Under Section 60(5) of Insolvency &

Bankruptcy Code, 2016 r/w Rule 11 of NCLT Rules, 2016 IIFL Finance Limited …Applicant In the matter of C.P.(IB) No. 1632/MB/2019 Vistra ITCL (India) Limited Financial Creditor Vs.

Satra Properties India Limited Corporate Debtor Order delivered on: 05.12.2023 Coram Shri Prabhat Kumar Justice Shri V.G. Bisht Hon’ble Member (Technical) Hon’ble Member (Judicial)

Appearances For the Applicant : Ms. Jyoti Singh, Advocate For the Respondent : Mr. Pulkit Sharma, Advocate ORDER Per: Prabhat Kumar, Member (Technical)

1. This Application IA 1687/2020 is filed under Section 60(5) of the Insolvency & Bankruptcy Code, 2016 (“Code”) read with Rule 11 of the NCLT Rules, 2016 by M/s IIFL Finance Limited{ earlier known as India Infoline Finance Ltd.} (“Applicant”) in the Corporate Insolvency Resolution Process (“CIRP”) of M/s Satra Properties (India) Limited (“Corporate Debtor”), to seek directions to Sh. Devrajan Raman (“Resolution Professional”) for admission of claim of the Applicant in the category of Financial Debt.

2. The Applicant has submitted that on 17.11.2015, the Applicant had executed a loan agreement with the Corporate Debtor granting a loan facility of Rs. 60.00 crores, accordingly the following documents were executed by the Corporate Debtor in favor of the Applicant to secure the said facility.

a. A first ranking charge in favour of Applicant of the mortgaged properties, more particularly specified in Schedule II Part A to the said Agreement.

b. Personal Guarantee of the Personal Guarantors.

c. Pledge over equity shares of the Corporate Debtor constituting

62% (sixty two per cent) of the issued and paid up equity share capital of the Corporate Debtor owned by Mr. Praful Satra and Mrs. Minaxi Satra, in accordance with the terms of the Share Pledge Agreement (iv) First ranking pari passu charge on the Escrow Account in favour of Applicant.

d. Demand promissory notes executed by the Corporate Debtor in the format annexed in Part A of Schedule III of the Agreement along with the letter of continuity in the format specified in Part B of Schedule III; and e. Maintenance of security cover of 2 (two) times the outstandings

2.1. Thereafter, an Additional Facility Agreement dated 29th September

2016 was also executed between the Applicant and the Corporate Debtor whereby the Corporate Debtor was granted an Additional Rupee Term Loan Facility to the tune of Rs. 40,00,00,000/- (Rupees Forty Crores only) over and above the existing facility of Rs. 60,00,00,000/- (Rupees Sixty Crores only) on various terms and conditions as more particularly mentioned therein. The obligations of the Corporate Debtor under the said Agreement were secured by creation of Security Interest in favour of the Applicant (then known as IIFL) by a. Additional Facility Agreement for sanction of Rs. 40 Crore.

b. Indenture of Mortgage for first and exclusive charge along with execution of charge by way of registered mortgage as per details provided in Schedule II to the said Agreement;

c. Indenture for extension of charge by way of registered mortgage of units along with receivables from sold/allotted area in project Satra park, constructed/to be constructed on all that piece and parcel of land admeasuring 10,467.60 sq. mtrs. bearing Original Plot No. 160, Final Plot No. 179 of Town Planning Scheme III and bearing CTS No.519. 519/1 to 77 situated at Village Eksar, Taluka Borivali:

d. Indenture for extension of charge by way of mortgage of units along with receivables from sold/allotted in commercial project "Satra Plaza" situated at Plot No. 19 & 20, Sector 20, plan Beach road Vashi.

2.2. The Corporate Debtor defaulted in respect of all the loan facilities granted by both the companies, and the Applicant’s holding company IIFL Finance Ltd. filed Company Petition (IB) No. 176/2019 u/s 7 of the Code before this Tribunal, pursuant to which consent terms were filed on 9.9.2019 before this Tribunal and the Corporate Debtor had acknowledged Applicant’s deb