ORDER

“Without Prejudice

Ref-AXIS/RL&P/DEL/MATRIX/2022-23/01                                Date: 24/08/2022

To,

MATRIX

THROUGH PROPRIETOR MR. RAJIV SAWHNEY

248-A, 3rd Floor, Rathi Complex Rama Market,

Munrika, New Delhi-110067

Also at:

B-287, Okhla Industrial Area, Phase-1 New Delhi-110020                 (Applicant)

Mr. RAJIV SAWHNEY

DDA Flat no B-7/96/2, 1st Floor, Safdarjung Enclave,

New Delhi-110029

(Guarantor & Mortgagor)

K.A. MR. RAJIV SAWHNEY

Ref: Your OTS proposal dated 13/07/2022 for settlement of dues of M/s Matrix A/c 914030026949184, 920060046435579 (Cust ID 853147292)

Dear Sir/Madam.

We refer to your aforesaid letter dated 13/07/2022 pertaining to settlement of dues of M/s Matrix. In this regard, based on your request letter and subsequent discussion held with you on subject matter, we have to advise you that we are agreeable for settlement of dues payable by M/s Matrix to Axis Bank Ltd. ("Bank") on the terms and conditions mentioned below.

The position of outstanding in M/s Matrix as on 31/01/2022 as per demand notice dated 28/02/2022 is Rs. 2,17,05,370.51/- with further interest and penal charges thereon.

The borrower concern/Mortgagors are liable to pay the above outstanding in M/s Matrix as on 31/01/2022 of Rs. 2,17,05,370.51/- as mentioned in the demand notice issued with further interest, penal interest, charges etc.

Please note that Total outstanding amount in M/s Matrix as on 31.07.2022 is Rs. 1,55,86,384.62/- along with further interest, penal interest, charges till final payment/realization.

The Borrower concern/Mortgagors hereby admit and accept the above liability/dues to the Bank. The aforesaid dues as well as the settlement amount in accordance with this sanction letter shall be due and payable jointly and severally by the borrower concern Mortgagors.

2. As per your OTS proposal. Bank agrees to settle the present outstanding dues at Rs. 1,38,63,000/- (Rupees One Crore Thirty Eight Lakh Sixty Three Thousand only) along with interest 10% on reducing balance along with last instalment subject to satisfactory payment in accordance with the terms and conditions contained herein. Apart from the above mentioned settlement amount, you are also agreed to pay a sum of Rs. 12500/- towards the legal expenses incurred by the Bank in the recovery proceeding initiated against you.

3. The above mentioned settlement amount of Rs. 1,38,63,000 (Rupees One Crore Thirty Eight Lakh Sixty Three Thousand only) along with 10% interest on reducing balance shall be payable as under. -

Please note that the borrower/guarantor to submit PDC's of Non Axis Bank account for rest of the tranches.

4. Apart from the above mentioned settlement amount you are also agreed to pay a sum of Rs. 12500/- towards the legal expenses incurred by the Bank in the recovery proceeding initiated against you. It may be noted that separate DD to the tune of Rs. 12500/- is to be issued by you in favor of Axis Bank ltd. at the time of acceptance of settlement letter.

5. All other terms and conditions as contained in all our earlier sanction letters/documents/notices etc. to the extent not contrary to the terms of this letter shall continue to be in effect and shall be binding on the borrower concern/Partner. All personal/corporate guarantees as well as securities charged in favour of the Bank shall continue to be valid and binding.

6. It is hereby agreed that upon receipt of the entire settlement amount in accordance with the terms and conditions of this settlement letter, the Bank as well as borrower concern/Guarantors/Mortgagor shall not have any contentions, claim/counter-claims against each other and shall withdraw all the Legal cases filed against each other in any court of law, tribunal and forum.

Upon receipt of Rs.138.63 lakh along with interest @ 10% on reducing balance stated as above, Bank will release charge over property (if any), as per bank rules, guidelines and process.

Equitable Mortgage of Residential property bearing DDA Flat no B-7/96/2, 1st Floor, Safdarjung Enc