InfraLive September-15, 2025

DRT Order Exposes Sashidhar www.infralive.com 14 InfraLIVE September 15, 2025 Equitable Mortgage, by Deposit of Title Deeds of Flat inMatruAshish Building on Nepean Sea Road, Mumbai which however has been sold under permission from this Tribunal by Sales TaxAuthorities for recovery of their outstandings as per the amnesty scheme. After the merger, Defendant Nos. l, 2 & 3 executed fresh GuaranteeAgreement on 16.05.2000 for Rs 11.50 Crores. 5. The Defendant No. l subsequently became irregular in operating the accounts. The Applicant therefore was constrained to recall the outstandings. As the amount did not come forward, the guarantees were invoked but the Guarantors also did not make the payment thereby necessiting filing of this Original Application. 6. The Defendant Nos. l to 7 in their lengthyWritten Statement (Exh. 110) have not taken any specific defence or contention. The following pleas are taken up in omnibus manner. (i) The accounts are not furnished. (ii) The Original Application does not contain full details as to how the debt is due, the circumstances under which it is due and does not have copies of documents relied upon. (iii) The authority of the officer filing & signing the Original Application is not filed. (iv) There is no compliance of Rule 9(i), (ii) of D.R.T. Rules. (v) Consortium Agreement is not filed and the lead Bank is not made Co- Applicant. (vi) The Scheme of amalgamation of Times Bank not filed. (vii) The resolution of the Company authorizing the Directors to sign on behalf of the Company is not filed. (viii) The signatures were taken on the documents when theywere blank. 7. The Defendant Nos. 8, 12 & 14 have, filed Written Statement respectively at Exh. 52, 50&51. 8. In order to prove its case, theApplicant relies on ClaimAffidavit of Mr.Amin Dayani (Exh. 55 & 113). The documents relied upon are the Demand Promissory Notes Dt 25.05.1995 for Rs 6.75 Crores (Exh. 59), Dt 13.02.1996 for Rs 10 Crores (Exh. 68), Dt 13.03.1997 for Rs 6.50 Crores (Exh. 72), Dt 26.09.1997 for Rs 5 Crores (Exh. 78), Dt 05.11.1997 for Rs l Crore (Exh. 79), Dt 31.03.1998 for Rs 2 Crores (Exh. 80), Dt 29.09.1998 for Rs 6.75 Crores (Exh. 81), Dt 28.07.1999 for Rs 2 Crores (Exh. 82), Dt 14.01.2000 for Rs 5 Crores (Exh. 83), Letters of Guarantee by Defendant Nos. 2, 4 & 5 Dt 25.05.1995 (Exh. 60 to 62), by Defendant Nos. 3 Dt 14.06.1995 (Exh. 63), Dt 13.02.1996 by Defendant Nos. 2 & 3 (Exh. 70), Dt