- (1.) This is an Application submitted on 06.09.2017 by an Assignee viz. Phoenix ARC Private Limited, on assignment of Debt by Dhanalaxmi Bank Limited, a 'Financial Creditor'. The Bank is a Company incorporated and registered under the Companies Act, 1956 and also registered as a Securitisation and Reconstruction Company under SARFAESI Act 2002.
(2.) The 'Corporate Debtor' namely Schweitzer Systemtek India Pvt. Ltd had availed Financial Facility of a sum of Rs. 5 crores from Dhanalaxmi Bank Limited (hereinafter Assignor Bank) . It has also been intimated that to secure the repayment of the Financial Facilities a personal guarantee of the Promoters viz. Mr. Suresh Menon and Mrs. Kinnari Menon had also been obtained and created an equitable Mortgage in respect of 3 immovable properties, treated by the Assigner Bank as Mortgaged properties.
(3.) On account of "default of repayment" of the Financial Facility the Assignor Bank took over the possession on the mortgaged properties in accordance with the SARFAESI Act. During the pendency of the first securitisation application the Bank had executed an Assignment Agreement dated 28.03,2014 through which assigned the impugned Debt in favour of this Applicant viz. Phoenix ARC Private Limited.;