Alchemist Asset Reconstruction … vs M/S Hotel Gaudavan Pvt. Ltd. & Anr on 4 February, 2016

1. A brief exposition of facts necessary for deciding the preliminary
objection of territorial jurisdiction raised by respondent No.1 i.e. M/s Hotel
Gaudavan Pvt. Ltd. (in short ‘HGPL’) is that State Bank of India (in short
‘SBI’ ) Branch at Jodhpur sanctioned a term loan facility to HGPL having
its registered office at Jaipur. The term loan was repayable in 27 quarterly
instalments of `86 lakhs each, the last instalment being of `78 lakhs. HGPL
defaulted in payment of first instalment itself and sought for re-
schedulement of the term loan. The repayment of the principal was
rescheduled to start from March 31, 2010 instead of December 31, 2008,
despite the same HGPL again defaulted. Thus, reschedulement stood
cancelled and the default was deemed to have continued from December 31,
2008 itself. HGPL was classified as NPA by SBI. In view of the defaults,
HGPL wrote to the petitioner Alchemist Asset Reconstruction Ltd.(in short
‘Alchemist’) showing willingness to dispose off the property for adjustment
of dues requesting the bank to find a suitable buyer. Thus SBI assigned the
financial assets of HGPL to Alchemist.

Source: Indian Kanoon

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