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Padma Vathy & Anr vs State Nct Of Delhi & Anr on 17 March, 2017

CRL.M.C. 2863/2016 Page 1 of 21
2. Before adverting to the legal issues it would be appropriate to give a
brief background of the case. The Religare Finvest Limited (in short
‘Religare’) entered into an Assignment Agreement dated 25th July, 2015 with
the petitioner No.2/ Strategic Credit Capital Private Limited (in short ‘the
Strategic’) through its Director Padma Vathy/petitioner No.1, for assignment
of the loans and receivables along with all rights, title and interest therein for
a total consideration of ₹530,02,40,678/- (Rupees five hundred and thirty
crore two lakh forty thousand six hundred and seventy eight only). The
Assignment Agreement obligated Strategic to issue a Standby Letter of
Credit (in short ‘the SBLC’) for a sum of ₹540 crores in favour of Religare,
to guarantee the balance purchase consideration. Religare received an initial
purchase consideration of ₹10 crores from Strategic on June 24, 2015 and the
balance purchase consideration was required to be given within a period of
90 days from the initial purchase consideration. However, Strategic failed to
pay the balance purchase consideration under the Assignment Agreement.
So around 22nd October, 2015 Religare informed Strategic that it would
invoke the SBLC on account of default in payment of the balance purchase
consideration. On the representation of Strategic, SBLC was not invoked
and time was agreed to be extended subject to payment of ₹60 crores out of
the balance purchase consideration and a Supplemental Agreement was
entered in this regard on 30th December, 2015. The SBLC was extended till
June 22, 2016. Pursuant to the Assignment Agreement and Supplemental
Agreement, Religare transferred the loans, receivables and securities in
favour of Strategic as per its demand, however Strategic even failed to pay
₹60 crores as promised. Later to meet the payment obligations, Strategic
handed-over a cheque dated 21st March, 2016 bearing No.709845 drawn on

CRL.M.C. 2863/2016 Page 2 of 21
HDFC Bank for a sum of ₹180 crores only (in short the cheque in question)
in favour of Religare and assured that the balance payment would be made
before the agreed date.

Source: Indian Kanoon

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