JC Flower Asset Reconstruction Private Limited vs M/S SUMER CORPORATION on 19 May 2026

Order

dated 25.10.2023

5. MR MAHENDRA LOONKAR, Deleted as per

Order

dated 25.10.2023

6. MR DEEPAK SHAH, An Indian Inhabitant having his address at Flat No.1201/1202, 12 th Floor, Sumer Heights, K M Munshi Marg, Mumbai-400 007.

7. M/S. SUMER BUILDERS, A Partnership Firm registered under the Indian Partnership Act, 1932 and having its office 203, Peninsula Corporate Park, Tower No.1, 2nd Floor, G.K. Marg, Lower

Parel, Mumbai-400 013. An Authorised person to accept the service of summons on behalf of Defendant No.7 firm.

8. MR PAWAN SHAH, An Indian Inhabitant having his address at Flat No.1201/1202, 12th Floor, Sumer Heights, K M Munshi Marg, Mumbai-400 007.

9. MR BHARAT SHAH, Deleted as per

Order

dated 10.08.2022.

10 M/S. SUMER BUILDCORP PVT. LTD., (formerly known as Sumer Buildcon Pvt. Ltd.) A Private Limited Company incorporated under the Companies Act,1956 having its registered address at 201, Commerce House, 140, Nagindas Master Road, Fort, Mumbai-400 001 And also at 203, Peninsula Corporate Park, Tower No.1, 2 nd Floor, G.K. Marg, Lower Parel, Mumbai – 400 013. An Authorised person to accept the service of summons on behalf of Defendant No.10 Company

11 M/S. IDBI TRUSTEESHIP SERVICES LIMITED, A Company incorporated under the Companies Act, 1956 having its registered office at Asian Building, Ground Floor, 17, R. Kamani Marg, Ballard Estate, Mumbai-400 001.

An Authorised Person to accept the service of Summons on behalf of Defendant No.11

…Defendants

APPEARANCES For the Applicant : Mrs Uma S Fadia - Advocate

For Defendants : None – Advocate

J U D G M E N T

This is an application under Section 19(1) of the Recovery of the Debts due to Banks and Financial Institutions Act, 1993 renamed as Recovery of the Debt and Bankruptcy Act, 1993 (for short, ‘the 1993 Act’) to recover ₹217,68,19,443/- (Rupees Two Hundred Seventeen Crores Sixty Eight Lakhs Nineteen Thousand Four Hundred Forty Three Only) with future interest @ 12.80% per annum and default interest @ 2% per annum with monthly rest thereon from the date of presentation of the Transferred Original Application i.e. 25.10.2019 till payment/realization and to enforce the mortgaged securities.

The details of the claim amount are as under: - Sr No Nature of Facility O/s. inclusive of interest and penal interest

Term Loan-I ₹163,94,22,697/-

Term Loan-II ₹53,73,96,746/-

Total Amount ₹217,68,19,443/-

It is undisputed fact in the matter that the Defendant nos.1 to 11 were duly served with the summons vide order-sheet dated 08.04.2024. Despite service, the defendants did not enter their appearance and therefore, they were set ex-parte on 05.06.2025.

Defendant no.1 is a Partnership Firm is the borrower who approached the Applicant Bank seeking financial assistance by way of Term Loan- 1 Facility wherein Defendant nos.2, 3 and 8 are the Partners of the Defendant no.1 and Defendant Nos.2 & 3 stood as the Guarantor alongwith Defendant no.10, a Private Limited Company as Corporate Guarantor to secure the repayment of advances availed by the Defendant No.1 from the Applicant and Defendant nos.1, 7 and 10 are the Mortgagors. Defendant No.11 is a company registered under Companies Act, 1956 and are acting as Security Trustee vide Security Trustee Agreement dated 15.09.2016 and 05.12.2018. Pursuant to the loan application made by defendants, the Applicant sanctioned the loan vide Facility Letter (No: YBL/MUM/FL/0243/2016-2017) dated 22.06.2016 in sum of ₹150,00,00,000/- (Rupees

One Hundred Fifty Crores Only) under Term Loan- 1 Facility payable in 36 EMIs with interest at the rate of 5.50% per annum floating interest over and above the 1 Year MCLR for the purpose of construction & development expenses of Chandivali SRA Project including refinance of unsecured loans deployed towards the project. Thereafter, on the request of the Defendant No.1, the Applicant vide Addendum Facility Letter bearing Ref. No. YBL/MUM/CF/FL/0237/2017-18 dated 16.10.2017 reviewed and modified certain terms and conditions of the Facility Letter dated 22.06.2016 and keeping the rest of the terms and conditions as unchanged wherein the rate of interest was reduced to @ 3.30% per annum (“spread”) over YBL

Year MCLR (w.e.f. 01.10.2017) for the purpose of Construction and development expenses of the Phase of Chandivali SRA project (Rehab/Sale building) including but not limited to reimbursement of unsecured loans, mobilization advances for developing the project, property affairs costs, payment of government premiums and other project developmental costs. Further, the YES bank sanctioned Term Loan-II and the details of the same are given in the table below vide Sanction letter dated 29.09.2017 Ref. No.YBL/MUM/CF/FL/0224/2017-18.

The details of the Sanctioned amounts are as under: - Sr No D ate of Sanct ion Amoun t R OI Secu ri ty

22.06 .20 16 ₹ 150,00 ,00 ,00 0/- 5.50 % p er annum floati ng intere st ov er and ab ov e th e 1 Y ear M C LR

1. Ex clusiv e charg e through hypot heca tio n/lie n ov er Trans fer of D ev elop men t Rights (TDR) /D ev elop men t Rights Certi ficat e (DR C) t o be g enera ted fro m Cha ndiv ali SRA pr ojec t alongw ith re ceiv ables fro m the sam e.

2. Ex clusiv e charg e ov er Tow er 3 (also k now n a s “ Sumer Trini ty Verti cal Projec t” ) ow ned by Sum er Builders , u ndiv ided shar e of land t oget her w ith th e structure s (pr ese nt & future) a nd all m ov able fixed a sse ts, curren t asset s includi ng receiv ables per taining t o Tow er 3.

3. Ex ten sio n o f Exclusiv e Charge ov er ar ea re taine d by Sum er Buildc orp Pv t. Ltd . i n the Sa nta cruz “ Av enue 54” pr ojec t alongw ith stru cture s (prese nt & future) built there on a nd rec eiv ables fro m t he sa me. Above sec ur i ties to be cr oss -col l ater al ized wi th pr oposed YBL expos ur e i n S umer B uil d er s. S ecur i ty cover fr om above me ntio ned sec ur i ties to pr ovid e a mi n. cover of 1.5x of the outs tand i ng amo unt at al l ti mes.

4. Per so nal Guara ntee s o f Mr Rame sh Sha h & Ra hul Shah .

5. C orp orate Guara nte e o f

Sumer Buildcor p Pv t . Ltd .

6. Ex ten sio n of t he se curity of pledg e of 20 % of S BP L shares giv en for TL - 1 o f SRRP L. F urt her , ple dge t o be creat ed on ad ditio nal 10% of S BP L sh ares (O nl y pl ed ged por tio n to be k e p t wi th YBL; to be cr e ated i n f avour of YBL) Cr oss d ef aul t w i th the IN R 1000MM cr ed i t f ac il i ties pr oposed to be av ail ed by S umer Buil d er s and TL -1 of INR 3500 MM av ail ed b y S umer R ad i us Re al ty Pv t. Ltd .

Tota l Amoun t ₹ 150,0 0,0 0,0 00 /- - -

Ad d end um d ated : 16.1 0.2 017 and Facili ty L ette r d ated 29.0 9.2 017 ₹ 150,00 ,00 ,00 0/- @ 3.30 % p er annum (“ spread” ) ov er Y BL

Y ear M CL R (w .e. f. 01.10 .20 17).

Same a s Sanct ion let te r d ated 22. 06. 20 16.

29.0 9.2 017 ₹ 150,00 ,00 ,00 0/- @ 3.30 % p er annum (“ spread” ) ov er Y BL

Y ear M CL R (w .e. f. 01.10 .20 17). Same a s Sanct ion let te r d ated 22. 06. 20 16.

Tota l Amoun t ₹ 150,0 0,0 0,0 00 /- - -

On the dates given below, defendants signed and executed the loan and security documents as set out in paragraph nos.4 and 9 of the Transferred Original Application. Defendants hypothecated/mortgaged/charged/pledged/lien the following properties: -

I. IMMOVABLE PROPERTIES: All and singular right, title, and interest of

Defendant no.1, Defendant no.10 and Defendant no.7 ("Mortgagors") in respect of all immovable assets more particularly described hereunder, together with all liberties, privileges, easements and appurtenances whatsoever to the aforesaid premises or to any part thereof belonging to or in any way appertaining or usually held occupied enjoyed therewith or reputed to belong or be appurtenant thereto and all the estate, title interest property claim and demand whatsoever of the Mortgagors unto and upon the same, which description shall include all property of the above description whether presently in existence or acquired thereafter.

Chandivali SRA Project: First exclusive charge through hypothecation/ lien over Transfer of Development Rights (TDR)/ Development Rights Certificates (DRC) to be generated from Chandivali SRA project alongwith receivables from the same.

Description of the Security:

All that transferable development rights (TDR), development right certificates (DRC) and similar right in any intermediary stage generated to be generated from the Chandivali Project at Village Chandivali, Taluka Andheri of the L-Ward of

MCGM, Mumbai on SRA/Govt, owned land parcel admeasuring~45 acres (out of the total land admeasuring~88 acres), bearing CTS No. 11A (Pt.), 11A/191-402, 11D (Pt.), 16, 16/1-92, 19, 19/1- 28, 20 (Pt.), 25(Pt.), 25/1-32, 50(Pt.) having as on date balance TDR potential of 128213.24 sq. mtrs of the Borrower, all rights and entitlements incidental to and arising out of the said TDR including the sale proceeds thereof, receivables actionable claims, further accretions and the amounts lying in any of the accounts of the Borrower including Escrow Account with Yes Bank Ltd alongwith the sale proceeds thereof or otherwise.

П. Immovable Asset-1-owned by Mortgagor-III- Project Prabhadevi: First exclusive charge over the Tower 3 known as Sumer Trinity Vertical Project owned by Sumer Builders constructed/ to be constructed together with undivided share of the underlying piece and parcel of land at FP No.1053 and 1056 which forms part of all that piece and parcel of land admeasuring approx. 18,608 sq. mtrs. bearing FP no.1052 to 1056 out area admeasuring 28197 sq. yards or thereabouts equivalent to 23595.94 sq. mtrs., bearing F.P. No.1052 to 1059 situated lying and being at New Prabhadevi Road at Mahim in the Registration Sub-District of Bombay in TPS IV bounded as under together with the structures thereon both present and future and all the movable fixed assets, current assets including receivables pertaining to Tower-3. Together with all buildings and structures thereon, present and future and all plant and machinery attached to the earth or permanently fastened to anything attached to the earth, both present and future.

III. Immovable Asset-2-owned by Mortgagor-II - Project Avenue 54: First exclusive charge on all the right, title and interest of the Mortgagor-II to the property which is one-half undivided share right, title, and interest in all that piece and parcel of freehold land admeasuring in aggregate 21,774. sq. mtrs or thereabouts bearing City survey no.s H/401, H/402, H/415 to H/438 at Bandra village along with structures standing thereon known as Wellington Catholic Colony (Wellington East) together with together with one-half share in all the present and future FSI thereon in village Bandra, Mumbai Sub-urban District and in the Registration Sub-district of Bandra. Together with all buildings and structures thereon, present and future and all plant and machinery attached to the earth or permanently fastened to anything attached to the earth, both present and future. PART B All and singular right, title and interest of the mortgagor's in respect of the movable assets (both tangible and intangible) more particularly described hereunder and all the other movable assets of the mortgagor/s, property and fixtures, the whole of the mortgagor's movable plant and machinery whether affixed to the earth or not (both present and future) and in particular including without limitation, all electrical systems, wiring, pipelines, tanks, electronics, spares, machinery spares, tools, meters, motor vehicles, accessories and all other equipment, whether installed or not and whether lying loose or in cases or which are lying or are stored in or to be brought into any of the Mortgagors premises, warehouses, stockyards and godowns er those of the mortgagors agents, affiliatesm associates or representatives or at various work sites or at any place or places wherever else situated or wherever else the same may be, and all intangibles including goodwill, patents, etc both present and future, whether now belonging to or that may at any time the continuance of the deed belong to the that mortgagors or in the course of transit or delivery, and all replacements thereof and additions thereof whether by way of substitution, replacement, conversion, realisation or otherwise howsoever together with all benefits, rights and incidentals attached thereto which are now or shall at any time hereafter be owned by mortgagors and all right, title, interest, property, claims and demands whatsoever of the mortgagors unto and upon the same which description whether presently in existence, constructed or acquired thereafter. Extension of exclusive charge through hypothecation/lien over Transfer of Development Rights (TDR)/ Development Rights Certificates (DRC) to be generated from Chandivali SRA project along with receivables from the same.

1. Extension of exclusive charge on all that transferable development rights (TDR), development right certificates (DRC) and similar right in any intermediary stage generated/to be generated from the Chandivali Project at Village Chandivali, Taluka Andheri of the L-Ward of MCGM, Mumbai on SRA/ Govt. owned land parcel admeasuring~45 acres (out of the total land adm~88 acres), bearing CTS No. 11A (Pt.), 11A/191-402, 11D (Pt.), 16, 16/1-92, 19, 19/1-

28. 20 (Pt), 25/1-32, 50 (Pt) having as on date balance TDR potential of 128213.24 sq. mtrs. of the Borrower/Mortgagor-I, all rights and entitlements incidental to and arising out of the said TDR including the sale proceeds thereof, receivables, actionable claims further accretions and the amounts lying in any of the accounts of the Mortgagor-I including Escrow Account with Yes Bank Ltd alongwith the sale proceeds thereof or otherwise.

2. The whole of the plant and machinery, machinery pares took accessories and other movables of the Mortgagor both present and future, whether installed or not and whether now lying or stored in or about or shall hereafter from time to time during the continuance of the security of these presents be brought into or upon or be stored or he in or about the Immovable assets as described above or wherever else the same may be or held by any party to the order or disposition of the Mortgagor or in the course of transit or on high seas or on order or delivery, howsoever and wheresoever in the possession of or to the order of the Mortgagor and either by way of substitution or addition relating to or pertaining to the aforesaid Immovable Assets.

PART C All and singular right, title, interest, benefit, claims and demands whatsoever of the mortgagors in, to, under or in respect of all the Project Documents as more particularly described hereunder. List and description of project documents: All and singular right, title, interest, benefit, claims and demands whatsoever of the mortgagors in, to, under or in respect of all the Project Documents and all rights, claims and benefits to all monies receivable thereunder and all the other documents, agreements and contracts entered into by the Borrower in relation to the Project or otherwise, permits, Clearances (including all licenses, permits, approvals, concessions and consents in respect of or in connection with the Project, to the extent assignable under Applicable Law) including, without limitation, the right to compel performance thereunder, and to substitute, or to be substituted for the Mortgagor thereunder, and to commence and conduct either in the name of the Mortgagor or in their own names or otherwise any proceeding against any persons in respect of any breach of the Project Documents and including without limitation, rights and benefits to all amounts owing to, or received by the Mortgagor and all claims thereunder and all other claims of the Mortgagor under or in any proceedings against all or any such persons and together with the right to further assign any of the Project Documents, both present and future, to have and to hold all and singular the aforesaid assets, rights, properties and all other claims thereunder which description shall include all properties of the above description whether presently in existence or acquired hereafter.

PART D List and description of Current Assets and Stock in Trade of Mortgagors: All of the mortgagor's stocks of raw materials, current assets, semi-finished and finished goods, consumable stores, stock in trade and inventories and all other intangible assets of the Borrower, including but not limited to the goodwill, undertaking, brands, intellectual property rights, if any, and the Borrower's uncalled share capital relating to the Project, both present and future and all rights, title, interest benefits claims and demands whatsoever of the Mortgagor in, to or in respect of all the aforesaid assets, both present and future.

PART E List and description of Bank Accounts and Receivables therein of Mortgagors:

All and singular right title, interest, benefits claims and demands whatsoever of the Borrower in, to and in respect of the all the bank accounts of the Borrower together with all amounts lying therein on liable to be credited therein or other receivables liable to be credited to the accounts designated for receiving money, claims or money proceeds or receivables of whatsoever nature arising howsoever and wheresoever, which are now due and owing or which may at any time hereafter during the continuance of the security become due and owing to or acquired by the Borrower in relation to the Project, including but not limited to the Accounts and the Permitted Investments with respect to the Project and each of the other accounts required to be created by the Borrower under any Transaction Document, including in each case, all monies lying credited/ deposited into such accounts, all fixed deposits, securities or replacement of any moneys previously deposited in or credited to such accounts or otherwise, together with any interest from time to time accruing in respect of such moneys.

All and singular right, title, interest, benefit, claim and demand whatsoever of the Mortgagor- III and Mortgagor II into and in respect of all accounts of the Mortgagor-I together with all the amounts lying therein or liable to be credited therein which are receivables in relation to the Immovable Asset – 1 and Immovable Asset – 2.

All and singular right, title, interest, benefit, claim and demand whatsoever of the Mortgagor-II into and in respect of all the accounts of Mortgager-II including Escrow Account with Yes Bank Ltd together with all the amounts lying there in or liable to be credited therein which are sale proceeds receivables in relation to the additional security.

PART F List and description of Insurance Contracts: All and singular right, title, interest, benefit, claim and demand whatsoever of the Mortgagor in, to and in respect of the Insurance Contracts both present and future in respect of the assets of the Mortgagor, both present or future, along with endorsement on the Insurance Contracts in favour of the Security Trustee acting for the benefit of the Secured Parties in a manner acceptable under Indian law and acceptable to the Security Trustee pursuant to the Insurance Contracts.

PART G List and description of Other Debts, Receivables and Liabilities of Mortgagor/s:

All and singular right, title, interest, benefit, claim and demand whatsoever of the Mortgagor in, to and in respect of all present and future book debts and other debts, receivables, commissions. revenues, claims and choses-in-action of whatsoever nature and howsoever and wherever arising due or become due or owing to or acquired by the Mortgagor and the full benefit of all rights and remedies relating thereto including but not limited to the deposits and all claims for damages and other remedies for non-payment of the same and all claims under the Insurance Contracts or any encumbrance of whatsoever nature arising howsoever and wheresoever, which are now due and owing to or which may at any time hereafter during the continuance of the security become due and owing to or acquired by the Mortgagor in relation to the Project and the full benefit of all rights and remedies relating thereto.

1. Personal Guarantees of Mr. Ramesh Shah & Mr. Rahul Shah.

2. Corporate Guarantee of Sumer Buildcorp Pvt Ltd.

3. Pledge on 30% of SBPL shares, pledged by Rahul Shah (6.25% and Ramesh Shah (23.75% ).

PLEDGED SHARES OF DEFENDANT NOS. 2 AND

3. Sr No Shareholder Company name

No of shares Pledged Face value of Share

Rahul Shah

Sumer Buildcorp Pvt Ltd 2500000

Ramesh Shah Sumer Buildcorp Pvt Ltd

9500000

to secure the said loan.

The details of the documents executed by the Defendants are as under: - (a) Security Trustee Agreement dated 15.09.2016 between Sumer Corporation, YES Bank Ltd. and IDBI Trusteeship Services Limited;

(b) Security Trustee Agreement dated 05.12.2018 between Sumer Corporation, YES Bank Ltd. and IDBI Trusteeship Services Limited;

(c) Credit Facility Letter dated 22.06.2016 for an amount of ₹150,00,00,000/- (Rupees One Hundred Fifty Crores Only); (d) Certified True Copy of the Board Resolution of Sumer Buildcorp Private Limited dated 22.06.2016; (e) Photocopy of Loan Agreement dated 29.06.2016;

(f) Non-Disposal Undertaking of Shareholders dated 06.10.2016;

(g) Notice from Shareholders to Borrower dated 12.07.2016; (h) Acknowledgement from Borrower dated 12.07.2016;

(i) Loan Agreement dated 06.10.2016;

(j) Deed of Registered Mortgage dated 28.09.2016 between M/s. Sumer Corporation (Mortgagor No.2), M/s.Sumer Buildcorp Pvt. Ltd. (Mortgagor No.1), M/s.Vishwaroop Realtors Pvt. Ltd. (Confirming Part) and Trustee-IDBI Trusteeship Services Ltd. (Mortgagee);

(k) Deed of Registered Supplemental Mortgage dated 02.11.2016 between M/s. Sumer Builders (Mortgagor), M/s.Sumer Corporation (Borrower) and IDBI Trusteeship Services Limited (Mortgagee);

(l) Deed of Guarantee dated 06.10.2016 executed by Defendant Nos.2, 3 & 10 for an amount of ₹150,00,00,000/- (Rupees One Hundred Fifty Crores Only); (m) Unattested Deed of Pledge of Shares dated 06.10.2016; (n) Addendum Facility Letter dated 16.10.2017; (o) Facility Letter dated 29.09.2017;

(p) Board Resolution dated 29.09.2017 of Defendant No.10 Company;

(q) Letter of Authority dated 29.09.2017;

(r) Loan Agreement dated 06.12.2018 for an amount of ₹150,00,00,000/- (Rupees One Hundred Fifty Crores Only);

(s) Deed of Mortgage dated 05.12.2018;

(t) Deed of Guarantee dated 06.12.2018 executed by Defendant Nos.2,

&

₹150,00,00,000/- (Rupees One Hundred Fifty Crores Only); (u) Unattested Deed of Pledge of Shares dated 06.12.2018.

After availing the loan, defendants did not adhere to the financial discipline and committed default in payment of instalments and repayment of the loan and accordingly the accounts of the borrowers were declared as Non-Performing Assets (N.P.A.) on 31.03.2019 as per RBI Guidelines. Therefore, on 21.06.2019, the applicant, re-called upon defendant nos.1 to 10 to liquidate the outstanding in the sum of ₹210,95,41,138.87/- (Rupees Two Hundred Two Crores Ninety Five Lakhs Forty One Thousand One Hundred Thirty Eight and Eighty Seven paisa Eighty Seven Only) as on 20.06.2019 together with further interest thereon at contractual rates w.e.f. 20.06.2019 and together with all costs charges and expenses thereon upon the footing of the compound interest until payment/ realization within 7 days from the date of the notice.

The Applicants also issued Guarantee Invocation Notice dated 21.06.2019 invoking the Guarantees of Sumer Buildcorp Pvt Ltd, Ramesh Shah and Rahul Shah. Despite notice, defendant nos. 1 to 10 failed and neglected to pay.

As on 31.08.2019, there was owing, due and payable by defendants to the applicant the aggregate sum of ₹217,68,19,443/- (Rupees Two Hundred Seventeen Crores Sixty-Eight Lakhs Nineteen Thousand Four Hundred Forty-Three Only) with future interest @ 12.80% per annum and default interest @ 2% per annum with monthly rest. The applicant has maintained the loan ledger extract and the entries posted therein are made in the usual and ordinary course of the banking business.

Since, defendants failed and neglected to make the payment, the applicant was left with no other alternate but to file the Transferred Original Application which was presented on 25.10.2019.

The applicant has filed affidavit (exhibit-30) in lieu of examination in chief of Mr Vibhor Sachdev, Authorised Officer of the Applicant Bank and list of documents (exhibit-31) thereby adducing in evidence the documents at AW-1 to AW-26, which are admitted in evidence, read, recorded and exhibited.

Accordingly, the present Transferred Original Application was filed for the recovery of ₹217,68,19,443/- (Rupees Two Hundred Seventeen Crores Sixty-Eight Lakhs Nineteen Thousand Four Hundred Forty-Three Only) with future interest @ 12.80% per annum and default interest @ 2% per annum with monthly rest thereon from the date of presentation of the Transferred Original Application i.e. 25.10.2019 till payment/realisation.

The Tribunal has scrutinised and examined the allegations contained in the Transferred Original Application and analysed the evidence adduced by the applicant which has gone unchallenged, uncontroverted and unrebutted.

Upon careful scrutiny and the examination of the Transferred Original Application, analysing the evidence and giving due weightage to the documentary evidence adduced by the applicant, the Tribunal views that there is no reason to disbelieve the claim made by the applicant bank.

In view of the observations made hereinabove, Transferred Original Application filed by the applicant deserves to be allowed.

Hence, the following order:

ORDER

(A) The Transferred Original Application No.14 of

2023 is allowed with costs. (B) Defendant nos.1,2,3,6,7,8 and 10 are ordered and directed to pay to the applicant, either jointly or severally, the aggregate sum of ₹217,68,19,443/- (Rupees Two Hundred Seventeen Crores Sixty- Eight Lakhs Nineteen Thousand Four Hundred Forty-Three Only) with simple future interest @ 12% per annum thereon from the date of presentation of the Transferred Original Application i.e. 25.10.2019 till payment/realization after adjusting the recoveries made by the Applicant under SARFAESI Act, 2002 or any other amount paid by the borrowers after filing of this present T.O.A. No.14 of 2023. (C) The aforesaid adjudicated amount is secured by the valid and subsisting hypothecated/ mortgaged/ charged/ pledged/ lien, that is,

I. IMMOVABLE PROPERTIES: All and singular right, title, and interest of Defendant no.1, Defendant no.10 and Defendant no.7 ("Mortgagors") in respect of all immovable assets more particularly described hereunder, together with all liberties, privileges, easements and appurtenances whatsoever to the aforesaid premises or to any part thereof belonging to or in any way appertaining or usually held occupied enjoyed therewith or reputed to belong or be appurtenant thereto and all the estate, title interest property claim and demand whatsoever of the Mortgagors unto and upon the same, which description shall include all property of the above description whether presently in existence or acquired thereafter. Chandivali SRA Project: First exclusive charge through hypothecation/ lien over Transfer of Development Rights (TDR)/ Development Rights Certificates (DRC) to be generated from Chandivali SRA project alongwith receivables from the same.

Description of the Security:

All that transferable development rights (TDR), development right certificates (DRC) and similar right in any intermediary stage generated to be generated from the Chandivali Project at Village Chandivali, Taluka Andheri of the L-Ward of MCGM, Mumbai on SRA/Govt, owned land parcel admeasuring~45 acres (out of the total land admeasuring~88 acres), bearing CTS No. 11A (Pt.), 11A/191-402, 11D (Pt.), 16, 16/1-92, 19, 19/1- 28, 20 (Pt.), 25(Pt.), 25/1-32, 50(Pt.) having as on date balance TDR potential of 128213.24 sq. mtrs of the Borrower, all rights and entitlements incidental to and arising out of the said TDR including the sale proceeds thereof, receivables actionable claims, further accretions and the amounts lying in any of the accounts of the Borrower including Escrow Account with Yes Bank Ltd alongwith the sale proceeds thereof or otherwise.

П. Immovable Asset-1-owned by Mortgagor-III- Project Prabhadevi: First exclusive charge over the Tower 3 known as Sumer Trinity Vertical Project owned by Sumer Builders constructed/ to be constructed together with undivided share of the underlying piece and parcel of land at FP No.1053 and 1056 which forms part of all that piece and parcel of land admeasuring approx. 18,608 sq. mtrs. bearing FP no.1052 to 1056 out area admeasuring 28197 sq. yards or thereabouts equivalent to 23595.94 sq. mtrs., bearing F.P. No.1052 to 1059 situated lying and being at New Prabhadevi Road at Mahim in the Registration Sub-District of Bombay in TPS IV bounded as under together with the structures thereon both present and future and all the movable fixed assets, current assets including receivables pertaining to Tower-3. Together with all buildings and structures thereon, present and future and all plant and machinery attached to the earth or permanently fastened to anything attached to the earth, both

present and future.

III. Immovable Asset-2-owned by Mortgagor-II - Project Avenue 54: First exclusive charge on all the right, title and interest of the Mortgagor-II to the property which is one-half undivided share right, title, and interest in all that piece and parcel of freehold land admeasuring in aggregate 21,774. sq. mtrs or thereabouts bearing City survey no.s H/401, H/402, H/415 to H/438 at Bandra village along with structures standing thereon known as Wellington Catholic Colony (Wellington East) together with together with one-half share in all the present and future FSI thereon in village Bandra, Mumbai Sub-urban District and in the Registration Sub-district of Bandra. Together with all buildings and structures thereon, present and future and all plant and machinery attached to the earth or permanently fastened to anything attached to the earth, both present and future.

PART B All and singular right, title and interest of the mortgagor's in respect of the movable assets (both tangible and intangible) more particularly described hereunder and all the other movable assets of the mortgagor/s, property and fixtures, the whole of the mortgagor's movable plant and machinery whether affixed to the earth or not (both present and future) and in particular including without limitation, all electrical systems, wiring, pipelines, tanks, electronics, spares, machinery spares, tools, meters, motor vehicles, accessories and all other equipment, whether installed or not and whether lying loose or in cases or which are lying or are stored in or to be brought into any of the Mortgagors premises, warehouses, stockyards and godowns er those of the mortgagors agents, affiliatesm associates or representatives or at various work sites or at any place or places wherever else situated or wherever else the same may be, and all intangibles including goodwill, patents, etc both present and future, whether now belonging to or that may at any time the continuance of the deed belong to the that mortgagors or in the course of transit or delivery, and all replacements thereof and additions thereof whether by way of substitution, replacement, conversion, realisation or otherwise howsoever together with all benefits, rights and incidentals attached thereto which are now or shall at any time hereafter be owned by mortgagors and all right, title, interest, property, claims and demands whatsoever of the mortgagors unto and upon the same which description whether presently in existence, constructed or acquired thereafter. Extension of exclusive charge through hypothecation/lien over Transfer of Development Rights (TDR)/ Development Rights Certificates (DRC) to be generated from Chandivali SRA project along with receivables from the same.

1. Extension of exclusive charge on all that transferable development rights (TDR), development right certificates (DRC) and similar right in any intermediary stage generated/to be generated from the Chandivali Project at Village Chandivali, Taluka Andheri of the L-Ward of MCGM, Mumbai on SRA/ Govt. owned land parcel admeasuring~45 acres (out of the total land adm~88 acres), bearing CTS No. 11A (Pt.), 11A/191-402, 11D (Pt.), 16, 16/1-92, 19, 19/1-

28. 20 (Pt), 25/1-32, 50 (Pt) having as on date balance TDR potential of 128213.24 sq. mtrs. of the Borrower/Mortgagor-I, all rights and entitlements incidental to and arising out of the said TDR including the sale proceeds thereof, receivables, actionable claims further accretions and the amounts lying in any of the accounts of the Mortgagor-I including Escrow Account with Yes Bank Ltd alongwith the sale proceeds thereof or otherwise.

2. The whole of the plant and machinery, machinery pares took accessories and other movables of the Mortgagor both present and future, whether installed or not and whether now lying or stored in or about or shall hereafter from time to time during the continuance of the security of these presents be brought into or upon or be stored or he in or about the Immovable assets as described above or wherever else the same may be or held by any party to the order or disposition of the Mortgagor or in the course of transit or on high seas or on order or delivery, howsoever and wheresoever in the possession of or to the order of the Mortgagor and either by way of substitution or addition relating to or pertaining to the aforesaid Immovable Assets.

PART C All and singular right, title, interest, benefit, claims and demands whatsoever of the mortgagors in, to, under or in respect of all the Project Documents as more particularly described hereunder.

List and description of project documents All and singular right, title, interest, benefit, claims and demands whatsoever of the mortgagors in, to, under or in respect of all the Project Documents and all rights, claims and benefits to all monies receivable thereunder and all the other documents, agreements and contracts entered into by the Borrower in relation to the Project or otherwise, permits, Clearances (including all licenses, permits, approvals, concessions and consents in respect of or in connection with the Project, to the extent assignable under Applicable Law) including, without limitation, the right to compel performance thereunder, and to substitute, or to be substituted for the Mortgagor thereunder, and to commence and conduct either in the name of the Mortgagor or in their own names or otherwise any proceeding against any persons in respect of any breach of the Project Documents and including without limitation, rights and benefits to all amounts owing to, or received by the Mortgagor and all claims thereunder and all other claims of the Mortgagor under or in any proceedings against all or any such persons and together with the right to further assign any of the Project Documents, both present and future, to have and to hold all and singular the aforesaid assets, rights, properties and all other claims thereunder which description shall include all properties of the above description whether presently in existence or acquired hereafter.

PART D List and description of Current Assets and Stock in Trade of Mortgagors: All of the mortgagor's stocks of raw materials, current assets, semi-finished and finished goods, consumable stores, stock in trade and inventories and all other intangible assets of the Borrower, including but not limited to the goodwill, undertaking, brands, intellectual property rights, if any, and the Borrower's uncalled share capital relating to the Project, both present and future and all rights, title, interest benefits claims and demands whatsoever of the Mortgagor in, to or in respect of all the aforesaid assets, both present and future.

PART E List and description of Bank Accounts and Receivables therein of Mortgagors: All and singular right title, interest, benefits claims and demands whatsoever of the Borrower in, to and in respect of the all the bank accounts of the Borrower together with all amounts lying therein on liable to be credited therein or other receivables liable to be credited to the accounts designated for receiving money, claims or money proceeds or receivables of whatsoever nature arising howsoever and wheresoever, which are now due and owing or which may at any time hereafter during the continuance of the security become due and owing to or acquired by the Borrower in relation to the Project, including but not limited to the Accounts and the Permitted Investments with respect to the Project and each of the other accounts required to be created by the Borrower under any Transaction Document, including in each case, all monies lying credited/ deposited into such accounts, all fixed deposits, securities or replacement of any moneys previously deposited in or credited to such accounts or otherwise, together with any interest from time to time accruing in respect of such moneys.

All and singular right, title, interest, benefit, claim and demand whatsoever of the Mortgagor - III and Mortgagor II into and in respect of all accounts of the Mortgagor-I together with all the amounts lying therein or liable to be credited therein which are receivables in relation to the Immovable Asset – 1 and Immovable Asset – 2.

All and singular right, title, interest, benefit, claim and demand whatsoever of the Mortgagor-II into and in respect of all the accounts of Mortgager-II including Escrow Account with Yes

Bank Ltd together with all the amounts lying there in or liable to be credited therein which are sale proceeds receivables in relation to the additional security.

PART F List and description of Insurance Contracts: All and singular right, title, interest, benefit, claim and demand whatsoever of the Mortgagor in, to and in respect of the Insurance Contracts both present and future in respect of the assets of the Mortgagor, both present or future, along with endorsement on the Insurance Contracts in favour of the Security Trustee acting for the benefit of the Secured Parties in a manner acceptable under Indian law and acceptable to the Security Trustee pursuant to the Insurance Contracts.

PART G List and description of Other Debts, Receivables and Liabilities of Mortgagor/s: All and singular right, title, interest, benefit, claim and demand whatsoever of the Mortgagor in, to and in respect of all present and future book debts and other debts, receivables, commissions. revenues, claims and choses-in-action of whatsoever nature and howsoever and wherever arising due or become due or owing to or acquired by the Mortgagor and the full benefit of all rights and remedies relating thereto including but not limited to the deposits and all claims for damages and other remedies for non-payment of the same and all claims under the Insurance Contracts or any encumbrance of whatsoever nature arising howsoever and wheresoever, which are now due and owing to or which may at any time hereafter during the continuance of the security become due and owing to or acquired by the Mortgagor in relation to the Project and the full benefit of all rights and remedies relating thereto.

1. Personal Guarantees of Mr. Ramesh Shah & Mr. Rahul Shah.

2. Corporate Guarantee of Sumer Buildcorp Pvt Ltd.

3. Pledge on 30% of SBPL shares, pledged by Rahul Shah (6.25% and Ramesh Shah (23.75% ).

PLEDGED SHARES OF DEFENDANT NOS. 2 AND

3. Sr No Shareholder Company name

No of shares Pledged

Face value of Share

Rahul Shah

Sumer Buildcorp Pvt Ltd

2500000

Ramesh Shah Sumer Buildcorp Pvt

9500000

Ltd

(D) Defendant nos.1,2,3,6,7,8 and 10 are entitled to redeem the mortgage properties and hypothecated properties as per law failing which the applicant has right to proceed to sell the hypothecated properties and mortgage properties and recover dues as per law. (E) Issue Recovery Certificate. (F) The learned Registrar is directed to send a copy of the judgment and recovery certificate to (i) the applicant, (ii) defendant and (iii) the Recovery Officer by post and email.

(Harish Kumar Kaushik) Presiding Officer, DRT-2, Mumbai