecation dated 12.09.2017 in favour of Defendant No. 8/Security Trustee creating exclusive charge over current assets and movable assets in relation to Term Loan-I, Term Loan-II and Cash Credit, Exhibit AW1/25.

- xxi. That a Security Trustee Agreement dated 12.09.2017 was executed between Defendant No. 1, the Applicant Bank and Defendant No. 8, Exhibit AW1/26.

- xxii. That Defendant Nos. 2, 3, 4, 5 and 6 executed Deeds of Personal Guarantee dated 12.09.2017 guaranteeing repayment of Term Loan-I, Term Loan-II, Buyer's Credit, Cash Credit and Performance/Financial Bank Guarantee facilities, Exhibit AW1/27 (Defendant No. 2), Exhibit AW1/28 (Defendant No. 3), Exhibit AW1/29 (Defendant No. 4), Exhibit AW1/30 (Defendant No. 5) and Exhibit AW1/31 (Defendant No. 6). That Defendant No. 7 executed a Corporate Guarantee dated 12.09.2017 guaranteeing the same facilities, Exhibit AW1/32.

- xxiii. Declaration dated 04.10.2017 executed by Defendant No. 1 (through its authorized signatory, Defendant No. 3) and Defendant No. 5 for creation of mortgage by deposit of Original Title Deeds relating to Property No. 1 measuring 13002.66 sq. mtr and Property No. 2 measuring 20000 sq. mtr, both situated at Khasra No. 11, Mauza Jai Singh Pura (Bangar), Tehsil & District Mathura, Uttar Pradesh, Exhibit AW1/33; xxiv. Declaration dated 04.10.2017 executed by Defendant No. 1 (through Defendant No. 3) and Defendant No. 6 for mortgage creation over the immovable property measuring 2669.70 sq. mtr, part of Khasra Nos. 14, 79Kaa & 80, Mauza Jai Singh Pura (Bangar), Mathura, Exhibit AW1/34.

xxv. The Original Lease Deed dated 02.02.2017 executed by Shri Indrajit Singh in favour of M/s Nayati Healthcare & Research Pvt. Ltd. Exhibit AW1/35,

xxvi. The certified copy of Khatoni for the years 1424–1449F, Exhibit AW1/36,

xxvii. The Revenue Sizra Map, Exhibit AW1/37,

xxviii. The NA Order No. 146 dated 02.04.2012, Exhibit AW1/38.

xxix. The Memorandum of Entry dated 05.10.2017 recorded by Defendant No. 8 for mortgage creation in respect of Defendant Nos. 1 & 6, Exhibit AW1/39.

xxx. The Original Lease Deed dated 28.04.2017 executed by Shri Kunwar Narender Singh in favour of M/s Nayati Healthcare & Research Pvt. Ltd. Exhibit AW1/40,

xxxi. The certified copy of Khatoni for the years 1424–1429F, Exhibit AW1/41,

xxxii. The NA Order No. 148 dated 02.05.2013, Exhibit AW1/42.

xxxiii. The Original Lease Deed dated 15.05.2013 executed by Shri Kunwar Narender Singh in favour of M/s Nayati Healthcare & Research Pvt. Ltd. Exhibit AW1/43,

- xxxiv. The Memorandum of Entry dated 05.10.2017 recorded in respect of Defendant Nos. 1 & 5, Exhibit AW1/44.

- xxxv. The Declaration dated 06.10.2017 executed by Defendant No. 2 for creation of mortgage by deposit of Original Title Deeds of Property No. 3 (Apartment No. 901, Block 21, Heritage City, Gurgaon) and Property No. 4 (Plot No. 1582-P, Sector-57, Gurgaon), both owned by Smt. Niira Radia, Exhibit AW1/45.

- xxxvi. Declaration dated 06.10.2017 executed by Defendant No. 4 for creation of mortgage by deposit of Original Title Deeds in respect of Property No. 5 (Freehold Apartment No. 302, Block 1, Third Floor, admeasuring 2815 sq. ft. with terrace area of 183.91 sq. ft., Heritage City, Gurgaon) and Property No. 6 (Freehold Apartment No. 902, Block 24, 9th Floor, Heritage City, Gurgaon, admeasuring 4722.76 sq. ft. with terrace area of 646.46 sq. ft.), Exhibit AW1/46;

- xxxvii. Memorandum of Entry dated 09.10.2017 recorded by Defendant No. 8 for creation of mortgage by deposit of title deeds by Defendant No. 2, Exhibit AW1/57,

- xxxviii. The Original Sale Deed dated 02.07.2008, Exhibit AW1/47,

- xxxix. Original Sale Deed dated 03.06.2005, Exhibit AW1/48,

- xl. Original Conveyance Deed dated 25.06.2003, Exhibit AW1/49,

- xli. Builder Buyer Agreement dated 04.10.2002, Exhibit AW1/50,

- xlii. Allotment Letter dated 30.09.2002, Exhibit AW1/51,

- xliii. Possession Letter dated 04.10.2002, Exhibit AW1/52,

- xliv. Certified copy of Possession Certificate, Exhibit AW1/53,

- xlv. Conveyance Deed dated 25.08.2015, Exhibit AW1/54, 

- xlvi. Allotment Letter dated 13.01.2005, Exhibit AW1/55

- xlvii. Possession Letter dated 18.08.2015, Exhibit AW1/56.

- xlviii. The Memorandum of Entry dated 09.10.2017 pertaining to mortgage properties of Defendant No. 4, Exhibit AW1/63,

- xlix. The Original Conveyance Deed dated 19.12.2003, Exhibit AW1/58,

- 1. Builder Buyer Agreement dated 18.12.2003, Exhibit AW1/59,

- li. For Property No. 6, the Original Sale Deed dated 26.06.2008, Exhibit AW1/60),

- lii. The Original Conveyance Deed dated 24.03.2006, Exhibit AW1/61),

- liii. The Possession Letter dated 07.03.2006, Exhibit AW1/62).

- liv. Further, Defendant No. 7 executed an Unattested Deed of Pledge dated 22.11.2017 securing various credit facilities, Exhibit AW1/64,

- lv. Power of Attorney dated 22.11.2017, Exhibit AW1/65.

- lvi. The Security Trustee, Defendant No. 8, confirmed vide its letter dated 23.10.2017 its custody of executed security documents, Exhibit AW1/66.

- lvii. The Ministry of Corporate Affairs issued two Certificates of Registration of Charge dated 21.09.2017 and 18.10.2017, exhibited respectively as Exhibit AW1/67 and Exhibit AW1/68.

- lviii. Defendant No. 8 also recorded creation of charge with CERSAI on 23.10.2017 for hypothecation over movable and current assets, Exhibit AW1/69,

- lix. Further recorded charge on immovable property measuring 20000 sq. mtr, Khasra No. 11, Mauza Jai Singh Pura (Bangar), Mathura, vide Interest Security Challan dated 23.10.2017, Exhibit AW1/70.

- lx. That the property admeasuring 13002.66 sq. mtrs., being part of Khasra No. 11, Mauza Jai Singh Pura (Bangar), Tehsil & District Mathura, Uttar Pradesh, owned by Shri Kunwar Narendra Singh @ Narendra Singh and leased to Nayati Healthcare & Research Pvt. Ltd., is supported by Interest Security Challan dated 23.10.2017, Exhibit AW1/71;

- lxi. The property admeasuring 2669.70 sq. mtrs., being part of Khasra Nos. 14, 79-Ka and 80, Mauza Jai Singh Pura (Bangar), Tehsil & District Mathura, Uttar Pradesh, owned by Shri Indrajit Singh and leased to Nayati Healthcare & Research Pvt. Ltd., is supported by Interest Security Challan dated 23.10.2017, Exhibit AW1/72.

- lxii. The freehold apartment bearing No. 302, Block 1, Third Floor, admeasuring 2815 sq. ft. with terrace area 183.91 sq. ft., situated at Heritage City, Phase-II, Mehrauli-Gurgaon Road, Village Sarhoul, Gurgaon, owned by Smt. Karuna Menon, is supported by Interest Security Challan dated 23.10.2017, Exhibit AW1/73;

- lxiii. The freehold apartment bearing No. 902, Block 24, 9th Floor, Phase-II, Heritage City, Gurgaon, admeasuring 4722.76 sq. ft. with terrace area 646.46 sq. ft., owned by Smt. Karuna Menon, is supported by Interest Security Challan dated 23.10.2017, Exhibit AW1/74.

- lxiv. Further, the freehold apartment bearing No. 901, Block 21, 9th Floor, Heritage City, Gurgaon, admeasuring 2829.74 sq. ft. with terrace area 467.80 sq. ft., owned by Smt. Niira Radia, is supported by Interest Security Challan dated 23.10.2017, Exhibit AW1/75;

- lxv. The residential plot No. 1582-P, Sector 57, admeasuring 420 sq. mtrs., Gurgaon, owned by Smt. Niira Radia, is supported by Interest Security Challan dated 23.10.2017, Exhibit AW1/76.

- lxvi. Defendant No. 8, the Security Trustee, vide its letter dated 21.12.2017, confirmed registration of the pledge of shares with the Registrar of Companies, Exhibit AW1/77;

- lxvii. Ministry of Corporate Affairs issued Certificate of Registration of Charge dated 20.12.2017 under Sections 77 & 78 of the Companies Act, 2013, Exhibit AW1/78.

- lxviii. The shares of Defendant No. 7 pledged as security for the facilities were also recorded with NSDL, evidenced through Pledge Master Report dated 19.12.2017, Exhibit AW1/79.

- lxix. The Applicant Bank issued Addendum Letter Ref. No. YBL/DEL/FL/1785/2017-18 dated 29.12.2017, renewing the validity of all revolving and non-revolving facilities up to 25.12.2018, Exhibit AW1/80,

- lxx. Addendum Letter Ref. No. YBL/DEL/FL/1786/2017-18 dated 29.12.2017 revising Additional Facility Fees and ULC/SLC commission, Exhibit AW1/81.

- lxxi. Defendant No. 8 further confirmed vide letter dated 08.01.2018 that the original unattested deed of pledge dated 22.11.2017 of Defendant No. 1 and notarized power of attorney are in its custody, Exhibit AW1/82;

- lxxii. Defendant No. 7 vide letters dated 16.02.2018 and 30.04.2018 pledged additional shares of Defendant No. 1 in favour of Defendant No. 8, Exhibits AW1/83 and AW1/84 respectively.

- lxxiii. Defendant No. 8 also confirmed vide letter dated 26.03.2018 that original deeds and documents executed post down-selling of loan to the New Lenders- Oriental Bank of Commerce, Andhra Bank and South Indian Bank are in its custody, Exhibit AW1/85.

- lxxiv. The Applicant Bank issued Addendum Facility Letter Ref. No. YBL/DEL/FL/0920/2018-19 dated 04.09.2018, sanctioning Term Loan-IV of Rs. 25 Crores, Exhibit AW1/86,

- lxxv. Loan Agreement dated 10.09.2018, Exhibit AW1/87,

- lxxvi. Defendants No. 2, 3 & 4 executed Deeds of Undertaking dated 10.09.2018, Exhibits AW1/88, AW1/89 and AW1/90.

- lxxvii. Defendant No. 1 executed Undertaking-cum-Indemnity dated 10.09.2018, Exhibit AW1/91,

- lxxviii. Defendants No. 1 & 7 executed Deeds of Undertaking for Subordination of Loan dated 10.09.2018, Exhibits AW1/92 and AW1/93.

- lxxix. Deed of Undertaking dated 10.09.2018, confirming compliance with statutory approvals, restrictions on secured debt, utilisation norms and regulatory guidelines, Exhibit AW1/94;

- lxxx. Demand Promissory Note dated 10.09.2018 for Rs. 25 Crores, Exhibit AW1/95,

- lxxxxi. Letter of Continuity dated 10.09.2018, Exhibit AW1/96.

- lxxxii. The Applicant Bank thereafter issued Addendum Letter Ref. YBL/DEL/FL/1316/2018-19 dated 30.10.2018, modifying the availability period for Term Loan-IV and incorporating additional conditions precedent, Exhibit AW1/97.

- lxxxiii. Addendum Letter Ref. YBL/DEL/FL/2107/2018-19, dated 14.03.2019 – Exhibit AW1/98

- lxxxiv. Addendum Letter Ref. YBL/DEL/FL/2108/2018-19, dated 14.03.2019 – Exhibit AW1/99

- lxxxv. Declaration executed by Defendant No. 1, dated 22.03.2019 – Exhibit AW1/100

- lxxxvi. Memorandum of Entry dated 22.03.2019 – Exhibit AW1/101

- lxxxvii. Security Trustee Agreement dated 22.03.2019 – Exhibit AW1/102

- lxxxviii. Letter of Defendant No. 8/Security Trustee dated 12.04.2019 – Exhibit AW1/103

- lxxxix. Certificate of Registration of Charge (MCA) dated 29.03.2019 – Exhibit AW1/104

- xc. CERSAI Security Interest Acknowledgment Report dated 12.04.2019 – Exhibit AW1/105

- xci. Deed of Guarantee (Defendant No. 2) dated 06.05.2019 – Exhibit AW1/106

- xcii. Deed of Guarantee (Defendant No. 3) dated 06.05.2019 – Exhibit AW1/107

- xciii. Deed of Guarantee (Defendant No. 4) dated 06.05.2019 – Exhibit AW1/108

- xciv. Corporate Guarantee (Defendant No. 7) dated 06.05.2019 – Exhibit AW1/109

- xcv. Letter of Defendant No. 8 dated 23.05.2019 – Exhibit AW1/110

- xcvi. Amended and Restated Master Facility Agreement dated 26.06.2019 – Exhibit AW1/111

- xcvii. Supplemental Master Facility Agreement dated 26.06.2019 – Exhibit AW1/112

- xcviii. Undertaking-cum-Indemnity (Defendant No.1) dated 26.06.2019 – Exhibit AW1/113

- xcix. Demand Promissory Note dated 26.06.2019 – Exhibit AW1/114

- c. Deed of Undertaking dated 27.06.2019 – Exhibit AW1/115

- ci. Deed of Undertaking – Loan Subordination (Present) dated 27.06.2019 – Exhibit AW1/116

- cii. Deed of Undertaking – Loan Subordination (Future) dated 27.06.2019 – Exhibit AW1/117

- ciii. Deed of Undertaking – Loan Subordination (Additional) dated 27.06.2019 – Exhibit AW1/118

- civ. Deed of Undertaking (Defendant No. 2) dated 27.06.2019 – Exhibit AW1/119

- cv. Deed of Undertaking (Defendant No. 3) dated 27.06.2019 – Exhibit AW1/120

- cvi. Deed of Undertaking (Defendant No. 4) dated 27.06.2019 – Exhibit AW1/121

- cvii. Supplemental Deed of Hypothecation dated 28.06.2019 – Exhibit AW1/122

- cviii. Supplemental Deed of Guarantee (Defendant No. 2) dated 28.06.2019 – Exhibit AW1/123

- cix. Supplemental Deed of Guarantee (Defendant No. 3) dated 28.06.2019 – Exhibit AW1/124

- cx. Supplemental Deed of Guarantee (Defendant No. 4) dated 28.06.2019 – Exhibit AW1/125

- cxii. Supplemental Security Trustee Agreement dated 28.06.2019 – Exhibit AW1/126

- cxiii. Amended & Restated Deed of Hypothecation dated 10.10.2019 – Exhibit AW1/127

- cxiiii. Letter of Defendant No. 8 dated 01.11.2019 – Exhibit AW1/128

- cxv. Certificate of Registration of Charge (MCA) dated 18.10.2019 – Exhibit AW1/129

- cxvi. Addendum to Facility Letter dated 06.07.2020 Exhibit AW1/130);

- cxvii. Addendum to Facility Letter dated 22.09.2020 Exhibit AW1/131);

- cxvii. Board Resolution dated 26.11.2020 Exhibit AW1/132);

- cxviii. Letters/Agreements dated 30.01.2021 for Rs. 3,77,95,156.04 Exhibit AW1/133),

- cxix. Letter/Agreement for Accrued Interest Obligation date: 30.01.2021, Rs. 1,46,45,106.06 Exhibit AW1/134

- cxx. Letter/Agreement for Accrued Interest Obligation date: 30.01.2021, Exhibit AW1/135

- cxxi. Letter/Agreement for Accrued Interest Obligation date: 30.01.2021, Rs. 3,41,07,221.34, Exhibit AW1/135

- cxxii. Loan Recall-cum-Guarantee Invocation Notice issued to Defendants No. 1 to 7 dated 06.09.2021, Exhibit AW1/137

- cxxiii. Net Worth Statements of Defendant No. 2 Exhibit AW1/138), Defendant No. 3 Exhibit AW1/139), and Defendant No. 4 Exhibit AW1/140); and Certified Statements of Account (Exhibit. B).

58. The witness of Applicant Bank/FI has fully corroborated the averments made in the TA. Even otherwise the whole case of the Applicant Bank/FI is based on the documents and the witness has duly proved all these documents. The evidence filed by the Applicant Bank/FI gone unrebutted and there is no question of disbelieving the evidence lead by the Applicant Bank/FI and Applicant Bank/FI has proved its case beyond reasonable doubts. Accordingly, the bank is entitled to recover the entire amount along with pendente lite interest and future costs as agreed between the parties. I hereby allow this TA as the Applicant Bank/FI has proved its claim beyond any doubt.

14. In this TA, the Applicant Bank/FI has sought issuance of a Recovery Certificate against Defendants No. 1 to 7. In the present matter, Defendant No. 1 is the principal borrower to whom the financial facilities were sanctioned; however, since insolvency proceedings under the IBC are presently pending before the Ld. NCLT, no relief can be granted against this Defendant in the present TA. Defendants No. 2 to 5 and 7 have stood as guarantors/mortgagors, having guaranteed the repayment obligations of the principal borrower, whereas Defendant No. 8 is a company acting as the Security Trustee for holding the securities created by the borrower and guarantors for the benefit of the Applicant Bank.

1. 15. So far as, the Applicant has informed that Defendant No. 6 has expired; however, despite making its best efforts, the Applicant has been unable to trace or identify any legal representatives of the deceased Defendant. In the absence of the details of legal heirs and the consequent inability to substitute them on record, no relief can be granted against Defendant No. 6 in the present TA.

2. 16. Consequently, TA No. 09/2022 stands allowed in favour of Applicant Bank/FI and against Defendants No. 2 to 5 & 7, who are liable to pay the dues of the Applicant Bank/FI along with costs and pendentelite& future interest@ 10% per annum, as claimed in the TA, from the date of filing of present TA, till the date of payment in full.

ORDER

TA No. 09/2022 stands allowed and the Defendants No. 2 to 5 & 7 are directed to pay to the Applicant Bank/FI, within 30 days, a sum of Rs. 218,96,22,175.72 (Rupees Two Hundred Eighteen Crore Ninety-Six Lakh Twenty-Two Thousand One Hundred Seventy-Five and Seventy-Two Paise) less the amount received from the sale/ release of mortgaged propertiesalong with cost and pendentelite and future interest, as claimed in TA i.e. @ 10% per annum rests from the date of filing of this TA till the date of realization failing which, the aforesaid amount shall be recovered from the sale of hypothecated/charged stocks/tangible movables and available mortgaged properties.

Further, in case of shortfall, the same shall be recovered from the sale of movable and immovable assets of the Defendants No. 2 to 5 & 7.

So far as, Defendant No. 1 is concerned, since Defendant No. 1 is before Ld. NCLT, hence, no order qua Defendant No. 1 can be passed against said Defendant at this stage.

However, it is directed that Applicant Bank shall be at liberty to revive the OA qua Defendant No. 1 in case NCLT are quashed / withdrawn in future, in accordance with law.

It is further directed that in case Applicant Bank receive any amount from the proceedings pending before Ld. NCLT, they shall give due adjustment of the same in the recovery proceedings.

It is also directed that the applicant shall adjust the amount(s), if any, received during the pendency of this case.

- (i). The recovery certificate be issued forthwith and be sent to the Recovery Office-I, Debts Recovery Tribunal-III, Delhi.

- (ii). Parties are directed to appear before the Recovery Officer-I, DRT-III, Delhi on 12.01.2026.

- (iii). Copies of final order as well as Recovery Certificate be sent to all concerned free of cost.

File be closed and consigned to records.

(Pronounced in open court)

Dated: 15.11.2025

K. Singh

(SHIV KUMAR - I) PRESIDING OFFICER, DRT-III, DELHI

15.11.2025

This image is a scan of a blank page. The background is a light beige or off-white color. There are several small, dark specks scattered across the page, which appear to be scanning artifacts or dust. A faint, thin vertical line is visible near the center of the page, possibly due to the scanning process or the paper's texture. No text, images, or other markings are present.