1) Rare Asset Reconstruction Ltd issued a recall notice to Sarga Hotels Private Limited for defaulting on loan repayments originally from Srei Equipment Finance Limited, which assigned the loan to Rare ARC.
2) The loan was secured by assets of Sarga Hotels and a corporate guarantee from Shristi Infrastructure Development Corporation Limited.
3) Rare ARC is demanding full repayment of the outstanding loan amount of Rs.__________ within 15 days, including interest, or it will take steps to enforce securities.
1) Rare Asset Reconstruction Ltd issued a recall notice to Sarga Hotels Private Limited for defaulting on loan repayments originally from Srei Equipment Finance Limited, which assigned the loan to Rare ARC.
2) The loan was secured by assets of Sarga Hotels and a corporate guarantee from Shristi Infrastructure Development Corporation Limited.
3) Rare ARC is demanding full repayment of the outstanding loan amount of Rs.__________ within 15 days, including interest, or it will take steps to enforce securities.
1) Rare Asset Reconstruction Ltd issued a recall notice to Sarga Hotels Private Limited for defaulting on loan repayments originally from Srei Equipment Finance Limited, which assigned the loan to Rare ARC.
2) The loan was secured by assets of Sarga Hotels and a corporate guarantee from Shristi Infrastructure Development Corporation Limited.
3) Rare ARC is demanding full repayment of the outstanding loan amount of Rs.__________ within 15 days, including interest, or it will take steps to enforce securities.
1) Rare Asset Reconstruction Ltd issued a recall notice to Sarga Hotels Private Limited for defaulting on loan repayments originally from Srei Equipment Finance Limited, which assigned the loan to Rare ARC.
2) The loan was secured by assets of Sarga Hotels and a corporate guarantee from Shristi Infrastructure Development Corporation Limited.
3) Rare ARC is demanding full repayment of the outstanding loan amount of Rs.__________ within 15 days, including interest, or it will take steps to enforce securities.
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REGISTERED POST ACKNOWLEDGEMENT DUE/
RECORDED DELIVERY
Without Prejudice
Ref No: Rare/SHPL/FY 2022/09 September 16, 2021
The Managing Director/Directors,
Sarga Hotels Private Limited, Plot No. X-1, 2 & 3, Block- EP, Sector-V, Salt Lake City, Kolkata-700 091
Dear Sir(s),
M/s Sarga Hotel Private Limited (hereinafter referred to as Borrower)- Recall Notice
1. Rare Asset Reconstruction Ltd. (hereinafter referred to as “Rare ARC”) is a company
incorporated under the Companies Act, 2013 and registered with Reserve Bank of India as a Securitization and Reconstruction Company, pursuant to Section 3 of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (hereinafter referred to as “SARFAESI Act”).
2. We advise that under provisions of SARFAESI Act and pursuant to the execution of Assignment Agreement dated September__ .09, .2020 between Srei Equipment Finance Limited and Rare ARC, we have acquired financial assets pertaining to Borrower together with all underlying security interest and all its rights & title with interest and benefits in respect therein more specifically mentioned in Annexure I of this notice. Pursuant to the referred Assignment Agreement, Srei Equipment Finance Limited has assigned the debts, together with all security and all rights in respect thereof. The Borrower has been advised of the said Assignment of debt vide our letter dated September 16, 2021.
____.
3. The Borrower has availed financial facility, more precisely a Term Loan Facility from Srei Equipment Finance Limited (debt since assigned to Rare ARC) which are secured against assets as detailed at Annexure I and the Corporate Guarantee of Shristi Infrastructure Development Corporation Limited.
1 4. The Borrower has failed and neglected to pay to Rare ARC, the installments of principal, interest and other monies, the particulars whereof are given in ANNEXURE II hereto.
5. Since the Borrower has committed defaults in the payment of principal, interest and other monies and also in observance and performance of the other conditions of the Term Loan Facility availed by you, Rare ARC has become entitled to recall the entire principal amounts of the Loan, interest and other monies due in respect of the Loan thereof.
6. Accordingly Rare ARC, hereby declares in writing as follows:-
That the outstanding amounts of the various financial facilities as on September __, 2021 is Rs.____________/- (Rupees ____________________________________) the particulars whereof are mentioned in Annexure II hereto, have become immediately due and payable by you to Rare ARC;
7. In the Premises, we hereby call upon the Borrower and demand to pay to Rare ARC at Ahmedabad, within a period of 15 days from the date hereof, the aforesaid sums aggregating Rs.________________/- (Rupees ___________________________ Only) as on September__, 2021 in respect of the Loan availed by the Borrower from Srei Equipment Finance Limited (since assigned to Rare ARC), as per the details given in Annexure –II hereto, together with interest, further interest, penal charges thereon with effect from the respective due dates at the contractual rates upon the footing of compound interest, until payment/realization.
8. In case, the Borrower fails to make the payments as aforesaid and comply with the requirements, Rare ARC shall be constrained to take such steps as may be necessary for enforcing the securities and realizing its dues at your own risk as to the costs and consequences thereof.
Kindly note that the above notice is issued without prejudice to the rights and remedies of Rare ARC against the Corporate Guarantor of the Loanviz. of Shristi Infrastructure Development Corporation Limited.
Yours faithfully,
For, Rare Asset Reconstruction Limited
(In capacity as Trustee of Rare ARC 051 Trust)
(Authorised Signatory)
Encl : Annexure I & II
2 3 ANNEXURE I
M/s Sarga Hotel Private Limited
DETAILS OF SECURITY
Details of Secured assets and Charge of Rare ARC
Sr. No. Type/ Details
Primary & Collateral
1. Second Charge on all assets, present & future of the Borrower; 2. Second charge by way of assignment or creation of Security Interest on all the right, title, interest, benefits, claims and demands whatsoever of the Borrower;
3. Exclusive Charge by way of Pledge of entire unencumbered shares (5,99,99,500 shares)
of SHPL (Sarga Hotel Private Limited) held by Shristi Infrastructure Development Corporation Limited (“SIDCL”) in demat form;
4. Corporate Guarantee of Shristi Infrastructure Development Corporation Limited
(“SIDCL”)
4 ANNEXURE II
M/s Sarga Hotel Private Limited
PARTICULARS OF THE OUTSTANDING
AMOUNTS IN RESPECT OF THE LOAN AS ON SEPTEMBER ___,2021
Writ Petition Seeking Writ of Prohibition From High Court Under Article 226 of Constitution To Prohibit Respondents From Proceeding With Disciplinary Action
Writ Petition Seeking Writ of Prohibition From High Court Under Article 226 of Constitution To Prohibit Respondents From Proceeding With Disciplinary Action
