Narender Kumar Arora & Drs

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NARENDER KUMAR ARORA & ORS, Court No. : 23
Nominated Counsel Vs. KOTAK MAHINORA BANK LTO, DISPOSED OFF on 03/11/2016
&ANR.
List ol Common Objections Advocate : SUDHIR KUMAR SINitA
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* IN THE HIGH COURT OF DELHI AT NEW
. '
DELHI
1.
+ ARB.A. 12/2016
NARENDER KUMAR ARORA & ORS. .. ... Appellants

Through: Mr. Sandeep Chhabra, Advocate.
versus
KOTAK MAHINDRA BANK LTD. & ANR. .. ... Respondents

Through: Mr. Arun Aggan:val, Advocate for
Respondent No.1.
CORAM: JUSTICE S. MURALIDHAR
ORDER
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......,,. o/o 03.11.2016
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·;.:: 1. This appeal is directed against the impugned order dated 12 111 1\1ay 2016
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passed by the sole Arbitrator in an application filed by Kotak Mahindra
}iit- Bank Ltd. ('KMBL'), Respondent No.1 herein to be substituted for the
:~;r~t: original claimant in the arbitral proceedings viz., Citi Financial Consumer
~;}/:·:
Finance India Ltd. (Respondent No.2)
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2. The Appellants herein resisted the said application on the ground that the
assigning of the debt is contmry to the agreement between the parties and
should have not been pennitted. The learned. Arbitrator has by the impugned
.
order negatived the· said objection and allowed the substitution of
Respondent No.2 by Respondent No.1 as the sole claimant in the arbitral
. . .
proceedings.
ARB.A. 1212016 Page I of2
' •
3. Learned counsel for the Appellants has not been able to point out how the
impugned order falls under any of the categories or'intetim orders passed by
an Arbitrator which can be appealed against under Seytion 37 of the
Arbitration and Conciliation Act, 1996 ('Act').
4. It is pointed out that the assignment was earlier challenged by the

Appellants by filing Writ Petition (Civil) No. 5004 of 2014 which was
dismissed by this Court by order dated 9111 September 2014 on the ground
that the question of validity of the assignment could be decided by the
learned Arbitrator. That, however, does not mean that the interim order by
which the said decision was taken, can be appealed against under Section 37
. '
of the Act. The Appellants will have to await the Award and in the <;ourse of
challenging the Award urge an issue concerning the validity of the
assignment. This appeal is, therefore, not maintainable as such and is
dismissed reserving the right of the Appellants to challenge the validity of
assignment at the stage of challenge to the Award if it is adverse to them.
IA No. 7669/2016 (for stay)

. ) i . t
5. The interim order passed by this Court on 1i 11 June 2016 stands vacated.
6. The application is disposed of.
.•
"
S. MURAL~DHAR, J
NOVEMBER 03, 2016
dn
ARB.A.1212016 Page 2 of2
•
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$-1
* IN THE HIGH COURT OF DELHI AT NEW' DELHI
+ ARB.A. 12/2016
NARENDER KUMAR ARORA & ORS ..... Appellants

Through Mr.Sudhir Kumar Sinha, Adv.
versus
KOTAK MAHINDRA BANK LTD. & ANR ..... Respondents

Through Mr.Arun Aggarwal, Adv. for R-1.
CORAM:
HON'BLE MR. JUSTICE MANMOHAN SINGH
ORDER
30.08.2016
The Hon'ble Judge did not hold the Court before lunch.
Re-notify on 3rd November, 2016.
(COURT MASTER)
AUGUST 30, 2016/ka
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* IN THE HIGH COURT OF. l)ELHI AT NEW DELHI
+ ARB. A. 12/2016
NARENDER KUMAR ARORA AND ORS. .. .. ~Appellants
Through; :tvfr. Sudhir Sinha and Mr. Sandeep,
Advocates
versus
KOTAK MAHINDRA BANK LTD. & ANR. ..... Respondents

ThFough: Mr. Arun Aggarwal, Advocate
CORAM:
HON'BLE MR. JUSTICE SUNIL GAUR
ORDER
_,,,_ ..........
17.06.2016
I.As.J!i~O & 767? of2016{E~emption)
Allowed subject to all just exceptions.
ARB. A. 12/2016 & I.A.7669/2016 (Stay)

? ;:. 4 ; ' '' 4 % ;; ' ; " ' II .•
Vide impugned order of Iih May, 2016, first respondent has been
impleaded as a party.
.
Learned counsel for appellants submits that the impleadment of
first respondent is to~ally unwarranted.
Notice.
Mr. Arun Aggarwal, Advocate, accepts notice on behalf of
re~pondent No.1.
Notice. of this. petition and the application be issued to respondent

No.2 through speed .post. and approved courier returnable for 30th August,
ARB. A. 1212016 Page 1
I •
2016. In the meantime, the proceedings before the learned Arbitrator be
continued, but be not concluded till further orders.
List on 30th August, 2016 before the Roster Bench.-
(SUNIL GAUR)
VACATION JUDGE
JUNE 17, 2016
s
..
'.. . .
ARB. A.l212016· Page2
' •
ITEM NO .. ___ .....:. (to be filledupbyCM only)
IN THE HIGH COURT OF Ql:LHI AT NEW DELHI

FORM FOR URGENT (MENTIONING} CASES FORJISTING
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(COURT NO. & THE NAME(S) OF HON'Bl.E JUDGE(S)} U ~
1. Against the Order dated l ~l 0 .rl ':1-01--b

2. Passed by Lo. :;.ou A-R.enJL&o~ U!:A1t:fvS~auLt4)
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Advocate for the Petitioner I Respondent

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Place : New [)elhi.
R~marks L Objections:
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IN TH~ HIGH COURT OF DELHI AT NEW DELHI

CIVIL ORIGINAL JURISDICTION
ARBITRATION APPEAL NO. OF 2016
IN THE MATTER OF:
Narend~r Kl:lmar Arora & Ors. Vs. Kotak Mahindra Sank & Anr.
INDEX
V'\b l
~.bArbitration Appeal U/S 37 of the Constitution of
India
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~~~ 7. ANNEXURE~
r.-•(·"' . Copy of impugned order. dt. 12.5 ..1.6
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\~\ Copy of order dt. 9,9:14 passed 1n
·w.P.(C) No.5004/14 .·
, 10. ANNEXURE-0 (Colly.)

Copies of Application U/0 22 Rule 10
Of.May 2014 and Sept. 2014 filed before
Arbitrator by .respondent No.1
11. ANNEXURE-E (colly .. )
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12. Application U/S 151 CPC for stay ff~-f?f-
13. Affidavit in support
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14. Application U/S 151 CPC for exemption
15. Affidavit in support
16. Application U/S 151 CPC for exemption

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17. Affidavit in support /OO- /o,:Z
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D,ated: tc/ Ob {?-olb
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through Petitionerw
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Sudhir KLi~a &
Abdhesh Chaudhary
(Cqunsel for petitioners)
A-14, L.G.F., New
Friends Colony,
Delhi-11 0025
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IN THE HIGH COURT OF DELHI AT NE.W DELHI
ARBITRATION APPEAL NO OF 2016 ,''

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IN THE MATTER OF:
Narender Kumar Arora & Ors. V$. Kotak Mahindra Bank & Anr.
IN THE HIGH. COURT OF DELHI AT NEW DELHI
ARBITR.A,TION APPEAL NO. OF 2016

IN T.HE MATTER OF:
Narender Kumar Arora & Ors. Vs. Kotak

.
Mahindra Bank & Anr.
' .
NOTICE OF MOTION
Sir,
The enclosed Petition ir) the aforesaid matter as being

filed on behalf of the petitioner and .is likely to be listed on --
June 2016 or any date, thereafter. Please take notice
accordingly.
Thanking you.
Yours Faithfully.
New Delhi
Dated:- le>IVG (').91 b
?3·\~-
Sudhir KumarSinha &
Abdhesh Chciudhary
(Counsel for petitioners)
A-14, l.G.F., New
Friends Colony, Defhi-110025
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DATE &. TIMr. : 10-JUN-2016 10:17:4·1
NAMES OF THE ACCI REGISTERED USER: SHCIL
LOCA'riON: DELHI HIG~I COURT
c-COURT RECEIPT NO : DLCTl 036F16171<1 83
o-COUnT FEE AMOUNT: ~ 10
( Hupees Ten Only)
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Authority. This mc:elpt is VDild only .,rter verlfic.1~tion & locking by lho Court Olliclal.
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IN THE HIGH COURT OF DELHI AT NEW DELHI

. -'
IN THE MATTER OF:
-·
Narender Kumar Arora & Ors. Vs. Kotak Mahindra Bank & Anr.
URGENT APPLIQATION
' .""""""""t" -· • • •
To
The Registrar,
High Court of Delhi
New Delhi
Sir,
l<indly, treat the accompanying petition as urgent. The
grounds of urgency are:
THAT $TAY AND DIRECTIONS HAVE BEEN PRAYEO

FOR"
Thanking you. Yours Faithfully.
New Delhi {).~

Dated:- I o\ o-& \ -;.oJ b Sudhir Kumar Sinha &
Abdhesh Chaudhary
A-14, L.G.F., New
Friends Colony,
Delhi-11 0025
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THE HIGH COURT OF DELHI AT NEW DELHI

.: . .- .i
IN THE MATT.ER OF:
Narender Kumar Arora & Ors. Vs. Kalak Mahindra Sank & Anr.
LIST OF DATES & EVENTS
13.7.2005 That RBI issued master circular containing
guidelines and in terms of clause 5(viii) no
bank of non banking institution is permitted
to assign its debt unless the same has
remained classified as NPA for two years
before the date of assignment in the books
·of accounts of original lender bank.
23.2.08 That appellants availed · loan from
respondent No.2 vide loan agreement
executed between them.
- ~un~,2012: That due to certain hardships appellants
could not pay certain installments and their
loan account was declared as NPA by

\
respondent No.2
2.7.12 That aforesaid guidelines of 2005 were
kept intact vide Master circular No.RBI/ .

"_i J
2012-13/39 containing ~imilar clause in
Clause 7.3(ix}.
That respondent No.2 invoked arbitration.
clause and Mr. Rajiv Shukla, Advocate
was appointed as Sole Arbitrator
Dec. 2012 Thaf respondent N0.2 assigned the said
debt to respondent N0.1 within a period of
six months of classification of loan account
as NPA
9.9.14 That initially appellants challenged the
assignment and sought de'claration thereof.
as invalid by filing civif writ No.5Q04/2014
which was dismissed by holding that since
the issue could not be adjudicated in writ
involving disputed facts, appellants herein
were allowed to agitate the issue before
Ld. Arbitrator.
-
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May, 2014 : That respondent No.1 firstly filed
application seekjng its substitution
allegedly annexing therewith
assignment deed of some other.
Sept. 2014 : That respondent No.1 filed fresh
application U/0 22 Rule 10 r.w.s. 151 CPC

for substitution in place of respondent
.
N0.2 annexing therewith assignment deed
dt. 26.12.12.
22.5.15 That appellants herein filed reply to the
said application challenging the validity of

- the assignment deed.
12'.5.16 That Ld. Arbitrator vide impugned order
has allowed the sard application for

substitution rej.ecting the claim of
appellants about validity of the assignment

.......):,..,
.~i:~·~·: deed .
··::;.;:*.:
10.6.16 Hence this ap'peal.

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N THE HIGH COURT OF DELHI AT NEW DELHI

CIVIL ORIGINAL JURISDICTION
ARBITRATION APPEAL NO. OF 2016- . '

IN THE MATTER OF:
Narender Kumar Arora & Ors.

Appellants
VI;RSUS
Kotak Mahindra Bank Ltd.& Anr.

Respondent~
Orderot.12.5.16
Mr. Rajiv Shukla, Ld.Arbitrator,
Arb. petition No.2267/2012
MEMO OF PART!§
_. '
- -, .
1. Mr. NARENDER KUMAR ARORA

S/o late Shri R.f\. Arora
Rio B-13, Greater Kailash Enclae-11,
New De!hi-11 0048
2. MRS. BANI ARORA

W/o Shri Narendra Kumar Arora
Rio B-13, Greater Kailash Enclae~ll,
New Delhi-110048
3. MR. KUNAL ARORA

S/o Shri Narender Kumar Arora
R/o 8-13, Greater Kailash Enclae-11,
New Delhi-11 0048 Petitioners
VERSUS
1. KOTAK MAHINDRA BANK LTD.

Through its Chairman & M.O.
1
F-1603, 16 h Floor, Ambadeep Building,
14, Kasturba Gandhi Marg,
Connaught Place,
-
New Delhr-110001
2. Citi Financial Consumer Finance India Ltd.

Through the Chairman & Managing Director
3, LSC Phusp Vihar,
New Delhi-11 0062 Respondents
tl~,'h~
e:=7A~-Q
New Delhi
Dated:
t/u•1Jt~~
Petitio,(lers ~
through --§·~~
Sudhir Kumar Sinha &
Abdhesh Chaudhary
. A-14, L.G.F., New
Friends Colony,
Delhi-110025
GOVERNMENT OF NCT OF DELHI
e-Court·Fee
DATE & TIME: 10·iUN·2016 10:59:00

NAMES OF THE ACC/ RI!:QISTERUD USER : SHCIL
LOCATION: DELHI HIGH COURT
I!·COUflT f!F.!CEIPT NO : Dl.CT 1049F165BKS53
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ARBITRATION APPE;:AL NO. OF 2016
IN THE MATTER OF:
1. Mr. NARENDER KUMAR ARORA

S/o Late Shri R.K. Arora
R/o B-13, Greater Kailash Enclae-11,
·- New Delhi-11 0048
2. MRS. BANI ARORA

W/o Shri f\Jarendra Kumar Arora
R/o B-13, Greater Kailash Enclae-11,
New Delhicl1004{3
3. MR. KUNAL ARORA

S/o Shri Narender Kumar Arora
R/o B-13, Greater Kailash Enclae~ll,
New Delhi-11 0048 Petitioners
VERSUS
1. KOTAK MAHINDRA BANK LTD.

Through its Chairman & M.D.
F-1603, 161h Floor, Ambadeep Building,
14, Kasturba Gandhi Marg,
Connaught Place,
New Delhi-11 0001
2. Citi Financial Consumer Finance India Ltd.

.. : Through the Chairmar1 & Managing Director
3, LSC Phusp Vihar,.
New Oelhi-110062 Respondents
APPEAL U/S 37(2)(b) OF . ARBITRATION AND

coNcluATI(?N Act.1996 ~Q'11t-Jst T.H~.·qr~RE.R 12 t.
12.5.16 PASSED BY. MR. RAJIV SHUKLA. LD. SOL!;
AHBIT.RATOR ALL()WI.NG THE AJ7PUCATidN, ·~Qt
RESPDNDENT NO.1 HEREIN FOR ITS SUBSTITUTION IN
MCE ()F RESPONDENT No'.2 ... ". .
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~t~~tl•tmWHiff!f&~~~~$Z~mw&¥aaerm~ifi~l?.~~--:]{~~·~~:: .~ ;: . .-;:: .:
RESPECTFULLY SHOWETH:
1. That the appellants are challenging the order~ dt.
·t2.5:16 passed by Ld. Sole Arbitrator Mr. Rajiv Shukla
in Arbitration petition No.2267 of 2012 whereby the
l..d. Arbitrator has allowed the application U/0 22 Rule
'10 r.w.s. 15'1 CPC for swbstitution of respondent No:l
in place of respondent No.2 herein. The main wound
of challenge is that the assignment of loan account of
the appellant which was classified as NPA by
respondent No.2 in favour of respondent No. i herein
is contrary to the Master C\rc.ular of Reserve Sank of
India containing the guidelines to regulate
classification of accounts as NPA and related matters
particularly Clause 5(vtii) of the said Guidelines which
mandates that the assignment of any debt in respect
·of loan account classified as NPA is permissible only
when such an account has remained classified as
NPA for two years in the b()oks of accounts of the:
original lender bank (copy of impugned order dt.
12.5.16 Passed in Arbitration Petition No.2267/2012 is
attached herewith and marked as ANNEXURE-A)
-
@
'ii
2. That briefly stated facts giving rise to the present
- appeal are that appellants availed a loan from ·
respondent No.2 which is a non banking financial

--· ·' .i
company vide Loan agreement dt23.2.2008 which
contained arbitration clause for settlement of disputes.
3. That due to certain financial hardships ~md economic
slowdown, the appellants could not pay certain
installments against the loan account and it was
therefore classified as NPA.in June 20'12.
4. That respondent No.2 invoked Arbitration clause and
Mr. Rajiv Shukla, Advocate was appointed as Sole
Arbitrator for resolution of the dispute between the
parties concerning the said loan account.
5. That within a period of six months of classification of
loan account in question, the respondent No.2
assigned the said debt to respondent No.1 i.n
December 2012. (copy of Assignment deed
dt.26.12.12 as provided by respondent No.1 IS
attached herewith and marked as ANNEXURE-B)

6. That initially the appellants challenged the assignment
and sought declaration thereof as invalid by filin.~'writ
petition civil No.5004/2014 which was dismissed vide
order dt.9.9.14 holding that since tl1e issue could not
be adjudicated in wdt jurisdiction involving disputed
facts, the petitioner (appellant herein) was allowed to ·
agitate the issue of invalidity of assignment before ld.
Arbitrator. (copy of order dt. 9.9.14 in W.P.(C)
No.5004/2014 is attached herewith and marked as
ANNEXURE~C)
7. That respondent No. ·1 filed an application in May 2014
.seeking its substitution in place of respondent No.2
but later on a fresh application was filed U/0 22 Rule
10 r.w·.s. 151 CPC in September, 2014 for the same:
purpose annexing therewith another Assignment deed
on the ground that at the time of filing of first
application some another assignment deed not
connected with the case was annexed. (Copies of
applications U/0 22 Rule 10 filed before Arbitrator of
May 2014 & Sept. 2014 are attached herewith and
marked as ANNEXURE-b Colly.)

-
8. That the appellants filed reply to the said application
· challenging the· validity of the assignment deed. and
consequently opposing. the· substitution of respondent
No.1 in place of respondent No.2 on the ground that in
terms of Clause 5(viii) of RBI Guidejines as contained
in Master Circular No.HBI/2005,.:06/54 dt. 13.7.2005
no bank or non-banking institution is permitted to
assigned its debt unless the same has remained
classified as NPA for two years before the date of
such assignment in the books of account of original
lender bank. The said clause is reproduced herein
below:
''A non-performing asset in the books of a bank
shall be eligible for sale to other banks only if it
has remained a non-performing asset for at least
two years in the books of the selling bank".
It is .also submitted that similar stipulation was kept
intact in Master Circular No.RBl/2012-13/39 dt. 2.7.12'
in clause No.7.3(ix) in the following terms:
"A nonperforming asset in the books of a bank
shall lJe eligible for sale to other banks only if it has
'•,·'
remained a nonperforming asset for at least two years
·.~·
in the books of lf1e selling bank".
,'.'.
Thus it is submitted that both prior to the assignment
and at the time of assignment, the requirement of an
account remaining classified as NPA for two years in
the books of acco'unts of original lender bank before
assignment was in force and therefore the same was
applicable to the assignment in question which has
been done in complete contravention thereof.
(Copie:; of reply along with Master Circular
dt.13.7.2005 & 2.7.12 containing gtJidelines are
attached herewith and marked as ANNEXURE-E
colly.)
9. That Ld. Arbitrator vide impugned order qt. 12.5.16
has allowed the said application for substitution of
respondent No.1 in place of respondent No.2 as
claimed in the said arbitral proceedin)Js rejecting the

.
contention of the appellants about the validity of
assignment deed on the ground of the same being
violative of mandatory RBI guidelines in this regard

which order is in the form of interim measure passed
U/S 17 of Arbitration and Conciliation Act, 1996,hence
this appeal.
10. That appellants have not filed any other petition
before this Hon'b!e court or before the Hon'ble
Supreme Court aflndia or before any other court on
the subject matter of the petition except the one
mentioned herein above as writ petition ©
No.5004/2014.
GROUNDS
That appellants crave leave of Your Lordship to assail the
impugne,d order dt.12.5.16 passed by the· Ld. Arbitrator o~
the following grounds amongst others:-
a) Because the impugned order dt. 12.5.16 is bad both in
law as well as in facts.
/'
b) Because the Ld. Arbitrator has completely ignored the
stipulation made in Clause 5(viii) of Master Circular r

!
-
.
'
..
containing RBI Guidelines relating to classification of
accounts as NPA and related matters which

/ :'
·is
.:
mandatory in nature and which could not have been
ignored. It is submitted that in terms of Clause 5(viii)
of ~he said guidelines, the assignment deed in
question in favour of respondent No 1 <:!Ssigning the
loan account in question by respondent No.2 is clearly:
invalid as in terms of the said cla1,1se, the respondent
No.2 could not have validly assigned the said loan
account in favour of respondent No.1 bank as the
account in question was classified as NPA only in
- June 2012 and the assignment deed was made in
December 201.2 i.e. within six months of the said
classification contrary to the stipulation that the such
?S.signrnent could not be done before expiry of two
years of the debt in the books of ;;lCcounts of original
lender bank viz. respondent No.2 ..
c) B~cause the ld. Arbitratqr gravely erred in allowing the
.
application for· substitution of respondent
.
No.1 in place
of respondE:?nt No.2 . by holding that the appellants
have no locus to challenge ·the sai.d assignment in so
much as no inv<;1lid transfer can create any right in law

and consequently no dght to pursue a legal remedy on
the basis of such invalid assignment. As such, if the
respondent No.1 .is allowed to pursue the legal
remedy in place of respondent No.2 before arbitrator,
same will result into proceedings which are void ab
initio being founded on an invalid assignment.
d) Because the Ld. Arbitrator fell in grave error in
allowing the application by holding that the responde.nt
No.1 & 2 were free to enter into an agreement for
transfer of debt in so much as the ld. Arbitrator
completely ignored that the assignme'nt was executed
in complete violation of Clause 5(viii) of Guidelines
contained in Master Circular dt. 13.7.2005 and Clause
7 .3(ix) of the guidelines as contained in Master
Circular dt. 2.7.12 which prohibits the assignment of
any debt in favour of any bank or non banking
financial institution before the expiry of two years of a
· -.. given account remaining as classified for two years in
the books of accounts of the original lender.
-
18
e) Because the ld. Arbitrator fell in grave error in allowing
the application of respondent No.1 far substitutiqh

J .i
of .
) J
respondent No.1 in placE;J of respondent No.2 by
holding that no prejudice would be caused to th~
appellants herein in so much as in the first place, the
ld arbitrator ignored that there is no privity of contract
between the appellant and the respondent No.1 and
therefore respondent NO.1 cannot claim that there is
any arbitration agreement between the appellants and
respondent No.1 without the appellants having been
consented to the said assignment.
f) Because the impugned order is illegal, arbitrary and
perverse.
PRAYER
~--
In view of the above it is most respectfully pr<;~yed that Your
Lordship may be pleased to:
.1. Allow this petition.
2. Set aside and quash the impugned order (:lated
12.5.2016 passed ~y the Ld. Arbitrator Mr. Rajiv
Shukla, Advocate and consequently dismiss the
application U/0 22 Rule 10 of the re:spondent No.1.

3. In the alternative declare that there subsists no
arbitration agreement between the appellants and

) .:
respondent Nq.1 and consequently grant liberty to the
appellant to challenge the assignment deed dt.
26.12.12 executed by respondent No.2 in favour of
respondent f\lo.1 by assigning the loan account in
question in favor of respondent No.1 by ordering for
termination of the arbitration proceedings.
4. Grant any other relief which Your Lordship deem fit
and proper in the circumstances of the case.
New Delhi
Dated: I o( ~r·t, l'>t' 1·{,
Petitioner No.2
du~Jt~
Petitioner No.3
through ~·'\l g_~
Sudhir Kumiif'Sinha &
Abdhesh Chaudhary
A~14, L.G.F., New
Friends Colony,
Oelhi-110025
''
AR~ITRATION APPEAl.- NO. OF 20'16
IN THl;: MATTER OF:
Narender Kumar Arora 8< Ors. V$. Kotak Mahindra Bank &Anr.
AFFIDAVIT
Affidavit of Shri Narindra Kumar Arora, Aged about 57 yrs ..
Sfo Late Shri R.K. Arora, R/o 8-13; Ground Floor. Greater
Kailaih Enclae-11, NewDelhi-110048.
I, the above named deponent, do hereby solemnly affirm
and declare as under:
1. That the deponent is>the appellant No.I in the above

noted case and is fully conversant with the facts and
circumstances of the case and is competent to .swear
this affidavit on behalf of himself and other appellants
also.
2. That the contents of· the accompanying appeal have
f)
1 D. JUN 2016
·.··. ··.,.:.
IN THE MATTER OF:
Narender Kumar Arora & Ors. Vs. Kotak Mahindra Bank & Anr. · ..
AFFIDAVIT
Affidavit of Smt. Bani Arora, W/o Sh. Narindra Kumar
Arora, Aged about 57 yrs., S/o Late Shri RK. Arora, Rio 6-
13, ,Ground Floor, Greater Kailash Enclae-11, New Delhi-
110048.

;
ancl declare as under:
3. That the deponent is the appellant No. 2 in the above

circumstances of the case and is competent to swear
been drafted by my counsel under my instructions and
Q;Jk'~~i~\ the same have been read by me and understood by . .

~~i;IJ.~\~<BQl
__.~w \)\, . ~;"'
\. me which are true and correct. {?.~..__._: ~
~6~~oo~~
,\)'a
al.\~ 1 0 JUN 2016 DEPONENT
o\\N'} "' VERIFICATiON:
..--- Verified at New Delhi on this day of June, 2016 that the
contents of the above affidavit are true and correct to the
best of my knowledge and belief.
- DEPONENT
10 JUN 2016
- IN THE HIGH COURT OF DELHI AT NEW DELHI
.· ;
IN THE MATTER OF:
Narender Kumar Arora & .Ors. Vs. Kotak Mahindra Bank & Anr.
AFFIDAVIT
Affidavit of Shri Kunal Arora ·s/o Sh. Narindra Kumar Arora,
Aged about 57 yrs., S/o Late Shri RK. Arora, R/o 8-13,
Ground Floor, Greater Kailash ,EnclaeAI, New Delhi-110048.
I, the above named ·deponent, do hereby
solemnly affirm and declare as urider:
5. That the deponent is the appellant No.3 in the above

noted case and is fully conversant with the facts anq
i \~1' circumstances of the case and is competent to swear
'- ~:e~~c~this
·t'J 1.11e ?te"
affidavit on behalf of himself and other appellants
\ \a~ 11\'' · 0 iD \(\~
h3s s\~gl\1?· also.
6 That the contents of the accompanying appeal have
,;;0::_,. . . . . : ·c~:.\~~~~' been drafted by my counsel under my instructions and
'• \1~(\,. ' dn,AJt,

I /) \\ ~
~~· }, • ., !?,(\ \ ~~ \
//<J' }~\ll'l-",~,o + \i the same have been read by me and understood by
\~i<;,\\
.,;;~.~~
L OJ ,t\ _t;->J
l\c 't.;,_ .1> me which are true and correct. CfV.CP__...
\' •
\\~
"'"'
\0
\'.1•0~ <t'\
'' /IJ~v' f' ~
·::-.:~· DEPONEN1
9
VERIFICATION:
Verified at New Delhi on this day of ,June, 2016 that the
contents of the above affidavit are true and correct to the
be$t of my knowledge and belief.
@
AYi
l'1 fiX Uh-Q - fi
Bt;:FORE THE HON'BLI';: $OLE ARBITRATOR
MR. RAJIV SHUKLA, ADVOCATE, DELHI
ARBITRATION PI;:TITION No. 22.67 OF 2.012
LN THE MATTER OF:~
M/s Citifinancial Consumer Finance India Ltd. . .. Claimant
Versus
Narender Kumar Arora & Ors. ... Respondents
ORDER {ARG!JMENTS HEARD ON 7.3.2016)

· PRONouNcEb ·a.~ 1:2.o~.2o'1s}· · ·
DATED 12.05.2016
.
It is seen from the record that the Applicant had filed an Application
under Order 22 Rule iO read with Section 151 CPC seeking substitution
of the Applicant Bank (Kotak Bank) in place of M/s Citffinancial
Consumer Finance India Ltd. (to be referred as "CCFIL"). The first such
Application was filed in May, 2014. However, there is another
Application filed In September, 2014 stating therein that in the previous
Application incorrect and someone else's Assignment Deed was placed
on the record inadvertently and thus, the present Application has been
· tiled with the correct Assignment Deed relevant in the present case i.e.
Assignmem Deed dated 26.12.2012. The Respondent has filed Reply to
tile Applicaton and the Applicant has thereafter filed Rejoinder to the
Game.
2. The argurm:nts on the Application filed by the Applicant for

substitution were l,eard on 7.3.2016. However, due to very hectic
schedule and lr;;lvelh ·g, Lhe Order could not be passed. On({~.4.2016, .P.'S.-
some clarifications W''· re sought dur1ng thiS! hearing and Ld. Cu:.mse.l for
the Applicant had shown some Judgments, which he was relying. As per
- the case of the Applicant, Respondent had borrowed Rs.1.48 crores and
another sum of Rs.52 lakhs from Citifinancial Consumer Finance India(~!
Ltd. For taking the loan, the parties bad entered into Loan Agreements~ -~~i/
dated 23.2.2008. As R~spondent defaulted in making re-payment, thus -
.
CCFIL invoked arbitration and initiateld the present proceedings under
the Loan Agreements. The Respondent borrower had inter alia agreed
that its Loan Account could be a!)signed by CCFIL to any .other Bank or
Financial Institution. Kotak is .a bani\ within the meaning ascdoed 'and
thus qualifies to purchase NPA. Having already given his consent for
such assignment, Respondent is disabled in ii:!W to object to such
assignment. CCFIL d.eclared the Respondent's Loan Account as a ~_QJl
Performing Asse~ on 3.6.4~.?nd thi? declaration of status has not been
...... assailed, challeng~d:··dl·~~~ted or questioned by Respondent CCFIL
vide Deed of Assignment dated 26:1:~.2012 assigned the Loan Account
in question in favour of Kotak. As per the Applicant, such assignment is
permissible under RSI Guidelines No.DBOD.NO.BP.BC.16/21.04.048/
2005-06 dated 13.7.2005. The Applicar:~t has shown me the copy which is
the print out of the said Guideline taken from the website www.rbi.org.in.
2. In response to Applicant's case, the Responoent has raised the

objection that the proper procedure for purchase I sale of NPA including
evaluation ancl pricing aspect has not been followed by the Applicant al'}d ""
CCFJL as per guidelines issued by the Reserve Bank of India vide
No.RBI/2005~06/52 dated 13.7 .2005.
~-;
The submissions of both the parties heard at length.
It is seen that the claimant has filed the present arbitration and the
respondent is trying to challenge on technical iss~tes and the amount
, ta~en
I - .
as loan has not been paid back by the respondent. By way of
present arbitration proceedings, that quantum shall be ascertainGd .
.·.
R~in~_.J.he issJJg__QL?..§.~Jgnment, th~ borrower Respondent has no(JS.
· .
~~-~us qua an ac~~~~.~-~~hich has been declared Non Pe1forming Asset (} r:;")
and as such, Respondent cannot raise such objection with respectto its
Application.
',,,,.,.... _., ._.................
~
In this regard, the case of Hindon River Mills Ltd. Vs IFCI Ltd. & Anr.
before Hon'ble Delhi High Court in LPA No.112/2012 may be refered to,
where in it was held as under:
F:ara 43 It is no doubt true that a financial institution, as a

fender, owes a duty to act fairly and in good faith with the
borrower and there has to be a fair dealing between the
financial institution and tile borrower, but only with respect to
such actions whic/1 affect the right of the borrower. Pertaining
to the safe of a Non Performing Asset by way of assignment,
in Mardia Chemicals Ltd.'s case {supra), while upholding sale
of Non Performing Assets by way of assignments, the
Supreme Co(Jrt very categorically observed in para 46 of its
opinion th8t ,Such transfer in no manner affE>cts any right or
interest of the borrower(s) (customer)". In para 47 of its
opinion, the Supreme Court in no unce-:.3in words opined that
when a debt is assigned by D financi,d insfitvtion it ,is only
transferring ifs rights under a contract and its own assf.i!t,
namely, tlte debt as also the mortgagee's rights in tht1
mortgaged properties without in any manner affecting the
rights of the borrower(s)lmortgagor(s) in t/Je contract or in the
- assets'.
44. The law could not be stated in more clear language.

T11e assignment of a debt does not affect the right of the
debtor.
itri.\e. cop:Y
·' ".e
·<' ' (")
Cettulco
4!5. • It is settled jurisprudence that there cannot be a duty
casting an obligation upon a parly without there being a
corresponding right in favour of somebody else. If there is no
right, there can be no duty is the. norm of jurisprudence
save and except in instances such as: a man has a right to
dispose of his property in any manner he chooses, but it
casts no duty oil him to dispose it of in a· particular manner.
'A' may have a right to mal<e a will in favour of his son; b~t ·
has no duty to .make su<:;h a will. But, these would be
instances of rights with no corresponding duties. The
instance, by way of exception to ·the general rule that every
nght has a corresponding duty and vice-versa, is explainable
that the right and duty cannot be in one person. The right in a
person must correspond to a duty in some other."
In another case relied upon by the Applic~nt is Kotak Mahindra Bank Vs

Chopra Fabricator and Manufacturers (P) ltd., decided .on August 20.
2010 (High Court of Allahabad_. Company Petition No. 12 of 2008)
24. The Petitioner - Mls. Kotak Mahindra Bank Ltd. · is a

banking company. The transfer of right to recover the debt
from the secured assets by way of assignment, is a transfer of
property. The assignee bank purchased the debts with riFJhfS
of its sr;~le. By such assignment, the assignee bani<, as a
banking company, ha$ simply stepped into the shoes of t11e
assignor .bank to realise the security interest in the asset. The
transaction does nol suffer from any restriclion in law, nor is
t/Je contract against public policy.
29. So far. as the argum€1nt regarding notice to debtor is

conce(!J~d, th€1re is no statuto'! or contractual right o{ the
¥b,"" n·nr copY
Certif\<:0 to
·'
'. -
debtor to be given a notice before assignment of the debt. The·
security interest In the mortgaged properly can always be
transferred under the Transfer of Properly Act by the
martgagor, and thus assignment of debt along with a right to
recover the debt from the mortgaged assets is by way to
transfer of debl, lo be realized from the mortgaged properly.
The Transfer of Property' Act does not place any restriction on
$UGh contract.
During arguments, the Counsel for the Applicant also states that it is a
• common and prevalent market practice to sale/purchase of NPAs those
f are still less than 2 years in books of seller. The Applicant further
vehemently states that a collective reading of provisions contained in·
clause 5(iii), clause.5{x) pnd clauses 6 {i) to 6(iv) of the said guidelines
for purchase/sale of NPA indicates that cash flows estimated oy
purchasing bank/financial institution (the "Purchaser) are to be realized
within three years (yvith at least 5% of such cash flows being rea.lized in
each half year);
The Purchaser (notwithstanding that it ls purchasing a NPA) may classify
- such asset as a 'Standard Asset' in its boof , for a period of 90 days from
date of purc11ase, whereafter its cla~sific\:ition would be determined on
basis of its record of recovery in books of Purchaser with reference to its
estimate9 cash flows;
Where however, Purchaser acquired a NPA (without satisfying any

prudential requirements of RBI Purchase/satisfying of NPA Guidelines),
asset classification of purchased asset on such purchase would
mandatorily have to be same as in book of selling bank/financial
institution (the "Seller"). In this 9ltuation Purchaser WOL!ld not have
I"
. \w.«I)~ . .,. ,
Cert\ f.~\'· ;_;, ' ·
t\ ,>;,• t·~
cnn'l
,* t
;%1nt:?i~~~~~Hiffi;;,r:5Jlli~M~Wtt%IftM~@&~s?:J.s'"'"TITf:~:w:r::::.;::::~:?•.•r··
cg
~ opportunity to classify the asset as a 'Standard Asset' thws having ro . . ·)
·~~
make provisions in its balance shee~financia!statements; and
This denial of opportunity has very signiffea11t impact on profitability and

operations of Purchaser. Thus It is not that Seller or Purchaser are
disabled from selling/purchasing NPA prior to a period of two years {as
contended by Respondents). The only effect is denial of opportunity fo
. :;
classify the NPA (in books of Purchaser) as 'Standard Asset'. - _,
The Counsel for the Applicant furtherstates that as the debt stand sold,
CCFIL llas no interest leij in present proceedings and it is only the
Applicant which is present and involved here and hence, it should be
...
permitted to be substituted as Claimant in present proceedings in place
of CCFIL.
I agree with the submissions made on behalf of the applicant and the
respondent has not really raised any other issue during the arguments
and for the reason of aforestated discussion, the application filed on
behalf of the applicant , M/s Kotak Mahindra Bank ~td is allowed and the
applicant is directed to file amended memo of parties be filed and taken
on record.
Now the matter is adjourned for 04-06-2016 at 5.30 pm for submissions
-
on other Mise application/s flied , Le. applications filed by the respondent-
. Copy of this order be sent to parties forthwith.
~--
Rajiv Shukla, Advocate <n-1os711eas)
Arbitrator
-
---·---·--
-~·
;
Dated: 2G Decernb()r 2012
1.,..,
1.,
I
I
BETWEEN
- KOTAK MAHINORA BANI{ LIMITED
CITIF1, .ANCIAL C'ONSUMEH FINANCE INDIA LIMITED
''\
.,
··.~
.....
/
Kotak Mahindra Bank
',
Both the ~Jarties ui\d(''it\f:. 10 keep tile terms and coment Qf this le:ter confidential.
We request you to si~J: :;:,.:return a cCipy of this lener as your aclplOWledgemcnl.

.::~
Adwowlcd:;cd
!~or Citi Flu uncial Consumc1· f~nnncyj>ldia.Limi!cd
·,•,
, '1-c;,\ ~~ ~
~: Name: <;:" '"'1- E,~>.:> ~=>
Deslgnatlon; "'~€ ~(~>t>t.rl1.
..,.,
_
... ''\
DEL1/ ~06261 00221J7i:H•:.

Kotak Mahlndra Bank Limited
G-9, Vilmj)Ufi i +9111 40id3631 :<J~'.eled Olllct:
ll•wDelhi 110018 I +9111 •DHl6>~ J·i8A, i~atillHI" iJh.:svat'\
India, ....,..tw.kotak.<.om :"rt. t~arim>l r; Potl'll
;umba; ~00 tl2l r !ntlia
.,
-
.C~
'.\
'.i
WITH UNDERLYING SECURITY

THIS
...
(h~relnafter
rererre!.l :, .
~~.!:!:-__ .~ :;·.
BETWESN:
f<OTAK M,~HINDI"!r I l\NK LIMITED, a banking company wilhi1; the meaning of the
section 5 {c) of th•:: u~ .. d19 Rer;ula!ion Acl. 1949 {10 of 1949).; and Incorporated under
the Cornpanies At:'. . :;, Mel i'<..vir'g its registered 'office .at ·~6-38A, Narlrnan 61\ava:r.
227, Nariman Point. i-1 ;nbai 400 021 (hereinafter referred lo (lS the "Assignee".. which
expr2ssion sh:.ll. nn: .. · .: rePt•\inanl to toe conh:xl or r:1.eaning thereof. be deemed ·to
r:1ean and inclu(Je il::; '·'-:cesser's and Permitle<.l assigns) of lho FIRS'r PART
--·-··
'3'Cf .:t'Cil'i~F;,
>.\J 'f(Jih,· i{1:;T< I
..... ) ... ;;,;! :v . . : . ·i.:.1.: •• :; >1•, •• '" .....

.;:}in.• ~~}~K:jn•,L>:,
"') i{'itr;;_r;vr"vi3 ... ~,t:~n 1 .• ·;:
'.J'<:.~y..J,\_
....
•v
.-J:•r•'J·'·
.. ....
~
w
'
~-
'
i
:~
• -,
··•.
.,
.,
tt\a
~ t~
(D) The Receivui.>lv ,; are classified by the Assignor as 'non-pe1iorming assets' as of

Cut-off Date deFined below) In accordance with the RBI Gu,delines and such
Receivable::; ll:,,.e remained as 'non-performing assets' in the boo'(S of the
Assignor lor pv::ods ranging lrorn 01 September 2010 to 30 June 20l2.
(E) ihe Asslgno• ·u. oesirous of selling, assigning, conveying and transferrin9 to and
in favour of tlh:. Assignee, the Receivables and the Security Interests (<IS defined
balow), as r;:<i;:;ing on the Cut-off Date (as defined below) together ~vith all its
rl~hts, title, i111: ,·est, benefits, risks, obligations and liabilities, as set fMh in the
respoclive Umk:flying Documents (as defined below) on an 'as Is where is and
as is wliat is' lt.:'i:is.
(F) Tl1e Assig• "''-. ,, a 8ankin-g Cornpany, engage(l in the business of inter elia
Bar; king a1•cl i. :3 knowledge and experiem;e in' financial and business matters
and is desiro;.r ·;f purcha:;ing the Assets (as defihed below) on the Effective Oale
(as definr-,<.1 '-~. d) on tl;e terms as appearing herein below.
(G) To give err'-'.;\ ; the aforesaid transaction, the Parties have f.lgreed to execlite
this Deed.
NOW THEREFOI<I:' .•:1 conslderaHon of rnutual promises and undertakings herein

contained and other :ood and valuable consideration, the receipt an<;! Sl!fficiency of
which is hereby l:!Gkn, :!ledsed, the Parties ~gree as follows:
Cf,
'1. DEFINITIO!•;:; .;1~0 INTERPRETATION
---...
iStf \f'v1t~~:;.,
lif·rp.;f\ !:1\i;il'
1:1 De'finltions
.
In this o~.~cci, ·.11lie~s the context othel\vise requires, the following expressions
shall havH '.11~: . : 1eanings se\ out below: ...
"Arbitration,·.. :(" has the meaning assigned to it in Section 13.8.2 hsretp·,
pproval,
form of
. y of the
-- ~6···
"BorroWIJ• c . o\ln the Persons specified in Sc
Financial /'.,_ .... l;lnce has been \'lX!ended by the
Document:..
~
"f.': ~~.
·~ ... ,
'•
'
i.i '6usiness tiny .neans a day whiCI) is not:
.....
~ (I) a p\Jblic htJii<<Y under Section 25 of the Negotiable.ln:;trument~ Act, 1881 (26
.. ,
of 1681) cl i ;.,,w Delhi;
.t
;~.
,.
i'
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;I "Owellinu Uni!" means a residenlial house or any ,
i a flat or an ap;,.; trnenl or a part of a·ny land or co or any other.
' ·-·:\
immovabiC;J ;;~t·;.H:rty for the acqltisition .of or against .\he security of which the
i; .•, Borrower sh:iliiL:ave availed of the Fin.an·cial Assislanc~ from \he Assignor, under
., the tern1s of 11·,,. retevam Financing Documer\IS',
l't
"Effective U;n. · meEJns the dale of execution of \his Deed;
"Encvmbr_,:,.;,·. mt')ans any mortgage, charge, pledge. lien, hypothecation.
encumoranc:.. :Jssig.nment, trust arrangement deposit arrangen1enl or o!her
simi1ar arnln\l·c; nenl, if any; ·
t
~ ''Financial :~'" i:dance" means a IQar> or any-o'ther credit facimy granted by the
g Assignor hJ ~. '"rowe1 ior {i) purc.h<~sing, constwcling or reno·Jating a Owemng
& Unit by ~·~··:i ·. :•.>~NW•:::·: or (ii) for· person011. business or any othe' puroose .
.t ;~
against the~~~. .:rny Interests;
"FinancillU t, .•'Ltrnents" mean all the agreen1ents, clee·.'" and/ or documents,

':!
;
/ executed in r., .,~ur of the Assignor.anolor entereo into t:>::·;·;cl<ln '~'·' &<.~signor an(.!
.f any Borrow,:r, infer alia, selling ·ovl the terms and • ?nd\tions · q(l·' ·:.Yhl.ctl Ihe
·' ;
Assignor 1\~.:: · yeed lo provide Financial Assistance \o uch EiOrro.":"'~'··
~~.
·~
-.
~~
''GovernnH:~ ... l Al)tllority" mean~ ·af!y entity or'bod.y or the C:.overnm.~~;~t<:.f ln>;J.;;a
~:;
.,·~ or any rGI,)iu: ... or municipal authority thereof or other state or loeal Oo'Verr~ment
~ or any '"··· :ture, ministry, department, commission, board, autlt6ti\y,
~ .' lnstrumenl:tii:, ;Jgenc::. bureau. nor>-governrnenlal regvlatory boc;ly, political' suo-
•' Qivision, COf\:•. ·:,Ilion or commission under lhe dlrec\ or indirect control of the
~~ Govemmmv. ·.. India or any Stale Government or the RBI or any judicia!
attlhorily, w '' .·.: oxt.ant thalthe rules and regulations or orders of such body have
~ ~ the Ioree oft,,,,;
~ ·~
:..:
~
!a
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"Gvarantnc:' :n.::ans a guarantee in favor of tt\e Assignor for repayment and
p.ayment oi I< .·;eivabl;;:; by a· 6orrower:
~·, ·~
~ -~
~\).
•Guatant.;,( ··'-'ills the Person who shall have lurnishect a Guaran\ee for
I repayment ~~~. payment or Re~eivables, on behali of a Borrower;
:.t . "Marks"\:;·,~' ..., rneaning assigned to it in Section 10 hereto:

~
i l 1
;fit.
6"7'.;.
~~~. "Mortoauv" .... :ans a mortgage by deposit of title deeds or by .. -

I}-: mortg<:~ge r:k •- ..i. created by a Mortga9or in favour of the Assignor,;fon''
l$ Vnit, a~ ~we::.• : .J for repayment and payment of the Receivables b,y th '!lif~(~'.!l
lri h"!') A;:•Jfl':,.'IL!
"Mortga\1•- ~-. ;urity Interest" rneans a security interest 1n favou~\pf, ;J

~ created L.y .. ,.- of a Mortgage on a Dwelling Vnit as seC\IrilY for ~'\lpay.
payment vf :,, - Receivables: \.:. . 1·
"·":';;;.
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....,-, 'Notice of 1\;;,:ignment" h8s the meaning assigned lo it in Section 11 -~·-hereto:
''Oblig.or" nw:;11·3 the Borrower and the Security Provider;
"Person" m ..':~:iiS any individl)al, partnership, limited liability partnership, joint

venture. finn. corporation. company, association, trust or other enterprise
(whether ifl<:l-i'porated or not) or Governmental Authority. international
; ..,ency or authority thereof (in each case, whether or not havmg
!~:;;; ,; t:erson;;,lity) and s11a!l include their respective successors and
· · 1 ns and •n case of an individual shall include hislller legal
1l1v . admin<Wmors. executors and heirs and in case of a trust sball

til•! 11" •.. ,c or tin:: trustees for the lime being;
sc C<Jnsider~tion" means the umount set out in the letter dated

"l::l>WI'""'h. er 2·.>. '.!1:)12 executed by the A~signor and the Assignee; and paid by the C¥;1 ..
to \h<: Assignor vide RTGS no. l; ~@;.1':14 11.3 Gl'fi- 3 5] l I on the
D:-:k being the ag~regate purchase con'sideration for the Receivables;
"RBI'' rne~.n." ,_,,,Reserve Bani< of India:
"RBI Guiduli,,,,s" me-<.~n tho rules, regula(rons, circ..,lars, executive orders.

decr:es, poli~i- ..<>, notifications or other s.imilar directives issued by the RBI:
"Receivnhto~·· rneans tile aggregate amount outstanding of all the Financial

Assistance ,,:; on the Cut .. Qff Da\e, and includes all amounts due and all other
monies wh<:l .·'~··~ver stipulated in or payable, under the Underlying Documents, by
Borro·,.' .. ·; ·.\: lh\'l f\ssignor, including but not limited to past overdues, future
i1·,v : ..;st chwg~s lor delayed payments. indemnities and damages or
·,: "'nd/or a!/ other monies, If any, received or to be received by the
l·.:r the Underlying Documents, including the proceeds of any
<in1m.r-?il~,,;~,,, ...: the Underlying Oocum~nte or any Secvrity Interests and/or
:,· l- d by the Borrower to secure the repayment of tht; Financial
n•.Jer thu Underlying Documents and'-or any g1.1arantee issued in
· i·.:t·J as also incl11des right over the sale proceeds over lhe sold·oul
1!, • . :;t either tJ;· the liquidator or rec~;:ivers or other like officials of
mnoruv<<t11:;
. · ;1 is lh'r"''j) clarified ~hat Receivables and all other monies

""'~~~~::::?;'~'~.~-;:·.~.~ /.·,
<.; payable, under the Financing Documents shall not· include any
undisoun:..-:d ·.. _,mmitmc;rll by the Seller to tile Borrower under the Financing
Oocument-.;:
"Security i. ,:.:uri1ent" ~ncans a Guarantee. H any. and/ or any o111er deed.

agn::eme, •t. •.'.cument. "'~\runJefll, writing, record Of •~ny memorandum.
recording ...-, .. ting or r~·;i,l.encing the creation of any Security Interests. The
descriptit•il .I li •e movatll<d immovable properties over which Security Interests
have bee11_~;.. , :.. led in fa'!our of the Assignor is set out in Sc,q_edule 1. hereto:
"Security lnt<Jfi:Sr' means 8n Encumbrance or any other inleresl on any

property \1\:;: :; held by !he Assignor as security for repayment and payment of
"';' •• ...l .
Rece_ivabil:s <•11d includes <~ Mortgage Security Interest and Guarantee;

h1~!A'f)\1\
"Sccuriti' 1-'::.o·.-irler me;lll£ ::Jny Person, indudlng tile Borrower, Morlg<:lgor and
the Gu<Jr:.,," , 1>rovidifl\-) c. Hii.curity Interest;
I
- "Taxes·· ·''' , <lli fo11n: u! applicable laxatron, whether direct ?~..--''"']B.·"!:~

11\CilJdlog '· ..... 1 lirml;;tiDil income tax, service tax, excise duty, eti'st~ Gt·~,,~
~
assessnH:1r•l. '~gtstrat1on fee, license fee. duty, impost, levy

~entral, <a:.r. 1 local .tal-:, charge, fee. dUty, levy, withholding
q \ .. -- Jt• 1.-:~
value addc.u t...:;, wrthhokJrng tax, sales tax. property tax, govern)jllen}'.Chargeb{ 11.
'a@
r~lfl'viSf:lth~~~
obl/~attn:~gcr".t~~~
\\
.:. )\
111clude 1111\' 11 .;··rest, f1.-1e und penalty related thereto· \\ ;· \ · . ' ··~.} f)
• • ·~.. 1 , ..... '.;; • .u:1 t· I
"Tradelll'i. .. 1nean ~·II r:"gislemd and unreglslered trademarks, s'a(lll;e~~/ii;~
trad.e m.~.-.,.. logoe, ~1ogm1~. interne\ domain names aq)j olnet,.,~simiM
des1gnati(,:·· ,, sourc., or or.gin, together wfth l11e goodwill syrnffiilll~M;b}I)'!Jit~t91
the foregca. _.. Sted
......_..
instruments. t:ndertaking:>, indentures, .deeds, writings and other documents

(whelhef [i<kncing, ser.urily or otherwise) e:r.ecuted or entered into or to be
execute\! or entered into. by the Assignor, the Assignee andl or any other
Persons :r: rc·lation or pe11aining, to the .transactions contemplated under lhts
Deed. v·.J:,c:~ the term ·rrunsaction Document' is used with reference 10 the
~si~nor. u"' .'\S51Qilct,; or any other. Pers.on, such term shall refer to a·
. 1'1'-osaclh)l~ DocumtH11 tiHHihe Assignor, tho Assignee or such olher Person. as
t9e c~s~:: n<<•Y l?e, h<is l<•l'nislied or is parly·lo; and ·
'"r>f:nd·. ·lyinu Oocuments'. r11ean any one or more or the followtng:
•·J.:-1' . · (1). F1nancmg
. .
·(· . . o~v" en.ts:·. (ii) post dated cheqaes {PDCs)·, (Iii) ECS Mandates: (iv) Securi\y
,.,;f. not;r ent:f: ;)nd (v) <lily other undertakings, atnhorizanons. declaral'lonS". leHets:
~~(;, · . ;...~'ri; :~<;nt", .instrurncnt~., writings ot: documents relating to the Receivables.
'-.
11.<~~• ""~ rlo c1;,,1 ',,,,;;;;tanc•? ar:u Secunty .lnterests.
. C!T
/])_......__. 0' .
. :~~r..SA\\~~. erprwtali:lll
In this pe~;:;, unles~ the; CQnte:<l othet'iyise. requires:·

.·:.~,
(i) w•Xd~ of any. geMer ~ire deemed to include the other genders;
(ii) \'.';·,;,:in the sii·I9UI:,~r sh8J! beheld to·includ8 the plural and vice versa
.... .f::;,Nf.'!::.;.:"· '•"-
' -9"':.,;.. 1-1''':'· '"· ~il) <:1 <·llS "t;cr,·.OI'. ''herein", "hereby', "hereto" and any denvalil'e or
., 4~Jfl:.,w ·..~, , -,' ~ t "\ 511l'.JI.li words rete1 lo l/1is entire Dead:
~ :~/,!;~, . .:"li·"'~. ~\
~~ /, .!(lf' ~~' ~ ~ <a
ll1o k11ns "S(;)cttorl" and "Schedule' reier to a Section or Schedule oflhts
~D1·.-=U
""' ~ . "; . ( ~ '11·~·ld,ngs, Slll)·t\eadtngs and bold typeface are only for convenience and
-. ~ ~\. ~ ~h;1il he ionmeu for the· purposes of interpre,tation;
~~,{~~ ~-~
·~ '~~~~ ....~~~·~· ~<::,Q;f, rC'i·;l·cnce to <1"1 t,[lphcable Law or to any provision thereof :shall include
,~. ~l?A,R, $.1\~G~~ .' ,·.;,;.~r-.:nces t0 any such Applkable ~aw as il mey. after the date hereof,
~~~ frc"r" 'ime to iilne, be amended, suppteme{1ted or re-enacted and any
• fl.l<0~e,nca to a statutory provision Si)al! include any subordinate legislation
tn:.,;J.,, from time to time under that provision;
"'' {vii) r.;~,),,:nces loth.;, '.vord "include" or "incluoing" shal!.be construed without.
·':'•,
hn.:t-d10n; ~
(viii) '~''":); uf the repre:-;;entalions snd warranties contained in Sections 6 and i

.. ~.,
1\.:>".::1'). sllall bi.: separeie and independent and shall not be hmite(j by
/.7'. ,-,,: :.:: c·nce to 0111y oliler Section or by anything in this Deecl;
i··l\
(ix) ur•, :;·.,:hedulc:s 8i1n8xed lo. this Deed form an integral part of this fleed
.-'l·~
:u:.J wlil be Qf f1:ll furce and ctlect as though they were expresnly set out in
:rr-, : th" 1:.ucly of 01<:: O.:;ed; and
(X) rui., .,r~ces ID <Ji1/' period of days sha!l be d~i!emed to be I¢ the relevant
""· "''"'r or c::!le,ld>ll' days unless otherwise specified.
-··
r.;,
'·'
2. ASSIGI-IiVth-l'l' OF Hl':(;ElVABLES
2.1 Assign,,.;, ..
21.1. As pef th j v.rrns ol tl'l(iSI" presents--~)J~~~~ation

·.·~~~......__'fl.... olthe Assinnee
,., having
made P':::n ..:nl of the P\l:chase pon~tderation o e Assignor on the E.Heclive
Date <Jth.i .. pon the t<.mnc ano ~oncliti'GnS'!,s'e.tv., rlh '1erein and in the relevant
TransaclirJt> Docurnems, the As~iw/ 'i)e ·a! and beneficial owner of
the Rec·~iv<.iiles, hureby uncond\\lo_ . sells, assiQ11S. transfers,
Go
conveys :.u "·' releases on an 'as ili(ir~her.e hal is' basis.
' ;:---·
...~.~~-~.:. . ~ \ ,..
(.)
I 'I r.;.nts.
:~;
. ·
ll!le, ·
tnleresls "'-'·· ·,.Crt'\-< Assignor in the Receivables:
and belie!U:s::G/;;:th ·
~-- Photo Copy Attes!cd ·
Np-rMZBL!C ~~ ·~· f
-:::.~~{f)l' ) I• ' .
1\c}·~ -·
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~
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~ (ill Hit ;r:~ills, tit;·e, illhJr<Osts and benefits of the Ass·;gnor over the Security
~~ Inter,,·,; is;
r,:
t
'•'
(Iii) all corresponding :'i';)hto, title, interests
the U:.cierlyir19 Docunwnls; and
and benefits of the Assignor under
:.:
tl
(_i.:
(iv) \_ <Ill rit.:,s. liabilitie:s and obligations relaling to the Receivables and the
f \ Umlc: iying Oocw,e:;Hs;
;:{ i ~~-er~· after :ollectively rderred Ia as the ''A.ssots") to and unto the l\ssi9£lee ·'
·:~ \
I ~ Ar'{fv r, to it'" end and inl.::ntlhat the Assignee shall ~ereafter be deemed to be.
i·
:.;:
f. ,,>:¥ tA¥ ·u, tru~ CJnd al)Soiute owner and the only Person legally anct beneficially
¥ ,, ·~-~ etl to [11~ Assets and U1e A~s'1gnee shall hereinafter oe
vested wlth ali the
·:·:
.,.,
::;
lt •R, S
_ _ ,. dutt~c:. obligation;:; and remedies of the Assignor against the Borrowers in
Pe.of or lb.,, Assets, incl•tding lhe right to recover and receive all Receivables,
;
; · the righ! to fi,<: a suii c>r instnute SliCh other recovery proceedings and take such
·~ other actiorr:. as tncl)' b1; required for the purpose of recovery and/ 01 realization
::: !
of the As;;;,,;~. in ils o><~l n<Jme and right and as a legal acquirer at'd not as a
,.>
~
~..
<
it 2.1 ,2
representat!•,,~ or agent of the Assignor.
Simul(am:c.u·.: lo the e>:ecuUon of these presenls, the Purchase cc;nsioeration

has been P<1id by thu As~iynee to U1e Assignor on the Effeclive Oatt> by way of
;:
·~
•·r electronic ILII!ds transfer by crediting the Account No. 0433730224 with CITl Bank
t ,,·,
.,
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I_?:.. ·•P ~ ~-~~\-
·~· of lit<:: r,;aignor. Tl :.c F';lrties aclinowledgo that the Purct1ase ConsiCJeration
ecn ; , :',ved at o;·, 11'.lilually agreed terms between the Assignor and the
. . .
Jl! .•f.:~i .~~~1 1\, •. :' of th•s Ddo constitutes an acknowledgement by th~ ParHes, that
,•'',
.').)"" .jf
~ ;( e; .~ft ~~'·:·: t th~ ~.i~\\:1, .-: nl ao·d lr<.<n:;[er effected hereunder is final. absolute and an
i~~
~
··~·<l: ~~. , ft irre~9.C:~~lf: ~:.1le and, as~lgnmenl of the Assets, on an outright basis trom the
.~.~··'
•
·i:{, •
:"]:<
;u,.;.~ Ass1@11:w ift'
<11e A£slgnce
~liiw' Eff9hilf!e!,D'' ~. do n;:>t :<1',,1
and Ihat lh!;: Assets or an)' part thereof. from Ihe
>hall not form part of the propenieli or assets c:,i the
~.,
.''<'(;..., "-... ~( '?ll Ast:rgr;Jc,, ,.., :,, :y even I. :
. "i.l)'b: - - - . / . . !
~
·.~
r:--\'.
··~:~~~/
'!-·
. ·"'""'2r Further i-lct;ons
l
lt,. 2.2.1. Each bf t:·t·s ·~oarties 11er.aby agrees ihat ir. .he event \hal t.n" -~~Jlllm..'gr re.ceives
& ;~
any. arnnu;:t·' pert<li,1in~ io the Assets a7..;;• the cvt-off Oafi;, :t.·~n:iilf ~J!1l suc.h
amount~ o.- pr! thereof, "~ the case may be, free of any set .off o{ co0ntG'h:laim,
in trust for tile beoefil of ihe Assignee q~nd after the Effective ()ate, shall upon
~~ receipt oi .$L:·:h paym.;n!s i.>eing brought to its kn<;~wledge and identified and
~~,<t. recoro•ilJ ;u\· pa)•m,:nts i'enainlng to the Receivable~, forthwith pay to the
Assigneo. Tl1c: amot.•nit. ·.;o re"eived shall be transferred to the Assignee within
- t.
I~
··~
Ill·
Ill; 2.2.2
30 Busines~ Days frorn llltl Effective Date. The Assignee acknowledges that the
collection cJ ,·,nounts by 11w Assignor after the Out-off Date, shall oe binding on
the Ass-iwn~: ...
Th~ A$~!·J,.. shall ;>ro·. '''J

oil relevant documents and records in relallon to tM·~
amount;~ r.,.;,ived ;>y th<, F1ssignor after the Cut-oif Date and on the day ot
ij transfer c' ti:G ammtr.t~ ~~' received to the Assignee, The Assignee shall pay
i5% (e:·;t:lll'-."9 seci!Ct: \Ox, as applicable) of'the total amount collected I;Jy lhe
Ass'tgnor dtH:ng suc1t p·<:ri<ld. as collection fee,. to the Assignor.
·~~ .-;·..
~.
2.2.3.
It~H
'mli~Ji
>I·~
i;~
I.
,:_;_(
:t~
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I
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~X
~
.:-:;~ ©
.\~ @
3.3 satisfyiii:J i<~-~:!1 thai ll1'3 i·~·~ceivatiles,: Financial Assistance, and the Security
g .... Interests. 11•<: •. r:; its r-c:qc:ir,.lnent I? purchase, acquire; de<~! and hold the Assets .
~
I•
:- .. , 4. NO RECOUr. 3E AGAIN~T THE ASSIGNOR
1
~~
r: 4.1 The Assi(Ji'IE:·.. hereby agn~es and acknowledges that it is fully aware of the
ob!igatiorls ;3, :J risk'~ inl'l<!rt!nl in owning the Financial Assistance and the Assets
including the: risks relat~li to the Mortgage Security ·lnterest and, inter alia, ttwse
.re oted to cr, · iii periorn:<ii1C<3, delinque.r;.:;y, prepayr.nents, re-pricing ilfld aU otliei·
'ris s, includir ,_; bUt not tirnited to.· any litigation relaled ·risks and that from. t1.1e.
clive O:H :· and with 'diclCt flom the Cut-off Pole. the Assignor. subject to The
·~;·o.r ttl,;:" presu:nt~: (G) is heretiy released from nny and all obligations and
ili(ieo re·;F.:d·rng f11G i•.·:,s;!ts; and (b) will not be liable to llie Ass'1gnee for any of
isi(S in· ;,nd as~ociowd with 'the Assets and that all risks, liabilities and
allons in r0la!ion to the ··Assets, .<lrisif]g on account of any reason
whalsoev'~'. : 1all b<' so:.: ly borne by and be to the account of Ihe Assignee
Without prt;jt:dica to tiKJ oener;:Jiily of the foregoing, the Parties her.;;by further
<l(Jrefl ;ll~CI ~;(.' .. !lOWiedtjv lil:Jt:
4.2. 1 The tr<~m;w,;l; .. 11s cor·<tL<rn;J:,,tcd. upd~r !his Oeeo 11ove been un\lertaken on a true
oulc b;o>Ji•.:. I ·.:nher, \\1(, ''~*:ignrnent and transfer effected ilereunde~ is a final,
absolute <lr:( ::·rcvoc:;lli-2 ;.:.;lo and a.ssignment of tho Assets, on an ou,lrighl basis
rrom U1<: f•::/_:nor to 111·.: /,:;signee; and tho! the Assets or any part thereof, from
tho date Ill: I, ,f, do 1101 :.:• "J shall not form par\ of the properties or assets or the
Assionor ;,, '· y event, ir•O.Il>ding without lirn'1lation, in the evenl of the winding vp
..- • ti(;r; ,r
the A:.siJnor or in ·lhe event of any receiver or a liquidator being
A . ~ 0\ :the tiS~d> :)r properties of the AssignO( and accordingly, ali ol the
ffo . ,_..,.,_.,~ss ·s ~t:'., .:. .:ansfc,rr~·c~ \(,and vested in the Assignee.
. :·· ·..... \ · AA\·.~ltf'i
... ··. f~··'',.
·t·,., ::...t~•. "\l·-
-~·!-.·, \\
•
( 1,J.. f# 4.2.2., w:: shall h<N<: no li<Jbil'l!y to repvrctlase or substitute any Financial
·, /: 'jt ~·, 'y<: v:.. ,h
ony othc:r loan(s). or any obligation to make good any lo~s
; ll\ . \ uffered1lc/ j\•e Af'~i911""' due \o non-recovery or non-performance .of any
.1 1 ~eceiv<ll lr dilutio.-• cr interest r<.lte or yield on. any. Rcceiv<Jble. o~ non·
il
@ ,-,
· c
'T
8,.\
· 1"-i( . .
over) ;;)'•.:;cceiV<IDI•)o r'.li' any reoson whatsoever (mclud1ng but not llmrtP.d to
truot\.Jril',·:: cr re-sclledl:l'ng'of any Financial Assistance and incidental changes
l "<:}. ·-·ln.J,b(~(~~lc'!/u. :reof) 8H0r the Effective Date Bnd with effect from the Cut~off Date.
t•'.•
~,;.\,
..... ~-
:tf:
t'i{t::lf . ·.;\iv~·
OM<.< <H1d With effect from the Cut·oft Date, llie Ass'1gnee shall
l;. . on ::1! ri~ks related to credit periormance, delinquency, prepayments, re·
pricing. r'"'''" .:turin!]. m:'.,;trmdullng, dilution of yield and all other ri~ks which are
''
~.
usually ~•«·:o•. ,·,ted v:ith :·.n:: loan·as if the Assignee was the original lender.
· 4.2.4 From ti>~:J :.::il .. :livt:: Lruk .11'•.1 with effect from the Cul·ofi Qat e. the Assignor shall
no\ be li:·r!:l.. ,. non.,,,,:,.:·.ry of ;;ny Receivsbtes for any reason whatsoever.
4.2.5 From the 1:,;, ::live [};.\\·,, ,·.nd with effect from tile Cut·off Oale. (a) any C~JSts,
lfu1 ct;arges '"'(' .;,xpcns~s 111 be incurred or payable by the Assignee (inctu<)ing
~~
,; ,r.:,
rP.gislr<ltion ..;es, swmp <iuty, if any), on account of the trans<lctions
~ coll!empl<iloc in this Ou0d; and (0) any litigntions, proceedings, or actions taken
w to be t;Ji',"" rclalin-;;; h..i tile A:s.sels, wiltl;Je borne by and be to the account or CJ,
i ;:~nd be 111 .., :: .:<: n'l~:->ot:·;il:·iiHy of the Assigne(i. It ·1s ctarHied th<ll any expenses
incurrecJ uy ri.. Assignor h.;r initiating any legal action or otherwise for recovery ori3'!'
-·
lf\ffi<
l n
~~.l
dues from "' 8orrow0r IJ:Jt rernaineo unpaid till the Effecfrve Date shall not b~
borne b'f ;h .., ..;sign.:;.:: .
4.2.6
!Yr,..,
( .
~·
.1 4.2.7
'11 ~·,
e!fec\
,..... ctions
I
ut not
, .... ,
tr;u.
rcsj
Dt.,C.
·'
\
........
' [
!t.
~
(ii)
{iii)
(lv) EG' · Mandal<::~.
(v~. lilk deeds >·lnd re9istra!ion with the appropriate author.ties, where
:, required by f-IPPik;ab!e Laws:
·,,
{'i) \. m<lr :ilgement of service related reQUifemen!s of Borrowers:_:
~ ~v~f0I n;,., r:cing of 8/lY F•nancial Assistance.
. :ff
~~.11 I :s10ns
u;.. . rer·arcmg pre-paymen t of any
"
. Ftnancla ' . tance:
. I '"'ssts
,··~,'SA~\::)-:.~ ) ~:o1:. ·ctions

related matters and leg a\ proceedings for collection and
., • . . nil, r· purposu$; :•nd
I,,
(Xl
5, TRANSFEI': :F U,NDEi(l. ·mm DOCUMENT$ AND t:I..ECTRQNIC RECORDS
5.1 The Assionc. llereby <•QrG~:~s and undertakes that Assignor shall hand over, on an
....., ·as ·rs an<! v.::cre 'rs anu :•s is what is' basis, ali the Underlying Documents and
etectron\c n: -ords and dol3 pertaining to the Financial Assistance required by !he
•· 1\; ·I are in itr. fJO&sesslon to the Assignee, In the rnanner as stated
fo'- · ·
5.2 For the uv·~: '.8nce. ol doubt It '1s Clarified thai once the Underlying Documents or
the eiE2ctr.;•r': records and data that .have· been delivered ro the Assignee, the
Assignor ,:: .. 'il not b·~ lii!ble ior any delay· due to non acceptance of such
<docunh:·"'" • : electroni.: rr,cords/data by the Assignee or due to any delay on \hil
part of Jlr,; , .. :$igneo&.
..
'-
'~' 6. ASSIGI·l01: ; REPI'.:t:SE.NIATIONS AND WARRANTIES i!Ci #

... w~"V~<.·
6.1' Tho Assi(;r:,' hereby represe.nls '1lnd warrants t.o the Assignee that, as Qn lhll'
-.\
Effective Da•.• and wlUl,referencu to the !Gets ·and circumstances then existing:
(i) n·"' .·,·signor is ::; non~banking financial company, duly organised. validly
t::.:i:·.: .. •9 undc•f i\pp\'r(;able Laws ano is duly qualified and licensed to carry
(>ll i! ',)VSiflu~t::
...c.:·;";~~'T';~"'~· ~~
:N)<::--·L•-•t1.>·, .Si •ror l'l,;,; full corporate power and authority to enter 1nto thl$ Deeo
::,. , ...~;.\~ ,l (E! ~on,;(wt1on Documents and to take any action and execute any
c\:·'>.:::1:(~V:·-~ 1 :' .~~~ed ~ransaction.

" ,..,,J,,n.. ·\I~C,"r.ilo t\1: rv<;urred by the term(; hereof ano thereof. respectively, and
(" !;'·· t.:ld \he Documents have bQen dt.ll)' authorised
( ..:.... V:oe!: · ~
ss''' corporate approvals, have been dui)' al'ld validly
'.C' -~~~IC·. •·I~ iiJ nc d,~li\J..:red PY the Ass1gnor and assuming due authorisalion.
~:·.:!:. ·-~','~' r;Cl'n and dcll\'.:lry by the A$signee, Clre the legal, valid nnd bind1ng
"'·;· · '" .: uon p: 11·.o ,.,,srgnor, enlarceabk; in accordance wilh the terml>
Ph·;:, to (.,,i;''. :s!Qtlir.•:r,:ur resp~;:ct<vely, #:f(r"'""'-'· ,
/'i'l--.!::~1 i'~.../(
fi~
,..7) ,t: ~ . . \, '
""o··r·
n,;~.n.I.I ," ·,q
r Jv-.d':·
.r,""-X.P\.•HI. (i
1
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. .1,)
9 \\Q ! l\;
Jo~lr
.ftf
~' i'YI '"-.."".• .•
1~1· ~ -~
.....,,\j\''\\ o.;;:·.~·
I
~
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t~
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~
.'·,
~
!;'~
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... (Hi) \hi;) R·:·•;eivabt.es are non-performing· as.sets as of the Cut-off Dale and
have !)·;en duly and v<Jiidly. dassifiec! as
such, in accordance wilh !he RBI
? Guir:leli1~es;
~
:~
!;
l no Coc.!>ent is required. the absence "Of which, WOlild materially adversely
~ (iv)
:...
~· lz affect !i)e legal and •ialid execution, delivery and performance by the·
Assignor of this Deed or.the documents ano
'tnstruments contemplated
::~ \\.
(;' hereby or the taking by the Assignor of any actions contemplated herein;
!·;
1 the Fin:1ncing Doc\lmen\s ·are not time barred;
no r'I~JI.; of set or: 11os been exercised l>y any Borrower in respect of its
! Hocoi1·. :bles;
\
~
n<":ilt\r.: the e>;eculioo and delivery oi this Oeeci and the Transaction
Oncun·.•mts ':>'/ tti.;;,Assignor, nor the consummation of the transactions
conteniJ>Iated hero by and thereby, nor the fulfilment of or comRliance with
~ the tcr!l1s and conditions or'this Deed and the Transaction Oocurnents.
¥
l conflict with or result in a breach of or a detault under any of the terms.
~:;
condi:K>r1S or provisions of any Applkabla Law or any covenant or
~., agreen1ent or instrument to which the Assignor is now a party, or by
which \'ne Assignor or any of the Al>signor's property is bound. nor does
such •.;:·:ecution. oelivery, consummation or compliance violate or result 'tn
the violatio11 of' the Assignor's Certificate of Incorporation, Memorandvm
ol Ast:.·)ciation or Arllcles of 1\ssociation and, the receipt of which is
_".. l1,crcdJ\' aclcnov,;ledgf.)d by the Assignee, except where such conflict.
&'f>'t:"*-·· .. bre:ocl1 or d(liaull would not be reasonabl\1 expected to have a material
,4ft!"~), '''~:r~;: '' ndv(,l~\~ .effCl.ct .on. tho Assignor's abi\'lly ~o consurnmale the transactions
,17.;~' ~-:·~(i\: .... ;''· ... .r,on.\''·''''i·~lated unu.er thrs Deed and the 1ransactton Documents or would
/ ?o.;?J· · ~}~ _, "''~n};l:·\~;;.y~·- .ason<:.bly expected \o 11ave· a material adverse effect on the
''/ "''1 '·l
'· '.[;>
1J;· "" & , '~· va w:r ,,, · Asse,tz; . '
<!~ J.t! \~/ ~.{·.. , :,~·\ ..·,': 'j
t~\ ( '*·· ··JNtn)lo·: ; · ~signor has no\ rescheduled, amend,ed, or granted any relief
c. '"d' ower, regarding any of the payment terms of any of the
~"
(!1<;'4~ . FinCln
<r'l!; /)ll '·
ments, other \han those that have been disclosed by \he
~~--
\ ssignee in ils disclosure letter dated Oecember 26, 2Q12
....···tl owledged by lhe Assignee;
~. : "'G<<ii' ,:~r;r··
(':t. .--:"'
' »~~,!~·~~-ll of the Financial Assistance has been provided by the Assignor in
U''" or'.'inary cour~;e of i\s business;
(ll) nnnc ·- • the rigt1ts an<;J interest or the Al\signor in the Receiva\)les and U1e
Sc:t:\Hil ,· Inter oBIS has been sold, assigned, or pledged. by the Assignor to
any f'• t'$On lil1<1 the Assignor is the sole .legal and full beneficial owner
and 11;.~ full oncl absolute rigl1t to irrevocably ana unconditionally sell.
l<WISI<. r and r.sslgn the same to the Assignee·,
(Xi) nil or ill\? Unoerlying Documents, as referred to '1n Section 5 ·, <Jt;lo~e and r,,
":; nK1v.ioned in lhe document given bY the Assignor to
the Borrowe(~ --·-
o>;:knc,v;!edginl) ret:e'tpt of the particulars of the. Underlying Documents so \:;M' •'\~·~·
r.::cc:lvc:d, ar~ in the possession of the A"signor, except as disclosed i;>y..,~t·T~~;·
the !'.:··· o:gnor pw;:.uanl to Its disclosure letter dated December 26. 2012
d:.<l'J '" ;;no•Niii!dged by \he Ass'tgnee:
/.'·,
-
(xv) L·~ the bBsl nf the kncw-cledge of the A~signor, no suits have been
fil"'>li, ot other proceedings iniliateej by the AS5Ignor agsinst any Borrower
;
before ''ny court. tribunal. Governmental Authority or regulator; body
f~l·
other 111on those disclosed by the Assignor to the Assignee, In its
disc!o~ure tetter dated December 26, 20.12 duly acknowledg:ed by the
Assigne~::; ·
"
(xvi) lo the best of knowledge oi the ·Assignor, other than as discloseo
.,...
·
.f by the f.1~signor tc tl1e Assignee, in its disclosure leiter dated Oecen1ber

26,. 2012 duly ack11owledged by the assigne·e , there are no claims. suits:
actions, administrative. arbitration or other proceedings or governmeri.t.~l
investig::~tions., including, without limitation, any counterclaims or -claims
b,y Borrower or any Governmental Authority, pending or threatened
against the Assignor. relaling to any Financing Document, any
Transilction Docvmenl,- the Receivables or any other amounts payable in
respect of the Financial Assistance or the acq<.JiSition. collection or
adminh:aration thereof. The Assignor has not received any notice of, nor
to 'ihe ·J~nowledge of the Assignor, is there any valid basis· for, any claim or
assertion of llabili!y against the Assignor, relating to any of lhe Financing
Docurn<::nts, any Transaction Document, Receivables or any other
amovnb payable in respect of the Fln<~nciat Assistance or lhe acquisition,
.., collectiun or <Jdr11lnistration thereof, other !han as disclosed by in the
qiuctosure letter dated December 26. 2012 duly acKnowledged by the
....... .. Assignee; and ·
)$·~'-··"~;,..,., :
- //:.,'' ~~ ~~p._"~~~lle lime (J( iunding tl1e Financial A~sistance. the /\ssignor maoe all
.f:~.d"~;;.;:~.....,~,[
•l , t
r~,\~1,·.ble EJifC>rts to comply with 'KnO'N Your Customer' policies e~isling
.,.;1:. ·· · -"?!ft. ·.f~~; ·~p;icable to !he f"ssignor,
1{f ~I,; ('·!;:."f
1
··'<' ./'
6.2~.'
~ 't'("'>
inmr11 contained in the letters reierred to under Section 6.1 above. is as
· ~i. . -~~ e Cut}.,. [/te or a later date as specified In the ls-tters.
1
\ 1:-,\ 6.3 y o)J:f~ y,ji:..ove re.presentations ·:.ue found io be incorrect, a consequence of
' ~""' 11,:;;,.,~ch te~·,;;;!ty ano adversely affects the interest oi the Assigne~ in the rela\eq
~'- lg$<', \he Assignor· shall be entitled to ·rectify such misrepresentation
· h.:~R, SAfRf.t 'and in no event ,later than s.lxty (BO) Business Days, to the extent
.....::~!!i'illl!~si8 e unde;r Applicable ·La;.vs. from the ·dale oi receipt of notice by the
Assignor rrom 1.11e Assignee. after a nof1ce In respect uf the breach is received by
the Assigrlor lr'om the Asslgriee. · .
6.4. All cosls. :charJeS ll,lld expenses (including starnp duty) incurred in connection
with any recliii.;.!ltion in apcordan.ce v&ith Secllon 6.2 above, at1all be [)orne in full
by the Assignc.;· · · ·
6.5. Except lor !11, repres,;ntations. <Jnd warranties. m01ce by \he Assi9nor herein.
neither the Austgnor nor its employees, <:~gents or representatives make any
otner representations or warranties, expressed or implied, whalsoever, in
conncc:ion wi:h · thG transactions . contemplated· under this Deed and 111e
Transaction Oocun1ents. · ·
6.6. Limitations or the Roprosentalion ;nd Warral')ties of the Assignor

The 1\ssigno1 rnakes oo reprf!!sentalion· or warranty and assumes no
responsibility vti!h respect to;
6.6.1 the fin~ncial cc·ndition ~~ tho 0\lligors of any other pany to any documem relating·
to the Assets i,":;lucling i.Hld~r lhll Underlying Documents;
6.6.2
6.6.4 the Obligor~ or ;·,.·,y ot11er :hird Person performing o; failing to periorm <Jny of their
respective obligations with respect to the Assets in accqrdance with the
Underlying Dowments: o~
6.6.5 any shortfall in \l)e Receivables. whether arising o:JI of lnacequate realizations or
tack or recovery .or realization of the Receivables or otherwise.
7. A$SIGNEE'S r~EPRESENTATIONS AND WARRANTIES
7 .1. 'fh~ Assignee 11\:lroby represents and warrants lo lhe Assignor that~
a; on nle ..
Effeylive Date <rnd with reference to !he fads and .circumstances \hen existing:
1
I the Assignee is a bank duly organised. validly existing under: Applicable·

Law and is duly qualified and licensed ib carry on its business:
Ii ~· ~,
...-..... the Assignee has ful\ corporate power and authority to emer into this
t
l
,, Deed and the Transaction Documents and to take any action and execute
any doc.Jm~:nts required by !he terms thereof and that thi6 Deed and the
1
•.
Transactio!\ Documents huv(! been duly authorised by all necessary
corporsl•; approv<Jis, h;:Ne been duly and validly er.ecutecl and delivered
~ by ilie P..sslgnee, <1nd assuming due a:;thorisation. execution and delivery ·
by the ."ssignor, are the legal, valld and binding obligation of the
•. .• . Assigne.::. enforceable in accordance with the terms thereof;
.·· ,,,·:···~ .
. IT~~ no Consent Is requir<ld, tl1e al:lsence or which, would materially a(lversely
Jt .~/]1@;;!' ~ Y~~ 1
6 /;.:· /#'; ,. ·(· . ~, ~

/, , ·hf~ " ":7" ·
''~"* <"l< ~
· aNect the legal and' Vl!lld execution, delivery and pertormanc.o by the
ssigneo of this Dead or the documents and instruments cootemplat".!d
.reby wr the laKing by the Assignee Qf any aclions conternpla\ed herein;
,:._,
.I •. "
;·: :':! {·
·,:\ ;:.,' ,
··ll
~1 ·p>,;:.~··.
· :.~
' ,'
1
i:
'
•
(iv)\\
/ :.~
~r' ilher
.l~
:l'le ex~c.,tion and delivery of this Deed and the Transaction
/ocum.:: nts by the Assign_ee, nor the consummation of the transactions
f.Ontenwla!ed hereby or thereby, nor the fulfilment of, or compliance with,
'~'(G.}.·
·. m.;~,~ mr. / .' ·ll'lhe terms and conditions of 1hls Deed and lhe Transaction Oocuments .
~'~ . ~~, .s~sr;.···.~.-;f
. . . -<. : . ;;/ conllict with or result in a breach of or a default under any of lhe terms
conditions or provisions of any Ap!Jiicable Law or any covenant or
~
7
aflreemcnt or instrument to which the Assignee is now a party, or py
which ti1e Assionen or any of \he Assignee's property ·1s oovnd. nor does
such <;J:....,culion, dl~liv.:lry, consummation or compliance violate or result in
t11e viol;:;tion or the Assignee's Certificate o! Incorporation. Memorandum
of Association or Articles of Association. except where such conflic!.
'" bre<Jch ~r delauil would not be reasonably expected lo have '" material
aclversv effect on the Assignee's ability to consummate the transactions
contemplated under l/1is Deed and the Transaction Documents;
(v) the f',ssignee hereby acknowledges !ha: from the Effect1ve Oale the
Assigner Slial! not In aoy mat\n~r be responsible for servicing the
Rcceiv:.\:lles including enfqrcing the Security Interests
q,
~,·
\'!'>'~ "'"'
s. ASSIGNOR'S COVENAN'\S .~.)'?tl!,i)~ .
8.1' The Assignor 1·1,;reoy il!flfe•:s and undertaKes irrevocably and unconditionally with
reference \o th;·. facts o.nd circl.lmstances exi~\ing as oh lhe Effective Date:-
8.1.1 1tshall execut•\ at the cof>l of the Assignee, such fut1her documents, deeds and
writings and (lv such further acts. deods or things as may be n or
required (at t\1,, reason<1b\e request of the Assignee) to carry o e
the transactio1 1s cont~mplated uncler this Deed and undehft
Oocume;"'ts. in:>uding any acli~~$ thai may ne7d to be takery~n '!hlt.ltF.\!t,tQt,, ny:
change 111 App .. cable Law ~nd f1hng of all requisite forms in thiS w.:r alf; r•r;o)"...;~ t1l
\~, \ J:.PiJ!\~Jk.j.)
e. 1.2 It s.h<JI!, at the •:os.t of the Assignee. reasonably co-operate wltf:·li\e:t<Mis$\!§-i1'e ~
any leg81 proc·.edlngs llial may be necessary or incidental to a..
the Recei'.labil.s or t11e 1mderlying Security Interests and wi · 0·
operate In an;::::h,.Sf..Ci.~"'"Y proceeo'rngs with !he Assignee .JhrQugQ rrts or
otl1<:~rwiso; ~(~:~,."~~~• ~, 1
11
Fti:O!O\..Opy 1\.ttes~ed
12
~·~;:,.,Ill ,-4_./(/~···"'=·
1
NOT:~ f~~
-c:..--t:? JAI
, ... ,
8.1.3 re~:,,onable efforts to make available to the Assignee, on request. all
It shall take
evidence (under the control and possession of the Assignor) required by the
Assignee in an)• legal proceedings, proVided th.at the Assignee shall reimburse
the Assignor, at ;JCtuals. all costs incvrred by It in this regard;
8.1.4 It shail, upon the receipt of any payments· from any Borrower w\lh respect to the
Receivables asr.igned, as speciflc<:llly indicated by such BorrQ1.'t.er, by way of a
negofrable 1nstn:rnent, forthwith. endorse such negotiable instrument in favour of
the Assignee ar,J hand lhe same over to the Assignee:
ll.1.5 ~ It ,shall, 11and ''ver to the Assignee, all negoti;,bls instrumsnts. and payme'nt
m~~dale; given by the Borrowers duly'endorsed in favour of the Assignee;
.I
It shall, 1and (.ver \o \J·,e Assignee, all ledger extracts/ accounts stalemer>ts/
fo~¢ · re stm<:Jment~; 5e\ling out the detalls of the Financial ,£\ssistance,
:- the an1ounts due under the respectiVe FlnaFJclng Document;:. within 60
Day~ from the F.fiective Date and Assignor confirms thC!t the ledger
cls accounts statoments and foreclosure statements have been maintained
co~cJance wHt1 ·the ;jpplicable general practices and procedure\) and the
internal policies or the Assignor. As -penh8 records maintained by the Assignor.
the amounts·, information and data prov.ided therein are true and correcl.
8.2 The Assignee t>hall ha've the s_ole right of ~o!leol'ing any monies pertair1ing to the
Racefvabl!!s, enforcing the Security Interests .ancJ enforcing payment: of all the
Rec~ivables, in whatever manner it may considel necessary and pru(Jent, in its
absolute <1\scrclion. ·
•• !"',.- ... ~···· .. :·.~
~'~ii~·~~~
~-·)..:::;:-
/A~., ~~;;.·l;.q_N~f:E'S COVENAN1S
y ...,__ • .... " " '
'~ r.... \\ rd::•(

, -~l' ifi.!il~·;;,§.ici\\ee h :reby cov<=nants and undellakes t11at:
;' v; (' The As~lgN_.ee ~hall,
!ron1 ll1e Effective Dale, see\< to recover any and all parts of
,\ : .:, , ,_ the A,/;~~~r}Jrorn ihe Borrol.v<'lrs, w!lhout any further reference to the A.sstgnor:
\%\, llt~1 ~ l_rH{e ·~~i~t of <tnY. disputes anq/or proceedings \hat arise between the Assignor
\:::~~-~al)!:l"~p't of lht! Obligors. on account of any om•ssfCn or wrongful act on tM part
~'<A,~, s.r...~:.\d(.))';e Assignee, the Ass'tgnee acknowledgenmd aflrees thai it shall take all
· ~eps to resolv..: sucl1 disputes s<~tisiaclorily and. at· the earliest alid it '1s fwther
agreed that und.;r no.circumstarices shall any:li<=bilily devolve on account of any
sucll omission, mongful act or proc()edings, on the Assignor;
9.3 In the event or; my displ!le and/.or rxoceedlngs that. arise after the Effective Qate,
between li)e .a.~ signee anrl any .or the Obligors, the Assignee shall solely and at
Is own cost, seHie and/ or otf1erwise deell with su~h disputes; and
9.4 The Assignee :.tcknowledges imd: confirms that. from the Effective Date. !t'le
8orrowers sha:l become absolutely a·nd ·Irreversible obligated to the Assignee in
relation to the Ass.;ts. ·
10. ASSIGNOR'S I~AME; TRADEMARKS
,· ..,
':";.
\
'11. OTHER COVEI·lANTS
11.1 The Parties ad:r.owledge that Schedulu has· been prepared on the basis of the
information available as on the Cut-off Date and as there could Qe foreclosures of
certain Receivables between the Cut-off· Date·and the Effective Date, the del;lils
of Receivables in relation to which such foreclosures nave occurred will stand
<;!eleted from SchedLJle 1 as they have been foreclosed anCI the Assignor will
refu'nd to the Assigneethe monies, in terms of Section 2.2.2 hereto. in relation to.
the s<~id Receivables ·which have been foreclosed between the Cut-off Date and
the Effective D<:Jle.
1.1.2 :Tn.~Assignor sl~all grJe appropriate r•olice of assignmeo\ in the form as may be
in\.it~'ally
agreed between the Parties C'i'iotice of Asslsnment") to all the
:t 8~rlvvers within a pe(1od of fourteen (14) Business Days from !he Effective
3· ·_> ,:Oat , in ;es.pect of the ussignmenl of the Assets to the Assignee. It is clarified
·...:-...~ / ~(\ po<;ting the: Notico of Assignment \o the Borrowers by registe(ed post
· ...... ' ·' ,r"g/ Knowledgern-:nt due a.no/ or courier shall be deemed to be adequate notice to
·' ~~~.R:,.'fs#."$.~ e Borrowers fe>r the purpose ollhis Deed.
~ The Assignor shall have no responsibility, obligation or liability to the Assignee

with respect to any portion of any interest payment under a Financial Assistance
that is subject to any .tax withholding or other obligation where erroneously
reporled (o applicable au withholding In respect of which the
Assignor is entitled ci~J to Applicable Law.
,.,."' ,(( \. 7 i'. ···=..:;-,'
'.,........ !."
./ '. ·~-::~~,:~ ~"~·~..;' .~

.'"' .<;•f'\ . '"?;;;\ ~t.}.\ .
'12. COSTS AND EXPENSES
.
's;:..:c' :,w.
-.. 'I~
'f'....f J.~~
12.1 , All pay,nent ol sta.~~:d_uty, in ;·.:·:~(~g paynv::rii~ ,.'differential stamp duty. with
re~~ros to this Dea',l;l '{~i o .:J;($nsac ·~9·::.0 .cuments shall be born by the
Asstgnee. Any Taxe~ ~ on Hili'tr nment, sale and enforcement
of any l:inanci<>l Ass urity Interests or on any otl)er
deed, ~agreement. insi ling or declaration or any writing or
record including any of Documents req~,>ired tt'i l:le made by any
Person or any Party for the ptlrpose of legal and eq uilable assignment of the
Assets upon or subsGquenl to the execution oi \hls Deed shall be borne by the
Ass'•gnbe.
12.2 Alter the G:ffechvn Oats, lt1e Assienee shall be fLJIIy an<! absolutely responsible lor
· any claims. expenscp ~nd/or liabillfles on account of starnp duty and regis\ralion
charges on this Deod undfor t11e Transaction Documents or the Underlying
DocllmentB being found tv be inadequate, including any penalty \hl}refor, arising
due to <Jny real;on whatsoever and shall not mal(e any claim against lhe Assignor
in relation to lhe s<Jme. if the Ass·tgnor receives ;;~ny demand notice for any
deficiency of st<Jil1P duty or regtwation charges payable on or in respect ot this
Deed or the Twnsaclion·Documents from applicable Governmental 1l,u\hori\ies, tl
shall inform the Assignee of the same.
12.3 All other e.xpenses pertaining to the legal costs incurred on drafting, negotialln\.l
and flnalt7.1n@ or lll(l Deeci.payabiG by al'ly Pany shall be borne separalely oy 111e
respect'tve Pany. ·
MISCELLANEOUS
13.1
-
r /
t~~. 1-
··-
M
''
I
It
~
To:
Attn:
3, LSC, Pusllp Vihar, New Oelhi- 110062.
Assignoe
Mr. Venl<attu Srinivasan
i1 .,. ~
Address: Kotak lnrinili, Building No. 21, Infinity Pari<,
Off West em Express Hignway.

} .. ,
Generai AK Vaidya Melrg, Malad
~·.. lv1umba'~ 400 097
t
.~ All t.he notices ano other commun·Jcatlons required or permlt!ed I.Jnder this Deed
K .L th fare addressed as provided in this Section 13.1, wll! (a) if delivered personally
~ <..;:;;,) 5JI:. 'by courier, be deemed given upon' delivery; (b) rf delivered by fax
tr~''" '"~ /_'():: nsmission, be deemed glven when electronically confirmed: and \c) if sent by
>)~~~::;:, egistered rnall. be deemed give!'\ U1ree (3) 81.{sin.ess Qays after the same lias
~ ·SA~~ been sent. Any Party may from tlme \o:lirne c11ange its address lor the pwpose of
· '-- • notices to that Party by givlng a s·tmilar:not'lce s·pecifythg a new address
\-l ••~t~',!
13.2 Entire Deed
This Deed r<;>ad with the Transaction Documents embolly the enhre agreement
and understanding belween the Parties with respect to the subjecl mailer hereof
and supersedes Hil discussions and agreernent.s· (wbetlisr ·oral or wrilten.
including all correspondence) pripr Ia the date 6.f. this Deed among the Par1ies
with re~pect to rn·e s.ubject matter. of this Deed.
13.4 AtnCIII0ment
This Deed 111fly only be modified or amended 'tn wrinng, (july exec:uled by or on ....
behalf of each of the P<Jrties, >:::..; •
·:·.:~~·:;:i·
13.5 Sevorallilily
If any prov\$ion of this Deed is held to be illegal, invalid or vneniorceab!e under

Applicable l.aw and if tile rights or obllgalioAs under this Deed of tl1e Parries will
not be •n<Herial!y and <ldii<Jrsely ;;ff<:<cted thereby (a) such provision will be f~JIIy
severable; (b) t11is f)eed will be construed and enforced as '1f <Juch illegal, invalid
or unenforceable provis'•on had never comprised a part hereof: and
remaining provisions of the Deed will remain In full force and effe
be affected by the illegal, invalid or·unenforceabte provision o
he.refrom. As may be required and agreed to by and botweeni f\~ f..)rti~$
ille1Jal. invalid or unenforceable provisions shall be replaced w~,h a Bre~ls¥
the
sl1a_H be le~al, valid and enforceable and as close to Ihe subst ~r\ll~ a~Q.iln(e!.Hio
1
"
~~ 1
)
1
of tne Scclton so replaced. \~-~\:·.,:.:".il<(f/:s. r//
Surviv~l ~;'~ ·~o·
;; \~~
......,
..... , • I :;<"'
Th~· represen•.ation and warranties. shall remain in full force \C!Mtte;&;;~:.;0;l'$1Sted

perrocJ of four (·f) yr~ars from the Effective Date. Ea~h r;ovenant ano.egree
I Is .
NO'l"
I' ,..,
.
..........
1;1 .. ..,,...
llSP 'R.t'\.J,)\\\
1_. 3 \<::; \l
l,-
4 .
'
'C§·
'
"*' contained in this Deed shall survive the E.Hective 08\e ;>nd be enforceable IJn\il
S\JCh covenant or agreement has been h,Jily performed.
13.7 Governing Law and J\.Jrisdlctlon

'-
Tnis De.ell s11all be governed by an<! construod in accordance with \he laws o,f
India. Subject to Section 13.8 hereto, the cour1s at New Delhi shall have
~xclw.sive jurisdiction with respect to ,any diSpL!te arising from this Deed.
13.8 Arbitration
13.8 ..1 The Assignor and Assignee hereby agree tnat tl1ey shall work together to resolve
arw disputes or difference that may arise under tl1is Oeed in an amicable best
I effort negolialirms between the-Parties.
n"J~ r ! . .
_..__.J.:)-.6;;?.< .
e ever;t tM Parties fail fo ~ettle tl1e disputes .or difference amicably, the
r:O\R 5/':.'i'<V)S . me. shall be r,1ferred to arbttrat1o~ as per the prov1stons of the Arb1tratton and
L; · - 'Concil!'l!\i9,.Q.Acl, 1996, as m<~Y be amended from time to time or its re-enactment
and)~JWBS made therel.lrider ("Arbitration Act").
• ~ , ...';<
·13.6.3 The' place of arpitration ~hall be New Delhi and the language of the arbitratior)
sl1all be English.
13.8.4 The Parties shall jointly appoinl a sole arbitrator. If the Parties do not agree on a
sole arbilrntor within thirty (30) days of tne dale of service of notice of arbitration
l)y \he Party Initialing arbl\ratlon, each Party shall appoint one (1) arbitrator and
the two (2) arhilrators sl1al\ ihen jointly appoint a \hlrd (3'dl arbitrator. Tl1e third
(3'd) arbi\r8tOr $1,811 be the chairman of the arbitral tribLmat.
~~:;:~~~~The'·aw.ard of the urbilrator(s) shall be final and binding on the Part1es. The award
i'i\1, "~~~_.'rjiQ~<;<:l') ."-~tci1'Mbitralor(:;) shall include a determination ;;~s to which Party shall
d;
l
~/.:[;,-;f.;"" ·J<·.~~a:J~x '- the cost ol the arbitration.
f!J.-.1
U!• {(/'
u! 1 ·
9
1-i;,,:['
)'~-~_?d tosr~ e arbitrators which shall be borne by the
1
'
~' ;l!~b~~:ti~~; h~~~d~~~ c~~d~~~~d ~~~c~~~~~a~~th~~se~~~~id~. ~~;~~~t~h~ ~~~~;
Parties equally.
·~~,S13.~~~stmren)~~
~"-.,_
~~('('\..~~,
lt''M ., . / ,,
"" ·'>"-'""
:(.')',,1. : '"'::-lf.~:;·l~:~,:~~re rs any 1nconsrstcncy between these presents and the Tr~nsochon
:' "<ll:R, ::.lt;i¢!;;1-JJ~nts, !l11s Onncl sh~ll prevail
...._-:~,.~~-.:,; I
13.10 Pcrfonnanc~
tr by the terms or this Deed, any act would be required to be perforrned on or

within a period ending on FJ day. which is not <~.Business Day, then, it shall be
perfouneo •. on or by· (he immediately succeeding e.usinsss Qay. Titr;e is or the
essence with respect to actions contemplated under this Deed
13.11 COLtnterpart5
This Def:d rYHty be executed in any number of counterparts, all of which tal<.en
together shall constitute one Deed .
. 13.12 Disclosurol; in fin~nclal st:ltemcnts
13.13
,, ach of the Parties

rty may assignthis
i"',' rwritlen consent of
q,
ic; ----
,'J~T ¢'~
10 '-Tlqr~ ~
r\~
.-.~., < ·····\:.· .. ~.·.,; ~ , ;., .... .<;..,(_.:i.:·)~Y'·~·;~)~(.r...;~~:~....~-~Y'~-~~XY;X\'"l)';v;"t>~');'}!{:(<-l''!~X«·A·m
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) <~
,;x l·
IN WITN~SS WriEREOf' U1e PMies hereto have executed !11is Deed on the day, month
and year first herernobove appe<:>ring
Signed anddelivered bv CiliFinancial

Consumer Finance India limitt::d the
within !;1omed ASSIGNOR Ql' its Julh~rised
representative ~ (' ·
·. ''1. (\~..; ,_ ror Crti~nciJI)fnsumcr FuJa,H;e :",;13 Llo ••
1
By j,_'r"' --~ ~,~, . \\ ~ '
Name; $ V.N1 L
··
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.
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Aulhonsad Signa lory
VI:(..&. p~ [~$1 0 t 1'\lT. 'I RE:fl\$.Uf.!.. )'
.•'
..,~·~:;}.~it<'
(Witnesse'S)'''~~' .•
Signed and delivered by Kol<ik Mahindra

Sank Limited, \he wi!hinnamod
ASSIGNEE, by its authorised represenlalrvc
By: Pt:u~.. J.£ .. t!J. !:ttc':n
·--·-·---·
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IJijoyi<umol Sr.No-11211/3, GOIQ Coast. 8hd·
Bhandari Green Pari~ Hotel, Saner Rd.
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A•Jndh Pune 411045
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No 485 Tps II Manohar Colony
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Nalv:Jrlal Pr~japa!i Dandl Roao Near Subllo>h 1
Garden Mora Bhagal Sural 1
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No. \ A<;<;oun! Prlnclp'JI \ l
Prii\Cipal \ Principal
OuJst~ntll outstandl Interests
1 WPA
j
Date-·
No.
,
Borrower
)
ll\J Dues
off Oato
ng and
as on Cut <Jellnquent
intarest as
on ga~~ off __-

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e3ba Sarllan Singh Mogo
14 Of
Shop No 1'7, Opp. S.T. Work 30,Jun-J2
$hop, Naroda Road Kubernagar
380045
r,A!Pal
Choryasi. Sural. Sural
14096936
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No. 1
Aceoun\ Princ•p:•l Outstnndl •>utstandl~ ln!Qn.sls :
\ No. Bon ow <or '';! Ouc> ng and
1 ,. . ns on Cut ; delinquent ·
. I off Q;J\~ i11terest as
· •m Cut off
1 Date
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I
3l·Mar·i'1l
120 16123724 ' Niles, vas~muao-

Kadatn
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.0712070
123 B7t2W
124 13717457
125 13725980
126 1Gsaeon 31·M~• :1
127 11!!01186~ 7.51
128 16125194 28.13
16030669 28.76
1
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No. AccotJnl Prir<Gip;>l . Out<tondi <•'.>!standi lntcrc,;ts
1: No. 8ortowcr ng Guo~ ng and
os on Cut dollnqtJent
oft Date Interest as
C•!l Cut off
Oale
..(: ·.~ ·. 4.38
-·--5.46
3)·May·11;
•..
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'<;;;!."
.®
THE HIGH COURT OF DELHI AT NEW DE~BI,
% Judgment delivered on: 09.09.2014

+ W.P.(C) 5004/2014 & CM No. 9992/2014
NARENDER KUMAR ARORA ..... Petitioner
versus
RESERVE BANK OF INDIA &.ORS. .. ... Respondents
Advocates who appeared in this case:
For the Petitioners : tvfr Prashant Katara.
For the Respondents : Mr.::K:S:P~iihri:r'foF.RBI.
· Mi:Ko.usfrik f\.1ishr-a,5yf(Anu Sood and
··Mi~ A.ru~ 1-g.~rw~r for R-2.
CORAM:- .· , , .::_····': ..
HON'Bl,'E MR Jus<t.fCJi~ VID:tib·.BA;&MtbJ
· · ·•· Jl%:61vrif~r.i<.
<-·· i-~:_•.". \ ~- ~{.
VIBHU BAKHRU, J (ORAL) . ' ·:
I I , ·
CM No. 9992/2014
The exemption is fillower·subject
'• ··, . ..
to al,ljust exceptions.
.
The applicatioq,~Jari9s:Cli~p6soo·
. ··:· . .., "•'
of •
W.P.(C) 5004/2014 .
1. This petition has beei1 fili,Xl · by the petitioner challenging the

assignm.ent of the· alleged debt owed by CitiFinancial Consumer Fina~ce.
India Ltd. (hereinafter referred to as the·· 'Citifinancial) to M/s Koiak

Mahindra Bank Ltd. (hereinafter referred to as the 'Kotak Bank').
'
Apparently, the· petitioner had availed of financial facilities from
CitiFlnancial. According to CitiFinancial, the petitioner had defaulted in
repayment of the dues as contracted and, therefore, the loan granted to
petitioner was classified as a Non-Pe.rfonning Asset (NP A) in its books.
W.P.(Gj No.S00412014 Page I oj5

CitiFinancial has raised disputes with respect to the said debt which have
been referred to Arbitration and the sole Arbitrator has entered reference.
2. The application on behalf of Kotak Bank before the Arbitrator has

been resisted py the petitioner alleging that the assignment of debt by
CitiFinancial to Kotak Bank is mviolation or'the Reserve Bank of India
Guidelines RBI/2005-06/54 dated 13.07.2005. It is also contended that the
said guidelines are mandatory.
3. The grievance urged by th~ pelitio·ner in the present petition - i.e. that
the assigrunent violates the... atorembntiqned
·:·~ ·-. '. ..
~. ' '
gtlide!ines issue.d by RBI - is
identical to the sla.nd''takeri by t!1e petitioner before the Arbitrator to resist
the application filed by Kotak 'f}artk. .·.
4. In particular; tl1e petitione(ha$/~1it:~d, upon paragraph S(viii) of the
aforementioned. guidelines dated i:lOJ:2~ci$' which reads as un¥er:-
"(viii) A, non-perfonnin~ :as~t;}. ii\ ~.!.~:books of a bank ~hall be
eligible ~qr sale tg ..o,th~r'bap.k{.ogly,':if ithas remain~d a non-
perfonnidg for ~#:c:J~ast 'hv<i:.yga.t~: . ~t,l ~'i:h~! bpoks of the selling
bank." · · ·· ....... ......... · .
5. tt is the petitfoner'··~ cas~

':• ' . .• ..
!h.at
·... :; :
'the ~:aam;ial
. . ' .~!
assistance granted by
CitiFinancial was not a NP A in its gqp~~ foH~o years or more on the date
when the deed of assignment was entered into between CitiFina.ncial and
Kotak Bank and thus, could not have been assigned to Kotak Bank. It is
further contended that since the RBI Guidelines are mandator-y, the
assigt191ent is liable to be set aside.
6. The respondent has raised a preliminary objection and contended that
since the Arbitration Proceedings are pending, the present writ pe~ition
ought not to be entertained. It is furthex contended that the matter would
W.P.(C) Nn.5004/2014 !'age 2 ofS

,.... '
involve disputed question of facts and proceedings under Articl-e 226 of the
Constitution of lndia would not be the apposite proceedings for
adjudicating such disputes.
7. The leamed counsel for the petitioner relied upon the decision of the
Supreme Court in Karnataka State Industrial and Development , ;. t t J.. l .,; ; I , II
Corporatio_n Ltd. v. Cavalet India Ltd. and Ors.: (2005) 4 SCC 456 as well
as dedsion of this Court in DLF Limited y. futtlab lYlf:tip!J$1 Bank: 180
(2011) DLT 435 and contend~d ,that In: matters. between a corporation and
its debtor, a Writ c;.ou~:·
Jl '
;.>Jo:uld
•
':iioi in'tt;'rf~re .. except in exceptional
circumstances \Vhi~li in¢1ude CqS~.~.:W.h~re tQere is a statutory violation on
the pa1t Of a. coJ,i)~r,~tib;l. It is:;'J]i~ge~.f:ili.a't .since in the present case, the
' • • '• •' ' • \~ ·., .... I " • : . . •,: ' ·, ; '
question raised,is only limited ~l?::v;io1a:ti:<:ll1,·of the statutory guidelines, tllis

petition would fall witl1in the sai~le~~epti;~n.
•:·,'
8. I have heard the learned t;:buhsel for· ilie parties.
9. I am not pursued. that the faCts of th~ present ~ase warrant any
interference by this Court at .this stage. The· question is not whether the
Court can ente1tai.n a writ p~titiort tl.hcl.er .Article·226 of the Constitution of
India where violation of a statute is alleged but whether this Court should
enter upon a dispute which is already a subject matter of proceedings before
the Arbitral Tribunal. The learned counsel for the petitioner has handed
over the reply filed by the petitioiler to the application filed by the Kotak
Bank for being substituted in plac~ of CitiFinancial. The said reply clearly
indicates.that the disputes raised ·in.the present petition have been pvt in
issue before the Arbitrator. The contention that the assignment of debt is
WP.(Cj No.5004/10/4 Page3 o/5

-
violative of the RBI Guidelines has been specifically pleaded .by ·the
petitioner.
10. The Supreme Court in several,detisions has held that the width of
power under Article 226 of the Constitution of India is wide but the Courts
would not interfere where there is ap equally efficacious remedy available
to the petitioner. The Courts would also ~efrain from entering upon disputes
which are pending before an Arbitral Tribunal.
11. The Supreme Cou.f:H·n the ¢ase 9f Ef1,tp/r~: J c;~e Cf!f.!J/!.{.{!.11! Lin;t/!rd
an~ Ors. v Jute ~o~~eo~at"iqJ,f;o[ltf4i.Cf
. : ..
Li;nitetl and
', .
Anr.:
.
2007(14) sec
.
680 held as under:-

·,·.
·; .·
"The pqwer of judicial ';~'y,je\fY,~~t~d in the superior !;,Ourts
undoub.tedly has wide ampltillcie
bi:tt the same should i1ot be
exercis~o when there e~is~·, ~1·~: arbitration clause. TI1e
Division Bench of the fligh. Qd1Jrt. took recourse to the
arbitratir)n agreenient iri reg~rd -to tlile part of the dispute but
proceeded to q~~e~~:irxe tl·i'e other part itself. It equid have
refused to exercise its jurisdiction leaving th~ parties to avail
their own rernedie~ und.ei.the ·agr~emen~ but if it was of the
opinion that the dispute. betw~en the parties being covered
by the arbitration clause should be referred to arbitration, it
should not have proceeded to determine a part of the dispute
itself."
12. In Tata Finance Limited v. Ajapa Kumar Biswal and Ors.: (2000)
; \ ( ' \ J '•, \ .} • • •. i I fl '. ;
9 SCC 238, the Supreme Court allowed an appeal by setting aside an order
passed by a Division Bench of High Court of Orissa which had directed the
release of a vehicle that had been seized by Tata Finance. The Supreme
Court noted that the matter had been referred to Arbitration and r.n given
W.P.(CJ Np.S004/2DI4 Page 4 o/5
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circumstances the order passed by the Division Bench could not be
sustained.
13. In the present case, neither the petitioner nor the respondent has
contended that the Arbitrator would not have the jurisdiction to decide the
question whether the assigrunent of debt by CitiFinanclal to Kotak Eailk
was illegal and/or invalid.
14. In the given circumstances, wh~re the Arbitration proceedings are

pending, it would not be .~ppropri~te fo1: this Court. to entertain the pre~ent
petition.
15. According;Iy, t!:Je writ ·p~titioil 'is disrhissed. It is clarified that

nothing stated herein' should be cort~trlied as an expression Gf opinion on
the merits of the disputes.
. )VTBHUBAKHRU, J
SEPTElVIDER 09, 2.01;4
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BEFORE THE HON'BLE SOLE ARBI':tRA'l'I(lR SH. RAJ IV SHUKLA. ADV.,

DEI,HI. .
ARBITRATlON PETITION N0?-~6JoF ..£!.

IN THE MATTER OF:-
M/S C!TIF'!NANCIAL CONSUMER

FINANCE INDIA LTD. . .. CLAIMANT
VERS!]S
.MR. NARENDER KUMAR ARORA & ORs: .... RESPONDENTS
AND
l ~~ THJ<: MA TIER Of'·
M/S KOTAK MAHfNDRA BANK LIMITED
H/1VING JTS REGlSTERED OI"FlC'~ :AT
27 [l((C. C ?.7, G-BLOCK, RANDHA KURLA COMPLEX,
Dt\l'iDR/1 (E), MUMBAl- 400051
HAVING ITS BRANCH AT:

i\.OTA!{ MAHINDRA BANK LTD.
G-9, VIR.:\SPURI, NEW DELHI ..AF'PLICANT BANI·~·
NDH- 12-Fcb-14
!.DR- 06-May-14
APPLICATION ON BEHALF OF THE APP{..ICANT UNDER ORDJ:,R 22 RUL'b1

10 R/W SECTION 151 01-' CIVIL PROCEDURE CODE FOR SUl!STl'I'!'JTrON
OF APPLICANT BANK IN PLACE OF M/S Ci'l'IFINANCIAL CONSUMER
FINANCE INDIA LTD. .
r•.·\OS'!.' RESPEC'tFULLY SROWETH:-

That the Appbcant has entt.:red into a Deed or Assignment d<nd
31/10/2012 with M/s Cit.il'inancial Con::.umer Finance IndiA Limited
i.e. Decree Holder in the above case, '.vherein inte:r-alia the r1forcsuid
loan accotml along·Nith unckrlying :~ccurity interests has bee:1
<H;signc_g in favonr of the Applicant B;cnk.
2. That c;s per Clause 2.1. 1 or the sritid assignmenL deed the applieant: has
br:en assigned:-
i) All Lhe rights, title, interests and benefits of tht: As.signqr in the
Receivables;
li) All rights, title, int~n.sLs ;:n,d benefit:; of the i\ssignor 9ver thc
Security Interests;
iii) AH corresponding rights, titi.e, intercsLs and benefit& of the
Assignor under the Underlying Don.tments; and
.---- .-- .....---~· .. _· '
iv) All risks, liabilities and obligations relating to the Receivables

and the Underlying Documents;
Copy of the Assignment Deed is annexed herewith as AnneX'\lre A.
3. Pursua11t to the RBI Circula1· dated l3 1h July 2005 and, by virtue of
the said Assignment Deed the applicant has become an Assignee of ct1e
debt with .underlying Security emd become absolute. owner and the only
person legally and beneficially entitled to the Asset and has been vested
with all the rights, duties. obligations and remedies of the Assignor
against the borrow;=r in respect of the Assets, including the right to
recover and receive all Receivables, the rights to recover the
outstanding through legal recourse in its own name and not as a
representative or agent of the Assignor:
4. That in view of aforesaid facts the Applicant Bank needs to be
substituted in place of M/s Citifinancial Consumer Finance India
Limited, as the Claimai1t since. subsequent to the aforesaid Deed to
Assignment all the rights under the present claim wich respect to
aforesaid loan now stands in favour of the Applicant Bank.
5. That the present application being bonafide be allowed in the interest
of justice.
PRAYER:-
It is t.herefore most respectfully prayed that this Hon'ble Tribunal may

be pleased to:-
a) Substitute the Applicant Bank in place of M/s Citilinancial Consumer
Finance India Limited as the claimant 'in the aforesaid case.
b) Pass any such other or further order(s)/ direction(s) in favour of the

claimant as this Hon'ble Tribunal deems fit and proper in the fi;lcts q.nd
circumstances of the case. S,.r"'~:,,....
~\-~/
AWLICANT BANK
PLACE:
DATED:
THROUGH
\
AUTHORIZED REPRESENTATIVE "'--
THROUGH
'@
BEFOR11) TilE HON'BLE SOLE ARBITR,ATIOR SH. RAJIV SHUKLA, ADV.,
DELHI.
ARBITRATION PETITION NO. OF
IN THE MATTER OF:-
M/S CITIFJNANCIAL CONSUMF-R

FINANCE INDIA LTP. . .. CLAIMANT
VERSUS
MR. NAl<ENDER KUMAR ARORA & ORS ... RESPONDENTS
AM:El'fDEQ MEM9 OF PARTIES
M/S. KOTAK MAHINDRA BANK I.:l'D.

OFFICE AT:
G-9, VIKAS PURl,
NEW DEI,HH.:i ... CLAIMANT
VERSUS
MR. NARENDER KUMAR ARORA & ORS .... RESPONDENTS
APPLICANT SANK
PLACE:
DATED:
THROUGH
AUTHORIZED REPRESENTATIVE
THROUGH
SETHI & ASSOCIATES

COUNSEL FOR THE APPLICANT 8ANK
• •
tt~N~r~f]fi!it!~~[{~lMl%iti.W*ll~"'~""f"'~""l"'.;f""':~wWiffii~~J~~ff~~li~1~tt&~1~~~~E~~~~~~;~;r_r~r~·:}~(~f~~~~~~t~J~:;···~:~~·!/~~~Bj}:f~~?::·~~~~~~~
BEFORE THE HON'BLE SOLE ARBXTRATIOR SH. RA,TIV SHUKJ,A, ADV.,
DELHI.
ARBITRATION PETITION N0.2267 OF 2012
IN THE MATTER OF:.·
M/S CITIF'INANCIAL CONSUMER

f<'INANCE INDIA LTD. ... C LAIMA\':::!T i
VERSUS
MR NARENDER K.UMAR ARORA & ORS. . ......... RESPONDENTS
ANl)
IN THE MATTER OF·
lV!fS KOTt\K Mi\HlNDRA BANK L!MlTED
HAVING ITS REGISTERED OFFICE AT
27-BKC, C-27, G-BLOCK, Bt\NDRA
KURLA COMPLEX, BANDRA (E.)
lvlUMBAl - 400 051

KOTAK MAHINDRA BANK LTD.
G-9, VIKA.SP'ORI, NEW DELHI ... APPLICANT BANK
N:OH- 18(09114
APPLICATION ON SEHALF OF THE APPLICANT UI'i:OER SECTION 151 OF

CIVII. PROCEDURE CODE FOR PLACING ON RECORD AMENDED/FRESH
APPLICATION FOR SUBS'riTU'i'!ON OP APPLICAN'l' BANK IN PLACE OF
M/S CITIFINANCIAL CONSUIVIER l<'INANCE INDIA LTD.
MOST RESPECTFULLY SHOWETH:-
1. That the caption~d 'matter is pending be(ore the Hon'ble Tribunal and
the same is fixed for 1/S/09/201:4
2. That the applicant had filed one substilution ·application earh·tr to the
present application, however, inadvertently the copy of '<mother
Assignment Deed dt, 31/10/2012 (in the place of Assignment deed Dt.
26/12/2012) got filed with said substitution application and ~:J:.erefore
the details/ particulars mentioned in the earlier substitution

application were also incorrect/wrong accordingly.
3. Th<\t in view of the facts ~ent.ioncd hereim~bove, the applicanL wishes

to move the present application alongwith the fresh/ ~mended
substitution application and Assignment Deed dt. 26/12/20 12._
PRAYER:-
It is therefore most respectfully prayed that this Hon 'ble Tribunal may
be pleased to:-
a) Allow the present application and take on record the fresh su'ostitutiop
application alongwith Assignment deed 26/ 12/'20 12.
b) Pass any such other or further order(s)/direction(s) \n favour of the

applicant as this Hon'bk Tribunal dccrns l'it and proper in the facts
and circumstances of the case.
APPLICANT BANK
PLACE:
DATED~ THROUGH
AUTHORIZED REPRESENTATIVE
THROUGH
COUNSEL
-
it,'
.' '/
BEFORe THE HON'BLE SOLE ARBlTRATIOR SH. RAJIV SHUKLA, ADV.,

DEJ,HJ.

IN THE MATTER OF:-
M/S CI'JWINANCIJ\1, CONSUMJ~[~

II!NJ\NCI~ INDIA l:m.
. .. C 1.;\l M/\ NT.
V!!:f-1SUS
Ml~. Ni\I~I~NDI~I( KUMi\1( ARORA&. OJ~S.

.....•..... I~ f•;S I '0 N l) IO:NTS
lJ§l_QE_QOCUMENTS FILED BY THE APPLICANT
S.No. F·mticulars
Page No.
Substitution Application along witll Affidavit and Amen.ded·

Memo of parties
2. Board Reo.olution dt. 02101/2013
3. Assignment Deed dt.
APPLICANT
THROUGH
DATE:
SETHI AND ASSOCIATES
ADVOCATES FOR THI; APPLICANT
PLACE: NEW DELHI.
.• '•
\_\
BEFORE TH& HON'BLE SOLE ARBITRATIOR SR. RAJIV SHUKLA. AOV.,.-@
DELHI.
IN 'fHE MATIER OF:-
M/S CITIFINANC!AL CONSUMER

FINANCE INDIA LTD. ... CLAIMANT
VERSUS
MR. NARENDER KUMAR ARORA & Ol~S. . .......... RESPONDENTS
AND
IN THE MATTER OF-
M/S KOTAK MAHlNDRA BANK LIMITED
HAVING ITS REGISTERED OE<'F!CE AT
27-BKC, C-27, G-BLOCK, SANDRA
KURLA C9MPLEX, SANDRA (E;.)
MUMBAI- 400 051

KOTAK MAHINDRA BANK LTD.
G-9, VII\.ASP"!JRI, NEW DELrii ...APPLICANT BANK
NDH- 18/09/14
FRESH/AMENDED APPLICATION ON Bl;)HALF OF THE APPLICANT

UNDER ORDER 22 RULE 10 R/W SECTION 151 Oli' CIVIL PROCEDURE
CODE !<'OR SUBS'l'IT<;JTION OF APPLICANT BANK IN PLACE OF M/S
CITIFINANCIAL CONSUMER FINANCEIN:OIA LTD.
MOST RESPECTFULLY SHOWETH:·
That the Applicant has entered into a Deed of Assignment ctatect

26/12/2012 with M/ s Citifinancial Consumer Finane~ lndia Limited
i.e. Claimant in the above case, wherein inter-alia tbe aforesaid loan
account alongwith underlying security interests has been «.ssigned in
favot.1r of the Applicant Bank.
2. That as per Clause 2.1.1 of the said assignmen.t deed the ttpplicant has
been assigned upon the terms and condition set forth herein and in the
relevant transaction Documents, the Assignor as the tl"\le legal and
beneficial owner of the r~eceivables, hereby unconditionally and
irrevocable sells, assigns, transfers, conveys and releases on an 'as is
where is ~mct as is what is' basis:
i) All the rights, title, interests and benefits of the Assignor in the
Receivables;
ii) All right,;, title, inte;ests and benefits of the Assignor over the
Security Interests;
iii) .All corresponding rights, title, interests and benefits of the
Assignor under the Underlying Documents; and
iv) All 'risks, liabilities and obligations relating to the Receivabfes
and the ·underlying Documents;
Copy of the Ass.ignment Deed is annexed herewith as Annex me A.
Pursuant to the HB! Circular dated 13ti1 July ·2005 and, by virtue of
the said Assignment Deed the applic<;nt has become an As:signce of the
debt with underlying Security and' become absoluteowner and the only
person legally and beneficially entitled to the Asset and has been vested
with all the rights, duti~s, obligatio.ns and remedies of the Assignor
against the borrower in respect of the Assetl;>, inc;luding the :right to
recover and receive all Receiva,bles, the rights to recover the
outstanding through legal recourse ln ·its own name and not as a
representative or flgent of the As~ignor.
4. That in view of aforesaid facts tJ1e Applicant Bank needs to be
substituted in place of M/s Citil"inancial Consumer Finunce lndia_
Limited, as the Claimant since ~U:bsequent to the aforesaid Deed to
Assignment all the rights under the present claim with respect to
aforesaid loan now stands in favour or the Apn·· c<n~l Bank.
5. That: the present application being bonafide 1e d\(,
or justice.
PRAYER:-
lt is therefore most respectfully prayed that (hls ! H>:~'ble Tribunal may
be pleased to:-
a) Substitute the Applicant Bank in place of M/ s Citi!inanclal Consumer
Finance lndia Limited as the claimant in the aforesaid case.
o} Pass a_ny such other or further order(s)/direction(s) in favour of the

-claimant as this Hon'ble Tribunal deems fit and proper in the facts and
circumstances of the case.
APPLICANT 8ANK
PLACE:
DATED: THROUGH
AUTHORIZED HEPRESENTAT!VE
THROUGH
COUNSEL
I •
BEFORE THE HON'BLE SOLE ARBITRATIOR SH. RAJIV SHUKLA, ADV.,

DELHI.
ARBITRATION PETlTION N0.2267 OF 2012.

I
I
lN THE lYIATTER OF:·
t
t M/S CITIF!NANCIAL. CONSUMER
r FINANCE INDIA LTD. .. .ClAIMANT.
~·
VERSUS
lv!R. Ni\RE:NDER KUMAI~ ARORA & ORS. . ....... RESPONDENTS
AFFIDAVIT
1, Yagyesh Medhavi, Sjo Sh. K. M. Pandy, Aged 33 years, presently working

as Deputy Manager of the applicant Bank, authorized officer of the Applicant
Bank, having its registered office at 27-8KC,C-27,G-Biock,Bandra Kurla
Complex, Sandra (E.)Mumbai - 400 051 and one of the branch office at
Kotak Mahindra Bank Ltd., 0-9, Vikaspuri, New Delhi dQ hereby solemnly
affirm and state as under :-
1. That !, the above named deponent, vide Board Resolution dated

02/01/2013 have been authorized to depose facts on behalf of the
Applicant Bank.' Henoe, J am competent to swear this affidavit.
2. That the accompanying application has b<:,en drafted by my counsel

tinder m:>' inst~uctions and. same contains the facts which are true and
correct as per my knowledge: and belief derived from the re(".rds
maintained by the Applicant Bank in its regular course of busines~
DEPONENT
Vfi:RIF!CATION :-
Verified at _ _ _ _ or. this __ day 2014 that the contents of

the above affidavit are true and correct as per my knowledge and belief
derived from the records maintained by the company in ordinary course of
business. Nothing material has been concealed therefrom.
DEPONENT
BEFORE THE'HON'BLE SOLE ARBITRATIOR SH. RAJlV SH'QKLA, ADV.,
DELHI.
ARBITRATION PETITION NO.Z267 OF 2012

IN THE MATTER. OF:-
M/S CITIFJNANClAL CONSUMER

FINANCE INDfA LTD.
. .. CLAIMANT
VERSUS
MR NARENDER I<UMAR ARO,RA & Of~S.

.. .. RESPONDENTS
AMENDED MEMO OF PARTIES
M/8. KOTAK MAHINDRA BANK LTD .. ·

Ol<'FICE AT:
G-9, VII<AS PURr,
NEW DELHI-18
.. CLAIMANT
VERSUS
MR. NARENDER KUlVlAR ARORA & ORS. ....... RESPONDENTS
APPLICANT BAl'.IK.
PCACE:
DAn;o:
/.
THROVGH
·~·
A(J'fHORIZED REPRESJ$N'l'ATIVE:
THROUGH
SeTHI & ASSOCIATES

COUNSEL F'OR TliE APPLICANT BANK
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f-1t. ANin~ku~;,, oCpur.(J.ioll~q~r J\aj•uUhm- ~
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BEFORE THE X:ION'BLE SOLE ARBITRATOR SH. RAJIV SHUIU,A, - .· .i
ADVOCATE, DELHI
ARBITRATION PETITION No. 2267 OF 2012
MIS. CITIFINANCIAI;. CONSUMER

FINANCE INDIA LTD. CLAIMANAT
VERSUS
NARENDER KUJvfAR ARORA &ORS. RESPONDENTS
- AND
lN THE MATTER OF:-
MJS. KOTAK MAHINDRA BANK LIMITED
HAVJNG ITS REGISTERED OFFICE AT
27, BKC, C 27, G-BLOCK, BANDRA KURLA COMPLEX;
BAND.~ (E), MU.MBAI-400051
HAVH·.G ITS BRANCH AT:-
KOTM. MAHINDRA BANK LTD.
G-9, V~ '.ASPURI, NEW DELHI A.PPLI CANT!Bi;~NK
'·
REPLY TO APPLICATION UNDER ORDER 12 RuLE 10 R/W SECTIO~,r 151
C.P.C. FILED BY APPLICANT.
PRELI1"41NARY OBJECTION .
.•
1. That the afore captioned applicati?n under reply filed by the applicant is
only to ahuse the pi·ocess of la\v, hence liable to be dismissed on this sole
ground alone.
2. That the afore caption application has not been tiled within the statutory
period of limitation. Hence the applicat~on under reply is liable to b(}
dismissed on this sole grou,nd.
3. That the afore captioned application has not been filed by the duly
authorize~ person of the applicant.bank.
4. That the accompanying Vakalatnama tlled by the applicant bank. has not '
been duly executed.
5. That the proper procedure for purchase/sale of non performing asset
including valuation and pricing aspect has not been followed by the
applicant and CitiFinancial as per guideline issued by the Reserve Bank of
1
Indi Vide number RBI/2005-06/52 dated l3 h July 2005.
The para 5 (viii) of said guidelines specifically states as follows:-
(CA nNz peiforming assets in the books of the bank shull be eligi.bf.e
for sale to .:.ther banks only if it has remained a non -pe1jorming assets
for at leaSiol.Wo·years in the books of the selling bank."
6. The copy of the ~oard resolution, if any, passed in this regard has not been
annexed with the application under reply.
7. The cl~useS(VIII> States "uA non peiforming assets in the books of the
bank shallh:ee~tgi'l;lefor sale to·other banks only ifit has remained a 1t0n
-performing asset for at least two· years ii-z the books of the selling bank."
• whereas as per the atmexure of the application Serial Number .89 &
90, the date 0fNPA is 30th June 2012 and the date of assignment of loan is
31 Octo~er·iOl2. As such the account has not remained NPA for at least 2
51
years in the books of the selling bank and is not eligible for sale/purchaSe.
Hence the above 8ale/pUrchase is void ab initio.
:.. 8. The Applicant bank has not declared the sale consideration paid by them
·'.'
upfi:ont on cash basis as per clause 5 (IX).
9. The Bank has also not complied with the disclosure requirements as per
clause 7.
Reply on merits ..
1. That the para l of application under reply is false and frivolous and hence
··-..
denied. It is -submitted that no decree has been passed by any competent
authority against the respondents as such the application of the applicant is
liable to be dismissed·on this sole ground alone,
That the para 2 of the application under reply need rio. reply as the sa,me are
only reiteration of Clause 2.1.1. ofthe Dee9 of Assignment in question.
3. That the para 3 of the application under reply are wrong and false and hence
denied. It is submitted that, in fact the Applicant has not followed the
mandatory guidelines dated 13 1h July 200S issued by ·i~.B.I.,( under para 5
(viiy which read as under :- ' ~ '
. .
"A non performing a:.;sets in tJie books of the bank shall be ejigible
for sale to other banks onzy if it has retuainecl (L non -petjorming 'rtssets
for at least tu;o years in the books of the selling b(mk. ''
Hence no rights accrue to the Applicantto recover the outstanding tlvough

legal recourse on its own name and not as representatives as Assignor ..f!S the
-guidelines of the R.B.I. have not been .implemented in true spir:it arid
. the
assignment deed may be treated as null and void. '
4. Thatthe contents of Para 4 is incom:ct and therefore denied. It is wron~ and

denied that the Applicant Bank l!eed s to be substituted in place ofti.1Jsw.
CitiFinandal Consumer Finance India Limited, as the claimant f?ince
,,.
'
subsequent to the aforesaid deed to Assignment all the rights under th~
present claim with the respect to aforesaid loan now stands in favour of the
Applicant Bank.
5. That the contents of para 5 is wrong and hence denie~l. It is wrong and
denied that the present application is bonafide and need be allowed in the
interest and justice.
That the prayer is also wrong and denied and the application of the applicant
may be dismissed with heavy costs.
Date RESPONDENT
Delhi oih July 2014
THROUGH
COUNSEL
RBI/2005-06/54
DBOD.NO.BP. BC. 16 J 21.04.048/ 200::;-0G 13 July 2005
All Commercial Banks (excluding RRBs)
- All India Term Lending and Refinanc:ng o~1slih..Jl;o,.~;

All Non Banking Financial Cornpani<:s (i: .cludin~ RNBCs)
Dear Sir,
Guidelines on purchase/sale of N\..•1 Pc:rforii~I"IJl..~!~.~~
In order to increase the options av;~;I::Jl.;l,; .to lnmi;~; r,o' resolving their non performing
assets and to ctevehJp a healtt•y secondary ITiiHhc;t fur non-performing assels, where
securitisation companies and rP.con~lru.::tion co1np<m""s are not involved, it has been
decided to issue guidelines to banks Gil purck;:;.;; r sale of Non-Performing Assets.
Since the sale/purchase of non-perfurming : linnncial Clssets under this option
would be conducted within the fina11Ciw sys!t~nl". Uk: whole process of resolving the
non performing assets and rn:...tt0r:; rl:lliltGd lr1er.;to has ·to be initialed with due
diligence and care warranting the exisknce of iJ ;;:ol d clear guidelines which shall be
complied with by all entities so tho! U:t: proc(:S·s Gf resolving non-performing assets
by :;;ale and purchase of NPAs prcJCt.h:tls 011 s,',,colil arjd. sound lines. Accordingly
guidelines on sale/purchase of non-r;·.;l·icrr;•ill~ iJSS(;ts 11ave been formulated and
furnished in the Annexure. The uuich:lim;s 11 :;.,y 'iw placed before the bank's/FI's
/NBFC's Board at the next meeti1 10 a: .d 11ppro;Jri8lG-' steps may be taken for their
implementation.
2_ Please acknowledge receipt.

Yours faithfully,
(Prashant Saran)
Chief General Manager
Ends : As above.
'01' 13:.tnl:do!: Oper.i\;('lt:< ~~~<~'I Dl."''>.'l\lfl''·'•:ni. \ \·u;r;d \JIY~~··: \,.,'11\n· ! Cltfl\.: 11;11\lilC. Cul~1ba, tvh1mbul - 1ltllllJ0:5
W1~ Ji'cl No: t) 1-22-221 'S 1) I) 1 (Jr:.i4.i,'l~,~,, .-...;,,· 'JI .;!i'N~::u ~: :n;:-. l-:~ .. ;!il Jl):c~mi.;dlx\lkv@irbl.of'i,.in
··Annexure
Guidelines on pucck.s0/ SW.: vl 1\oud Performing
~-tnlt~ .:::1ai ;.J..s.:~~:L~
Scope
1. These guidelines would be applicaolc to Fb and N8FCs purchasing/' sl:'!ll!ng non
performing financial asse\f>, frorn/ l;; ol11c1· cu;·:k:;/Fis/NBFCs (excludin~ 'se,curitisation
companies/ reconstruction companies).
2. A financial asset, including assets under multiple/consortium banking arrangements, would be

eligible for purchase/sale in terms of mese guiJGiines if it is a non-performing asset/non
performing investment in the books olli·,,~ S!:lll;n'i:J u;..11k .
.3. The reference to 'bank' in the guideline;> would in::.uLl6 Lrmncial institutions and NBFCs.
Structure
4. The guidelines' to be followed by b;Jnks pt..rcil:.:;;, i;Ji selling non-performing financial assets
from I to other banl<s are given bclo·.,..,. Tile guic!dnus have been grouped under the following
headings:
i) Procedure for purchase/ ~>:de or 1"11'1 performing financial assets by panks,
including valuation and priclnq aspects.
ii} Prudential norms, in !rH:· f(iilov"ing ::;n.:IJS, lor banks for purchase/ sale of non
performing financial ass~.;ts:
a) Assel classification ,.,o,·: 1•s

b} Prcwisioning norms
c) Accounting ·Of reco·vc:ri;::;
d) Capital adequacy n,_,m.::
e) Exposure norms'
iii) Disclosure requirements
5. Procedure for purchase/ sate of non perlorming l;llrliidal assets, .including valuation and
pricing aspects
i) A bank which is purcl-~::;s.ngl scili::q non-per·ronning financial assets should
ensure that the purchosei sale is cunduclec! <: i ~'c~;urdance wilh a policy approved by the
Board. The Board shall lay down poi:,:ies ar1d GL,;liL:c:. 1es covGring, inter alia,
- '
a) Non performing financial assc,,; U,:Jl rnay :.-".: ,,u,ci1ased/ sold;
®
b) Norms and procedure for purcnvsd sa,(; uf ::ud< iinanci3l assets:
c) Valuation procedure lo be fu1lo·M:d Lo crtsure lhat lhe economic value of financial
assets is reasonably estimalt-Jd baseJ 011 lhu Gstimaled cash flows arising out of
repayrnents,and recovery pro~;f.il?,;:s;
d) Delegation of powers of variol!s kr1clion;Jri,.~::; fGr lnl\ing decision on the purcbase/ sale
of the financial assets: etc.
c) Accounting policy
ii) While laying down lhe pv,:cy;. Lh~:: d\:.srd shtlll solisly itself lhal the bank has
adequate skills to purchase non P'::lformifi\-J r;,,a, ,cia I assets and deal with them in an
efficient manner which will resuli i;' v<ilue w.:iu:,ion lo (he bank. The Board should also
ensure that appropriate system's an(i proc,_:•iu::·s or~· in place to effe:ctively address the
risks that a purchasing bank would as.surne •;.;11:18 et1unging in thisacliv1Ly.
iii) The estimated cash flows arc nomJ;iliy c'xpr:cled It; t.;u rcl:lliscd within a period of three years
and not less than 5% of the eslin;::ieCI casn I!Ovi·s snould be realized in each half year.
iv) A bank rnay purchase/sell non-f.;E:rlun:.ing r;,,;:;"c,nl assE:ls from/to other banks only on
'without recourse' basis, i.e., thv c:;:lirc crc\J:t ri;;k associated with th!'! non-performing
financial assets should be transl2rrd t0 u," r,.,rtJ,:>sin\1 bank. Selling bank shall ensure
that the effect of the sale of the r;,1a,-,cial ;:,sst:t;; sl1l;uld b~ such that the asset is taken off
lhe books of the bani( and after li<G ~;ale \llt:re s:1c;uid nol be any known liability devolving
on the selling bank.
v) Banks should ensure that suu~eLJuenl to sak: or lt1e non perforrninn financial assets to
other banks, they do not have <:J,;y ,.volv'""""'' w,lil reference lo assets sold.ancj do not
assume operational, legal or an, uu :er lypc: ur ri~;:-;s relolin9 to the financial assets sold.
Consequently, the specific fimim:i:'l EJssd :;lloukJ not enjoy the support of credit
enhancementstliquidily facilities in L1:1y iOIIII cr manner.
vi) Each bank will make its own as:=:":ssnt\:nt u: !111: value offered by the purchasing bank
for the financial assei and decide wtlL:Lher to :;cc\:pl ur reJect the offer.
® vii) Under no circumstances can a 'iDk~ ~~~ o:, :-::r uanks be made at a contingent price
w!1ereby in the event of shorlfsi: ir, the: r•:~d;;,:,_,,;u,' by lhe purchasing banks, the sellin~
banks would have to bcnr a part tA u r,) shGrll<.. l·:.
viii) A non-performing asset in th<l b(,\Jks of '' G;:,nl-. shall b<·) eligible for sale to other banks
only if it has remained 8 non-pG-dOi<.drlg D:;;;;"''r(;r' ;Jt least lwo years in the books of the
I selling bank.
ix) Banks shall sell non-performing r;,·,anci:ll ;Jss.;;ls to othc~r banks only on cash
_: ·
',i
basis. The
entire sale consideration should lie mceiwd u;Jii'ont and the asset can be taken out of the
books of the selling bank only on ;.::ct:ipl oi lfr0 t.:r ,kc:; sale consideration.
x) A non-performing financial asset Si1oul1i c,,, rd(J by the purchasing bank in its books at
least for a period of 15 months bdore it is sc;ld io uL!1cr banks. Banks should not sell such
assets back to the oank, which h<"d ~;,Ad lll<: ;~h~.\.
(xi) Banks are also permitted Lo S()ii/buy i)cn·,o~_;cntwus pool within retail non-performing
financial assets, on a portlo1ic;l'bEmis proviued l:acll ur the non-performing financial assets
of•the pool has remainr~d as non-p0rforrni1 ·~J lir ;andal asset for at le<Jst 2 years In the
books of the selling bank. The pool of m;sds would be treated as a single asset in the
books of lh<l purchasing bank.
xii) The selling bank shall pursue \he st~1ff ~;;cc.;ul\lal)itily aspects as per the existing
instructions in respect of the non-perlmminf; :;~:c;l:ls sold to other banks.
6. Prudential norms for banks for the pui ch:,;;ui ;;;d,: L< ~.m.~a::tions
(A) Asset classification norms

(i) The non-performing financial assd purcll<Jsecl, 1r.3y be classified as 'standard' in the books
of the purchasing bank for a periucl Lif 90 dnys l;om lt1e date of purchase. Thereafter, the
- asset classification status of the fin:mc:iuf oss,:l purc:hased, sh<.lll be determined by the
record of recovery in the books
estimated wbile purchasing the
or the pun:;rJ:Jsi> 19 bani< with reference to cash flows
<JSSC::t.wllicn ~IK)Jlli be in compliance with requirements in
Para 5 (iii).
• •
fm!t~@WI&t0K~%M~~~\t~~~~~*1\tiJ(ritW.~tfr'i0Jf\\\a\rfm~::;,F'::::;F:F;};hX(i;c,::yH;:.J:r(,:-·.·.
@)ii) · Th~ asset classification slalus <,i an exist1rr:~ ''·~i,usure (olher than purchase\1 financial
asset) to the same obligor in the l;ocJks of liu1 Pvrd1;:;sing bank will continue to be governed
by the record of recovery of that expvsure ·an(j r•.::nec:· rnay be~ different.·
(iii} Where the purchase/sale does nul s:,tisfy any Di.liH~ prudenlial requirements prescribed in
these guidelines the asset classilica<ion ;;'!;He;·: Jl ii 10 financml asset in the books.·of the
purchasing bank at tile time of p..ii'(:r;:·l:~(~ ;;{l<lli l;e j(,() same as in the books orthe se!Hng
. J
bank. Thereafter, the asset ciJss;l:caLon '~\:.,Js vJill ·co1itinue .to be dete~mined with
reference to the date of NPA in the S<!llin~J bmi,:•.
(iv) Any restructure/reschefJuleirephmse d .tt1e rep:, 7,·n .•:,ll schedule or the estimated cash flow
of the non-performing financial ;J~·.sul !Jy lflc fJ~. ;;ii,'.JSillQ bani< shall render the account as a
non-performing asset.
(8} Provisioning norms

Books of selling banls,
i) When a bank sells its nor1-perfonning !inz,, .ci:..! clSSds to olher banks, tile same will be
removed from its books on transl,;r
ii} If tile sale is at a price below lth·; nd boiik v<..k;u (NBV) (i.e., book value less provisions
held), the shortfall should be debited. to u·,e f)fui:t w;o loss i:lccount of that year.
iii) If the sale is for a value higher li•an lhe t·~BV. U1t: L;x.c;ess provision shall not be reversed
but 'tvill be utilised to meel the Sllorllail/ k>;;:; \til Jc:counl of s<.Jie of other non performing
financial assets.
Thr-) asset shall altract provisioning requ.ro' 11ent ~if.iPI.(J;·; iu:,; lo its asset classification status in the
books of the purr:hasing bank.
(C) Accounting of recoveries

Any recovery in respect of a non-perfouning assel f.Jt,·ch~::.~;ed from other banks should first be
adjusted against its acquisition cost. Recov,:ri,~s ir• ~,,.c,:,;.;; oi [II(~ acqlllsition cost can be recognised
as profit.
_,
(@J Capital Adequacy

For the purpose of capital adequacy, banks suduid :i:;,.;."., HU'X, risk c'/t-!ights to the non-performing
financial assets purchased from other b8nks. In c;j·.;f) i' ;·:: IIGil-perlorrning assel purchased is an
investment, then it would attract capiLal dJ<li9El for 11':'' iid 1·isks also. For NBFCs the relevant
instructions on capital adequacy would be appli;:£Jl.lk~.
(E) Exposure Norms

·' .i
The purchasing bank will reckon exposure on Lne obligo1 vi tho specific financial as-seC Hence these
banks should ensure compliance with the pruu-::r1liul cmt::i c;q>Ctsum cdlings (both single and group)
after reckoning the exposures lo the obligvrs :.lrisi11g 01. :;cc:c!Ufll or lhe purchase. For NBFCs the
relevant instructions on exposure norms wuui\J u12 Lif;;JI:u.... lt:.
7. Disclosure Requirements
Uanks which purchase non-performing financial asst~ls i1 .__;;n ult1m t>anks shall be required to rnake
the following disclosures in the Noles on Accouols lo li11,~i1 iluiz,nce sheets:
(Amounts in Rupees crore)

1. {a) No. of accounl,; purciJ<Jsc:;i during the )tear
{b) Aggregate outstanding

2. {a) Of these, number or DCCC~;. llS rE•slructured during the year
{b) Aggregate outstanding
- B. Details of non-perform,ing financial asset~~..§~~~_:_
(Amounts in Rupees crore)

1. No. of ~~ccounts s:;id
2. Aggregate outstanding
3. Aggregate considl~ration rect-,_;veu
C. The purchasing bank shall furnish all reluvant •c:pGrts to CIBIL etc. in respect of the
non-performing financial asse-ts purch;;,;eo c,y iL
~~~~
RESERVE BANK OF INDIA~.__
'~·ww.rbi.org.in
RBl/2012-13/39
DBOD.No.BP.BC.9/21.\J4.048/20'12-13 ~2,2012
All Commercial Banks (excluding RRBs)
Dear Sir
Master Circular - Prudential norms on Income Recognition, Asset

Classification and Provisioning pertaini119 to Advances
Please refer to the Master Circular Np. DBQD.No.BP.BC.12/21.04.048f201j-12

dated July 1, 2011 .consolidating instructions I guidelines issued to banks till June 30,
2011 on matters re.lating to prudential norms on income recognition, asset
classification and provisioning pertaining to advances.
2. The Master Circular has now been suitably updated by incorporatitlg

in:;,tructions issued up to June 30, 2012 and is attached. It has also been placed on
the RBI web-site (lltlQ;fLwww.rbi.orq.in). We advise that this revised Master C'1rcular
conso!idates the instructions contained in the circulars listed in the Annex 9.
Yours faithfully
(Deepak Singhal)
Chief General Manager-in-Charge
Encl.: ft;.s above
ifiii;i ~:;!!<~tom.~~. 12lll ~. ~~ Wl(l' fm; w.f. iijlif- 400001

Department ol Banking Oporollons and Development, .Central Olrice, 121h Flom, Central Office. Shahld Bhagat Singh Marg, Mumbai · 400001
~!Tel No: 226611i02 ~/Fax No: 22705691 Email 10: agmicdbodco@rbl.org.in
[rr~~~ ~. ~ Q"<lm~.J
--
be eligible for purchase/sale in terms of these guidelines if it is a nonperforrning asset/non
perf~rming investment in the books of the selling bank.
The reference to 'bank' in the guidelines on purchase/sale of nonpe1ion'ning financial

assets would include finaneial institutions and NBFCs.
Structure
7.2 The guidelines to be followed by banks purchasing/ selling nonperforming financial
assets from I to other banks are given below. Tile guidelines have been grouped under the
following headings:
i) Procedure for purchase/ sale of non performing financial assets by banks,

including valuation and pricing aspects.
ii) Prudential norms, in the following areas, for banks for purchaser sale of
non performing financial assets:
a} Asset classific<Jtion norms

b) Provisiomng norms
c} Accounting of recoveries
d) Capital adequacy norms
e) Exposure norms
iii) Disclosure requirements
7.3 Procedure for purchaser sale of non perf~rming financial asse~s, including
valuation and pricjng aspects
I) A bank which is purchasing/ sellirig. nonperfo.rmlng financial assets should
ensure that the purchase/ sate is condl]cted in accordance with a policy approved
by the Board. The Board shall lay down policies and guidelines covering, inter alia,
a) Non performing flnanci;;;l assets that may b~ purchasedf sold;
b) Norrns and procedure for purchase/ sale· of 'such financial assets;
c) Valuation procedure to be fQI!owed to ensure that the economic value

of financial assets isTeasonably. estimated based on the estimated
cash flows arising out of. repaym~nts and recovery prospects·,
d) Delegation of powers of various fll:1Ctionaries fr;Jr taking deciston on

the purchase/ sale of !he financial &~sets; etc.
e) Accounting poiicy
ii) While laying down the policy, the Soard shall satisfy itself that the bank has
37 DSOD~i.C On lAAC Natmt-2012
• •
mf1tt8l.IJ.wMttM~m;*~Jt~ii?%;ffW.t~bJJMM:WJ:m:1~?i@~it~&~~:wiW~~;;g~&?~t~~~~~;@,k~:~';'~~::::':rm::r::,;,~~':'";~,:~;~:r7r:~c~~~:~mw;.:{
adequate skills to purchase non performing financial assets and deal with them in an
efficient manner which wtll result in value addition to the bank. The Board should also
ensure that appropriate systems and procedures are in place to effectively,
address the risks that a purchasing bank would assume while. engaging in this
activity.
iii) Banks should, while selling NPAs, work out the net jxesent value of the
estimated cash flows associated with the realisable value of the available securities
net of the cost of realisation. The sale price should generally not be lower than the
net present value arrived <ill in the manner described above. (Same principle should
be used in compromise settlements. As the payment of the compromise amount may
be in instalments, the net present value of the settlement amount should be
calculated and this: amount should generally not be less than the net present value ?f
the realisable value of securities.)
iv) The estimated cash flows are normally expected to be realised within a period
of three years and at least 10% of the estimated cash flows should be realized in the
first year and at least :i% in each half year thereafter, subject to full recovery within
three years.
v; A bank may purchase/seJi non'pertorming financial assets frorn/to o'iher

hanks only on 'without recourse' basis, Le., the entire credit risk associated with the
nonperforming financial assets should be transferred to the purchasing banlc Selling
bank shall ensure that the effect of the sale of the financial assets should be such
that the ·asset is tal\en off the books of the bank and after the sale there should not
be any known liability devolving on the selling bank.
vi) Banks should ensure that subsequent to sale of the non performing financial
assets Ia other banks, they do not have any involvement with reference to assets
sold and do not assume operational, legal or any other type of risks relating to the
rtnancial assets sold. Consequently, the specific financial asset should not enjoy the
support of credit enhancements /liquidity facilities in any farm or manner.
vii) Each bank will make its own assessment of the value offered by the
purchasing bank for the financial asset .and decidv wh:>ther to accept or reject the
offer.
viii) Under no circumsta,nces can a sale to other banks be made at a contingent
38 DBOO·MC On IRAC Norms·Z012
••
~~-~&'81~i=MiWN'%~t:@lfii.H~m@~:Wf.~~:~j;}.fjf···. ,,.:::,·:rti\0\;:.;::f}':~~:i:::';~=,,;:~:;{fi.~1~=?i?!fiii.'!f.~~~~
price whereby· in the event of shortfall in the reallzalion by the purchc.sing banks, tr1e
selling banks would ll;:lVe to bear a part of the shortfall.
nonperforming asset in the books of a bank shall be eli£lible for sale to other } 1
anks o1ilf"if it haz_~~i:e~-~npertor_ming asset for at.!_eas't_ t~o 1..~~e ·
~o..ks of,th~ sellin~ ~~)
x) Banks shall sell nonperforming financial assets to other banks only o:-: cas)~
basis. The entire sale consideration should be received upfront and the asset ca;_1· be
taken out of t11e books of tile selling .bank only on receipt of the entire 6--.-le
considerption.
xi) A nor;performing financial as~3t should be l1eld. by the purc~la:oinn iJank in its
books at least for a period of 1"5 months before "it is sold to oth~r banl<s.. ~·anks should
not sell such assets back to tile bank, which had ~old the NPFA.
(xii) Banks are also permitted to sell/buy homogeneous pool witldn retail non-
performing financial assets, on a portfolio.basis proi;ided ·each of i:·1e nonperforming
financial assets of the pool has remained."·as non performing financial asset for at least
2 years in the books of the selling bank. The pool of assets wovld be treated II$ a
s!nglc: assetin.th"e bo0ks· -;;f th6 f\\.:r9t~n;:,,[; bunk.
The sellir:g· bank s"n;;:!l ;.;~r~::.J.r• ·the staff accr.iuntaoiiity aspects as pt;i
existing instructions in respect of the nonpe1forming assets sold to othe: banks.
.. 7.4 . Prudential norms for banks for the p~rchas~i sale transactions
.·
t (A) Asset classification norm~
.~
-~.
,·.
(i) The nonperforming financial asset purchased, may bl;l classified as 'stanoard'
'•
in the books of the purchasing bank for a period of 90 days frorn the date of
purcl1ase. Thereafter, the asset c:.Jssification status of the financial asset purchased,
shall -Q~ determined by the record of recovery in the books of the purchasing
bank with reference to cash flows estimated while pLirchasing the asset which should
be in compliance with requirements in Para "f .5 (iv).
(ii) The asset classification status of an e;<isting exposure (other than purchased
financial asset) to the same obligor in lhe bo-J:Zs of the purchasing bank will contin1;e
to be governed by tt-..:·, record c.i ; ~·~(i.;8ry G1' '.hat exposure and hence may be
different.
~:
·:· 39 DBDD·MC Qn IRAC No;:ns-2012
;; • •
..
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GOVERNMENT OF NCT OF DELI-II
e-Court Fee
DATE & TIME: 10-JUN-2016 10:59:08

NAMES OF THE ACC/ REGISTERED USER : SHCIL
l.OCATION; DELHI HIGH COURT
a-COURT RECEIPT NO : DLCT1049F1658K852

P.-COUF!T FEE 1\MOUNT ·: ~ 20
( Rupees Twenly OnlY)
11111111111\llilllllllilllllllllllllllllllillllllllllll
DLCT1 049F1 65SKS52
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• Alort ~ Tho cwthetruiclty o! lhls o~Covtt reo recelpt shoulcJ: bo verilled at www .... holletilnmp.conl . Arry <llscr~par,cy
on this recolpt ana ae: avnl!Uble on tha wob$lt0 nmdors It i!Nalid. In <11!\S:tJ ot any discrepancy please inform the Com~'"""''\
Til'1U mcolplls valid 0111y •IIBI vorillcallnn & locking by lho Court Olr.ciat
\
- I.A. NO. OF 2016
IN
IN THE MATTER OF:
Narender Kumar Arora & Ors. Vf;. Kotak Mahindra Bank &
Anr.
APPLICATION U/S 151 GPC FOR STAY
1. That applicants Appellants have filed the
accompanying appeal again~t the impugned order dt.
12.5.16 passed by Ld. Arbitrator Mr. Rajiv Shukla
contents of which are not being reproduced herein for
the sake of brevity. The applicants crave leave of
Your Lordship to treat the contents of the same as a
part and parcel of this application as well.
2. That applicants· have a good prima facie case in their ·
favour and there is every likelihood qf their SLicceeding
in the case.
3. That balance of convenience also ·lies in favour of

'•
applicants and against the respondents.

PRAYER
In view of the above it is most respectfully prayed that-You~/
Lordship may be pleased to stay the Arbitration proceedings
pending before Ld. Arbitrator Mr. Rajiv Shukla in arbitration
petition No.2267/2012 by way of an ex-party ad interim
inlunction till the disposal of accompanying petition.
N~. ~~~~ .
~·
New Delhi
Dated: I t \~r:G \,., 1·b Petitioner No.1
Petitioner No.2
Petitioner No.3
through ~·~
Sudhir KumarSinha &
Abdhesh Chaudhary
A-14, L.G.F., New
Friends Colony,
Delhi-110025
IN·THE HIGH COURT .OF DELHI AT NEW DELHI
lA NO. 0F2016
IN
ARBITRATION APPEAL. NO. OF 2016
IN THE MATTER OF:
Narender Kumar Arora & Ors. Vs. Kotak Mahindra Sank &Anr.
AFFIDAVIT
Affidavit of Shri Narindra Kumar Arora, Aged about 57 yrs.,

S/o Late Shri RK. Arora, Rio B-13, Ground Floor, Greater
Kailash Enclae-11, New Delhi-110048.

noted case and is fully conver;;;tmt with the facts and
circumstances o.f the case and is competent to swear
·. IZ~
_.y;i~-~~~~~ '.s.~..
also.
£;</;~E~IiA~??~~~~~ '0~. I
2· That the contents of the accompanying application
1(- l,)alh\ Hlgh CClurl y~ U/S 151 CPC for stay have been drafted by my
'-'· t Period \4·09·2014 ">
\\<:;(, to 13·09·2016 if
~911 Court.&/ counsel under my in;?tructions and the same have
~==..:;:::?'
. . been read over by me and understood by me which~
~ entv.~no are true and correct. ~ ~\If 0 ~ . tJ~~~-;-

. \\\e oe?o~~esence ~\Q DEPONENT.
,Aen\1\~ ,.\ it' t:\\'1
\ Y s\gn"'·'-' VERIFICATION:
"as Verified at New Delhi on this day of June, 2016 that the
contents of the above affidavit are true and correct to th7J
best of my knowledge and belief. ~_!.~..,... {1/wwJ/'<,
~.~~~11A- DEP~NT
Lf'RT. 'Et' ct;··WfJJJ!,':
<:;!, 'Sml 11\m... . ..[ .. , ... ~.::.: 'J.Jf V
....:.
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~~~ . ~~:~~~r!~.t~~~rJ :.~.~.'. . .~~.:~

I!H~ al(-t"lf;,'.f'hicl\ huvc
ttl;:;, tho con Ients 01
1
·)BC!n read & cxplain~d !O "'" r true and
'u:rect lo his kotJwledga. 1
Omh Qo ~ tvner [1aihf 1 0 JUN 20!e

lA NO. OF 2016
IN
ARBITRATION APPEAL NO. OF 201£.
.
IN THE MATTER OF:
Narender Kumar Arora & Ors. Vs. Kotak Mahindra 6ank & Anr.
AFFIDAVIT
Arora, Aged about 57 yrs., S/o Late Shri R.K. Arora, Rio 6-
13, Ground Floor, Greater Kailash Enclae-11, New Delhi-
110048.

•;,c,O
;.-:;
;}~~ also.
;"-:~~~
....
.'
I.A. NO. OF 20~6
'IN
ARBITRATION APPEAL, NO. OF 2016
IN THE MADER OF:
Narender Kumar Arora & Ors. Vs .. Kotak Mahindra Bank & Anr.
AFFIDAVIT
Affidavit of Shri Kunal Arora S/o Sh. Narindra Kumar Arora,
Aged about 57 yrs., S/o Late Shri Rl<. Arora; R/o 8-13,
Ground Floor, Greater Kailash Enclae-11, New Delhi-11 0048.
I, the above named .deponent, do hereby solemnly affirm .
5. That the deponent is tl1e appellant No.3 in the above

noted case and is fully conversant with the facts ahd
also.
contents of the accompanying application
CPC for stay have been drafted by my
een read over by me and understood

are true and correct.
~~~"
0
1 0 JUN 2016
~J,!:; e-;.o~I?;\)J;~FlCATION:
. we~~'\ ~Verified at New Delhi on this day of June, 2016 that the
,,6e"~:~~~·0
0 ?./"" o
contents of the above affidavit are true and correct to t?r
best of my knowledge and belief.
'"R-l1
r k1
.,.,~T I~'"DE"'~·
1",..
Jtv~ I J
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\.Jr. 1':1. r'1·· ( . 1.. ' ·
· ... .! DEPONENT
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g·:~ ~:':.~. :::::~:::::::·.::::::······

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thai tho rontants o: ~iic: .:~Hi• ~;h!ch ~1.1V!~
·.J!l(ln '"ad & expl;,in~<J to r lrto6 u.d
·nnP,~IIO his knowlr;Cije.
10 JUN 2Qt6
-
/
t
\ '.
GOVI;RNMENT OF NCT
e-Court Fee
DATE & TIME: 1 O·JUN-2016 10:58:56
NAMES OF TH6 ACC/ HEGISTERED USEB : SHCIL

LOCATION; DELHI HIGH COURT
e-COURT AECEIP1 NO : DLCT 1049F1658K854
c-CO\Jflli'EE AMOUNT:
( Rupee• l"wenly Only)
lillllllli llllllllllllllllllllllllllllllllllll!llllllllllllll
O!.CT1049F1G58K854
S1:.tutory /\Port ; Tha avthenttcily of this o~Cmut fE:Q recaipl should ba \tarllicd, at ww\v.shcllestamp.com. Any diScrepancy it'! the
do\aiiD Ol'l !hi$ rocoipt ann ll$ nvail:r.bla on lhu wQbsl\o rond<.Hs it in"':tJid. In' case oi any discrepancy plcmso Inform the Competonl
lA<Ilhorlly. Tl11• ;oo~lpl i~ valid only allar vurilic•llon &'loe~lng by 111u ~~~~ OWcial. .
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'
lN THE HIGH COURT OF DELHI AT NEW DELHI

I.A. NO. OF 2016
IN
IN THE MATTER OF:
Narender Kumar Arora·& Ors. Vs. Kotak Mahindra Bank & Anr.
APPLICATION U/S 1.51 CPC FOR EXEMPTION FROM

FILING OF CERTFIED COPIES
1. Th<;:~t the applicants/appellants are filing the
accompanying appeal against the respondent contents of
which are not being repeated here for the sake of brevity.
The applicants crave leave of your Lordship to treat the
contents of the same as a part and parcel of this petition.

I
2. That the applicants have filed the uncertified copies of
same of the Annexures certified of which are not
presently available with the applicants.
PRAYER
In view of the above it is most respectfully prayed that Your

Lordship may be pleased to exempt the applicants from
filing the certified copies of some of the Annexures at this
stage.
#~~~
f~~~·
New Delhi Ut~~ovf~.
Dated: 1o-1~'61 ?,o 1-/:.
Petitioners
Through
<9·~
Sudhir Kumar Sinha &
- Abdhesh Chaudhary
A-14, L.G.F., New
Friends Colony,
Delhi- i 10025
I.A.' NO. OF 2016
IN
ARBITRATIGN APPEAL NO. OF 2016
JN THE MATTER OF·
AFFIDAVIT

. '
S/o Late Shri R.K. Arora, Rio 8-13, Ground Floor, Greater

drcumstances of the case and is competent to swear
also.
2. That the contents of the accompanying applicati<;m
U/S 151 CPC for stay have been drafted by my
........
IN THE HIGH COURT OF DELHI AT NEW DELHI j •
LA NO. OF 2016
IN
IN THE MATTER OF:
Affidavit of Smt. Sani Arora, W/o Sh. Narindra Kumar
Arora, Aged about 57 yrs., S/o Late Shri R.K. Arora, Rio 8-
13, Ground Floor, Greater: Kailash Enc!ae-11, New Delhi-
110048.
I, the. above .named deponent, do ~ereby solemnly affirm
3. That the deponent is; the appellant No.2 in the above

circumstances ofthe case and is competent to swear
also.
4. That the contents of the accompanying application
U/S 151 CPC for exemption have been drafted by my
counsel under my instructions and the same have
been read oyer by me and understood by me which
r~~ ·A-a-~
DEPONENT
.•
I.A. NO.
OF 2016
IN
IN THE MATTER OF:

..
. ,,,
Affidavit of Shri Kunal Arora S/o Sh. Narindra Kumar Arora,
Aged about 57 yrs., S/o Late Shri R.K. Arora, R/o 6-13,
1
Ground Fioor, Greater Kai!ash Enc!ae-11, New Delhi-
110048 ..
.

..
,::::...~..->
6,s se\.l. noted case and Is fully conversant with the facts and
~~ 1)\ 9°\l. · va\J\ \
~~ 0 f-_\).1 00~"\ t-\\\ circumstances of the case and is competent to swear
d~~0s ~.~ooa ,
0~t" \0 a this affidavit on behalf of himself and other appellants
GOVERNMENT OF NCT OF DELHI
a-Court Fee
DATE & 'l'IMt:: 10·,1UN·201il10:59:13

NAMES OF THE ACC/ REGISTERED USER : SHCIL
l.OCAT!ON: DELHI HIGH COURT
e·COIJII'l' RECEIPT NO : OLCT1049F1658K851
o·COURT FEE AMOUNT: ~20
( Rupe<'!S Twenty Only)
. llllllllllll\1 \llllllllllllllll\llllllllllllll!llllll~llllll
DLCT1049F1tSBK851
t.lorl :The authenticity ot thl::; o-Co,urt rea toC4ipl oh¢uld.be Viirilied a\ \uww.shcHeslamp.com, Any o,i,screp•,nct
on thl& receipt umJ a.~ .nvailabia on utO websiH1 render& II invalid. in Case of any duiicrepuhc1t please lnfotm the co,mpot•>~nll
This receipt i• valid only alter varilicallon & locking by the Coun Olllclol.
\ \
..
'·.
I.A. NO. OF 2016

IN
IN THE MADER OF:
APPLICATION U/S 151 CPC FOR EXEMPTIQN FROM

FlUNG OF TYPED COPIES .. .
3. That the applicants/appellants are filing the
accompanying appeal against the respondent contents of
which are not being repeated here for the sake of brevity.
The applicants crave leave of your Lordship to treat the
contents of the same as a part and parcel of this petition.
4. That the appli'cants have filed the copies of certain
documents and typed copies of the same are not
prepared due to urgency of the present appeal. The
applicants undertakes to file the same as and when
ordered by this Hon · ble Court.
-
PRAYER
In view of the above it is most respectfully prayed that Your

Lordship may be plea~ed to exempt the applicants from
.• .•
filing ~he true typed copies of some of the Annexures at this
stage.
.t\1 . ....,.~.~/L
.....
'···
'(~.~~
New Delhi
Dated: 1 rri b'6 ( 0-c H>
~u~Jt~
Petitioners
through {~· v,· §._ ~~.n~f.
Sudt1ir Kurmtsinha &
Abdhesh ChoudhCiry
{Counsel for petitioners)
A-14, LG.F., New
Friends Colony,
Delhi-110025
• •
m~r~tf*l!~!ill#ifi?Jr.~ilft~~gJ~W::l*f&~iffir:rr-mz;;n~···
:J ')

lA NO. OF 2016
IN
IKJ THE MATTER OF:
Narender Kumar Arora & Qrs. Vs. Kotak Mahindra Sank & Anr.
AFFIDAVIT
S/o Late Shri R. K. Arora, R/o B-13, Ground Floor, Greater
I, the above named deponent, do hereby solemnly affirm .- .1,:,
and declare as under

also.
2. That the contents of the accompanying application
U/S 151 CPC for exemption have been drafted by my
1 a JUN zata
I.A. NO. OF 2016
IN
ARBITRATION APPEAL NO. OF 2016.
IN THE MAITER OF:
AFFIDAVIT
Arora, Aged about 57 yrs., S/o Late Shri R.K. Arora, R/o 8-
13, Ground Floor, Greater Kailash Enclae-11, New Delhi-
110048.


~__.....--' been read over by me and understood by me which
.
~~~~
\\'\e oe:po~ esep.te true and correct.
~
~~~ ~-
·Y-J.-'L-'L···-~
\ \~e~~~0e.c \n 1\\'Y
\;\aS
f 11 0 JUN 20 ~~ DEPONENT
VERIFICATION:
Verified at New Delhi on this day of June, 2016 that the
contents of the above affidavit are true and correct tof\t~e-
be~~M.fQ't k!J.e~ge~~ljef. ~'""~:... ~....---s
Sh 'Srni/Km....... . •
SloWto ....................................)r
~... · .........
% DEPONENT
~;~ni;ri~ti"i;·;·~i·: ....:·: '.''(~·:f ~

:~~~. ~~-en~~.~::..:.•:_-· "'.' .... '··~; .1:'.:.:..:...~::: (rj{J I
th;.;~ 11,g .t •• e~:\s. 1 ~ ...; :,..;: ,: "'~ •· ·.::·~; ·.i1 luwe ;Jt :
l';•,:.n r\·. 'id S. ·~;..;;t:::"w,.u t-::· ,1 • (1.\; liue and
I 0 JUN 2016
• •
Ilm~~@:w~;~~wii!Nl\~~willf:::;•t•-~I&@?t::rf·:';:~':@%§®:tti:;,::;:~~,:·~.,~:@z:::'.x~-ITJ~~f:@,'.',:s?
-
I.A. NO. OF 2016
IN
IN THE MATTER OF:
AFFIDAVIT
Affidavit of Shri Kunal Arora S/o Sh. Narindra Kumar Arora,:
Aged about 57 yrs., S/o Late Shri R.K. Arora, R/o 8-13,
Ground Floor, Greater Kailash Enclave-11, New Delhi-
110048 ..

of the case and is competent to swear
.circumstances
also.
'', '. 2. That the contents of the accompanying application
\
U/S 151 CPC for exemption have .been drafted by my

counsel under my instructions· and. the same have
. .
been read over by me· and understood by me which
are true and correct. . .«(J~Jt~
f O JUN: 2016 DEPONENT
i,J ..) Li iY
--· ---
GOVERNMENT OF NCT O'F. DELHI
e-Court Fee
DATE &TIME: 1Q~JUN·201610:i7:4S

NAMES OF. THE ACC/ REGISTE~EO USeR : Sf.lCIL
LOCATION: DELHI HIGH COUrH
c-COUAT RECEIPT NO : Dt;CT:1 036F 1G17K 1S 1

c-COUflT FEE AMOUNT : ~iQ
( Rupees Ten Only)
ll\ \Ill IllIIll IIliiDLCT1

IIIII IIIII llllll\lllllll\l\1111 IIIIII IIIII
036F1817K181
( \
i __ _
-
.(~
VAKALATNAMA
JN THE HIGH COURT OF DELHI AT, AT DELHI
Arb. Appeal NO. 0~ 2016
In rc:
Narender Kumar Arora &·Ors. Plaintiff /Appellants/Petitioner/ Complainant
VERSUS
M/s. Kotak Mahindra Bank Limited .. Dcrendant/Respondent!Accused,
_ .. j '
KNOW ALL to whom these present shall come tbnt We, Nnrencler Kumar Arora, Bani ArorA, and Kunal
Arora, all XVO :- B-13, Greate.r Kailash Enclave-II, Dethi-110048 presently at New Delhi. The above named
Petitioners , do hereby appoint
Sudhir Kumar Sinha ( Adv,) D/1249/2005, A-14, Lower Ground Floor, New Friends Colony, Dellli-110025.
herein after cal!ed the advocate/s) to be my/our Advocate in the above noted case authorized him :-
To act, appear and plead in the above-noted case in this Court or in any other Court in which the same may
be tried or heard and a!so in the appellate Court including High Court subject lo payment of fees separately for each
- Court by me.f U$.
To sign, file verify and present pleadings, appeals cross obi~'"· · 1s or petitions for execution review,
revision, withdrawal, compromise or other petitions or affid~vit<' ' ts as may be deemed necessary or
proper for the prosecution of the ~aid case in 'all . . ..
To'file and take baok documents to~ party.
To withdraw or compromise the said'' or disputes that may arise

touching or in any manner relating to the said c;
The deposit, draw and receive. money,' 1.of and to do all other acts and
things which may be necessary to be done for lecution of the said case.
To appoint and instruct any other Legal'' .. ~ise the pbwer and authority
hereby conferred upon the Advocato whenever he\ -··.·<~'Sign the Power of Attomey on our
behalf. \ .
And [/We the unders'igned do hereby agrc~,~~--ra;_i·~ and confirm all. acts done by the Advocate or his
substitute in the matter as my/our own acts, as if done by me/us to aH intents and purposes.
And T/We undertake that l/ we or my tour duly authorized agept would appear in the Comt on oil hearings and will
inrom1the Advocates fllr appearance when'the case is called.
And !/we undersigned do hereby agree not to hold the ~dvocate or his substitute responsibie for the result
of the said case. The adjournn1ent costs ·whenever ordered by 'the Coiu:1 sha!l.be ·of the Advocate which he shall
receive and retain l1imself. .
or
And I /we the undersigned do hereby agree that in the event, the whole or part of the fee agreed by me/us
to be paid tO the Advocate remaining unpaid he shall be i;mtided to withdraw from the prosecution of Ihe said case
unril the same is paid up. The ree settled is only for the above case atid above Court.
1/We hc~e]:ly. agree that once the fee is paid. I iwe, will not lle emitled for the refund or the same in any case
whatsoever. If the case:lasts for more than three years, 'the advocate shall be entitled for additional fee equivalent to
half of the agreed fee for every addition three years or patt.thorcof.·
IN WITNESS WHEREOf TI\Ve do hereunto ~et my lo\lr hand to these presents the contents of which have
been understood by me/us on this 09'11 day of June 2.0\6.. ~ t-~
Accepted subject to the te1'!Tis of fees. · ~-

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Advocate 0\ \'V 'o'\ Clients [IW Vla ~~
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BEFORE Ld. SHRI RAJIV SH\..)KLA. ADVOCATE;
SOLE ARBITRATOR AT DELHI.
ARBITRATION CASE NO. 2267 OF 2012. .
IN THE MATTER
( .
" .. ; QF:
.
CITIFINANCIAL CONSUMER FINANCE INDIA l TO.
{PREVIOUSLY KNOWN AS ASSOCIATES INDIA FINANCIAL SERVICES LIMITED)
RI;GO. OFFICE:
3, LOCAL SHOPPING, CENTRE,
PUSHP VlHAR, NEW OELHl·110 062. .... CLAIMANT
Vs.
1. MR•.NARENDER KUMAR ARORA

S/0 SHRI 'RAM KUMAR ARORA.
A,14, GROUND FLOOR, .
NEW FRIENDS COLONY,
N~ OELHI·110025.
e~Tlii.I$\JlAt; ADDRsSJs~
MR. NARENDER KUMAR ARORA
S/O.SHRI RAM.KI,JMAR 1\RORA.,
C/0. MIS. TAJ CONSULTANCY SERVICES,
A-14, BASEMENT,
NEW FRIENDS COLONY,
NEW DELHI-110025. .. .. RESPONDENT N0.1
2. MRS. BANI ARORA

· W/0 SHRI NARENDER KUMAR ARORA,
A·14, GROUNO'FLOQR,.
NEW FRIENDS COlONY,
NEW OELHI-110025 •.. .-...RESPONDENT N0.2
~. MR. I<UNAL ARORA

$10 SHRI NARINDER KUMAR ARORA,
A-14, GROUND rl00F1,
NEW FRIENDS COLONY,
NEW'OELHI-11002~. - . .... RESPONDENT N0.:3
CLAIM PETITION-FOR RECOVERY OF A

SUM OF Rs. 2,06,00,982.79
n;1E 9,LAI~ANT ~OSt RES~EQTFULLY S~OWETH:
1. Thatthe Claimant is a Company, duly i11corporated under the Companies Act, 1956, having
its Registered Office .at 3, Local Shopping Centre, Pushp Vihar, New Delhi~110 062: The
Claknant. Company was originally Incorporated under the name of M/s Avco· Financial
- 2.
Ser\tices India Pvt. Ltd. and was.then changed to M/s Associates India Financial Services
'Limited and now It has been changed \O Mls CltiFinanclal Consumer Finance India Ltd.
Th~t the ··claimont .. company Is· filing. this cl.aim petition thro4gh. ·Shrl. Mandeep · Singh
· Chandoal<, who Is· authorized vlds duly notarized Power of. Attorney dated.25101/2012, to
. fristltute, -sign and verify th,e present petition &,.all other proceedings and to do all other a'ots.
deeas ~~. thil"gs necessary for the proper conduct & .prosecution of this petition in all its
·stages.·"Fhe sald.Shrl Mandeep.Singh .Chandoak Is otherWise also fvlly conversant-with the
facts of the ·.c.ase as ger Information received & .derived from the records & books of the
Clalmant company, maintained by the Ctaim~nt company In the rtlgular course. of its
business arid Is th1.is, co~petent to depose and verify the facts.
3. That the Claimant company Is Inter alia; engaged in .the business of providing home loans.
4. "Fhat t~e r~spondents had approached the .Claimant, as.they were desirQu~ of obtaining a
· loan ·a.nd ·for this. purpose, filled . II') Loan •. Application Forms. That for the pLJrpose of
establishing their ldentity/credenti,als/credit worthiness ttie Respondents furnished copy of
the ·PAN card of the respondent no. 1, 2 and 3. That the respondents offered to create a·.
mortgage of th~lr'Jm!Tl.ovable property, i.e. A-14, Grovnd Floor,. New Friends Colony,· New.
Oelhl-110025, to sect.ire the repayment of the Loan Facility ..
.·, 1 .
BEFORE Ld. SHRI RAJIV SI;UKL~. ADVOCATE
SOLE ARBITRATOR AT NEW DELHI.
ARBITRATION CASE NO. 2267 OF 2012 ..
' IN THE MAUEB OF:

' ' .···. ' :
CITIFINANCIAL C?QNSUMER FINANCE INDIA LTO. ... : CLAIMANT.
Vs.
MR. NARENOER KUMAR ARORA & ORS. .. .. RESPONDENTS. -
INDEX
- - -...........- ...... ·------~-.....- ..... - . : ....................'!'" .. ~-·--···-··---.:..-. .. """"""'-------~----..,...
,·
s.No. Particulars
.................. _..________ .
~----·':"-·------ ...... .,.
Page No..
--------------·----..............................._____. ________ _
1. Claim petition, ·
~-
2. Arint~Urljl-A (CQ!IJ!). " .

True copy of Statement of AccoCint alongwlth
Pre-mat~rl? termlna~lo~ Sheet w.r.t, the Home Loan.
3. Angexwre"B (C!flll\1}. . .· .· ·
.of
true copy Statement of Account a!ongwith
Pre-mature termination Sheet w.r.t the Personal Loan.
4. List of documents.
5. Oocuments.
6. List of reliance & Bill of Costs.
7. Certificate of Fee.
: 8. · Vakalatnama.
.CLAIMANT
THROUGH
ATIORNEY
THOURGH
ADVOCAT~S FOR THE CLAIMANT

PI,.ACE : NEW DELHI.
'•. 7 ' TH-8162

''
That ~t tht:J lnstanc;e and request of Responden~. t~e Clalman.t sanctioned a Home Loan of
· Rs. ·.1 :4 · · · · .to the responqents, and accor?lngly · a wntten Home.. L~an Agreeme.~t
·dateif2 . (hereinafter for the sake of brEMtY,. referred to as the.. sa1d agreement ),
·was .executed betwe_13 n the Claimant and Respondents, whereby ~he Cla1mant gave a ~orne
Loan Facility ofRs. 1,48;00,000/- (hereinafter·for the sake of brev1ty, referred to as the .Loan
Facility') to the respondents. The contents of the "said agreement" rnay be read as part and
parcel of the present para and the same are not being reproduced herein for the sake .of
brevity ano to avoid repetition.
6. That in consideration of the gr<ant of the abovementioned Home Loan Facility and with a view
to secure· the repayment thereof, the respondents .created a ~ortgage of th~ir immo_va_ble ·.
property (A-14, Ground Floor, New Friends Colony, New Delht-1·10025) (hereinafter for the
sake of brevity, referred ·tO as the "mortgaged property"). The respondents also declared tha~ l
they are the owners of the #l!'ortgage~ property" having a clear and m~rketable title ove( the
same and they shall lndemmfy the· cla1man~ against any loss/damage Incurred on account of ·
any defect ,In their title or any misrepresen~tion made by any of tpem·. That all the
documents were duly filled up when th!:ly were signed by ttw.respondents who had read &
understood the s·ame before the same were signed and copy of the doct,Jments were given to
the respondents.
7. That ~ld~ Cla1,1se 2.1 (a) of the "said agreemt;lnt", the r~spof1dents agreed to borrow from the
claimant .and the· claimant agreed to lend to .the· respondents, a sum as stated in the
Schedule; .on the terms and conditions set forth In the •s·atdaQreem.enC' ·
8. That Clause 1~ 1(e) of \he "said agreement" pro,Mes that an event of default shall occur, inter
alia, on the happening of any of the foliowj~g events: ,
. . .
(i) If any default shall have ·occurred in ·payment of EMis or any. part thereof and/or in
paym~nt of any o.tlter amounts due and payable' to the claimant in terms of the "said
ag·reamerit" ~nd/or in terms of any other agreement(s}/document(s) wruch may be
subsisting or Which may be executed between the respondents and the claimant: and
(ii) if default.shall have occurred in the performance of any Other covenants, co.nditlons or
agree.ments on the part of respondents under the "said agreement" or any· other
agreement(s) between the respondents and the claimant In respect of the said loan or
any o~er.loan. · · ··. ·
9. That Cla1,1se 2.4(h) of the "said agreement" provides that In the ev:ent any post-dated cheque
is returr~ed dishonored, the re~?pondents s.hall be liable to pay bounced cheque· charges as .
detailed in the agre~ment ?~nd.shall also be liable to pay penal charges as detailed in the said
agreement, on·the outstanding amount till the date of rece\pt of payment of that lnstaltment of
the loan. :The Clause further provided that nothing contained in this clause, shall prejudice
any other,-rights of the ,claimant ln'law or otherwise. ' .'
. ,
10. That Clause 2.5(b).of the "said agreement" provides thatthe !;lelay in. payment of EMI shall
. remder the respond~nts liable·to pax- additlonat·tnterest at the rate of 36% per annum or at
such higher rate as per the rules ofthe cl'aimant In that behalf·as in force froin tima to time :
and that. in sucn an event, the respondents shall also be liable to pay incidental charges and
costs to th!ll claimant. That vide Clause 2.9 of the "said agreement", the r!;lspondents. agreeo
that their ll~.bility:lo ~l!lortize ti:le loan and to observe the terms and conditions of the "said
agreel"flent" and/or anyother..agreements and documents which may have been or may be
executed by the respondents with the claimant in respect of this loan or any other loan or
loan&; Is joint and several. '
11. "t:hat vide Clause 4.1 of the "said agreemenf', the respondents agreed that the amortization
of the loan, Interest, fees, commitment charges, penal interest, bounced cheque charges and
expenses . and all other amo1,1nts payable IJnder. the ··said agreeml1)nt" or any other
- agreements, $hall be secured by a first charge by way of.mortgag~ in favour of th~ claimant
ov~r the sal):! p~op~rty and such other properties and assets of ttw respondents, as the
claimant maY. req~tlre. . . . ·
12. . That Clause 7. ~ of the ,"~aid agreerryent" provid~s that If one or more of the eyent ~of default
shaU h!lve.o~urr~d. then th~ claimant, by a·w.r1tten noUce to the respondents may declare
the principal and all acc~ued mterest and :h~rg~s on the loan which may be payable by the
'·~ respondents ·,under. -or rn terms of the sa1d agreemenr andlof any other.. agreements
;:'• ooquments suqs1stmg b~M,ee.n the respondents arid the ·claimant, as well as. all other
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charges and dues to be. due and upon svch de.cl,aratlon, the $ame shall l:)ecome due and
payable forthwith and.the se.cvrity In relation to ·the'.loan and any other loans, shall become
enforceable, notwithstanding anything to the contrary In the·"sald agreement" or any other
agreements or docvments. That the respondents also provid.ed 'the "mortgaged property• as
described In the Schedule as security for the repayment of the Loan and the· respondents
also undertook to maintain the security In good• order and condition and free f~om any
charge, .loss or damage etc. The respondents further agreed ~hat the. Loan would be used.
only for the pl,Jrpose mentioned In the loan Appllcatl~n.
13. That article 10.6 of the "said agreement" also provides that any notice or reqvest under the
"said agreement" sent by the claimant to the rl')spondents shall be at the address stated in
· the •said agreement'~ or as notified to the claimant In wrltlng..The commrmicatlon sent on this
address shall be deeme<:,l to have been delivered when sent by post.
14. ·That Article 10.7 (h) of the "said agreement" provides that all controversies and disputes with
regard to the "said agreement" shall be refered to a Sole Arbitrator to be appointed by the
claimant. The said artiCle 10.7(h) Is reproduced .herein for the ready reference of this Hon'ble
Forum:~ ··
"In event of any dispute or difference arising under this agreement including any
dispqte as to ariy amount outs,tanding, the real meaning or purport hereof.
("Dispute"), svch, di~p1.1te shall be finally resolved by arbitration. Such arbitration
shtit/1 be condvcted in accordance with the provisions of the Indian Arbitration· itncf.
Conciliation Act, 1996 or any amendment or reenactment thereof by a sing/,
arbitrator to be appointed by the Lender. The venue of arbitration .shall be at New
Delhi and thFJ arbitration shall be conduqted In Englisti Language."
to. That alongwlth the abovementioned Home Lqan the respondents were also deslrolis of
obtaining a Personal loan also in aoditl.on to the abovedetalled Housing/Home Loan. That the
respondents also offered to extend the equitable mortgage of their already mqege<;t
immovable property as detailed herein above, to secure the repayment of this Per8ona1 toan
r-acmty also. ·
1 (). That at the Instance and request of Respondents, the claimant sanctioned a. Personal ·LOliln
of Rs. 52,00,000/: ·to the respqndents, and accordingly a ·written Supplementary Loan
Agreement dated 23~Feb-08 (hereinafter for the sake of b,revlty, referre'd to ·as the
"supplementary agreement"), was executed; between the Claimant and Respondents,
whereby t~e Clalma11t gave another Loan Facility of Rs, 52,,00,000/~ to the resppn.dents-.~That
·the contents of the "supplementary .agreement" may be read as part and parcel of. the·
presel)t para as the same are not being reprod!Jced herE!)in for ·the sake of brevity and to .
avoid .repetition. That the agreement was duly filled. up when they were signed by the
respondents who had read & understood the same before the same were signed ahd copy of
the agreement was duly given to the respondents. That in consideration of the grant of the
abovementioned Personal Loan Facility and with a view to secure the repayment thereof,· the
respondents extended the equitable mortgage of their above· mentioned lmmovaole property.
17. That as per clause 2 ·Of the "9upplernentary Agreement" the· Per.sonal f.,oan was to have thli!
same specific terms and conditions as that of the Home Loan Agreement. That vide clause 3
of the ~supplementary Agreement" the respondents acknowledged. tne tenor, rate of Interest
and all.costs and charge~ to be paid by the respondents to the claimant under the Home
Loari Agreement. •
' . · · ·
18. That the responden\s"vlde:clau~e 5 agreed that the Home toan agreement an~ the·Pt:~raonal
Loan Agreement sball be' for the sam'e tenor and co-terminus •. That'the respondents vide
clause .6 also agreed that they ~?hall be bound by all other terms and conditions ofthe Home.
LQan agreement and· the ~ame shall be. deemed to be ·lncofl)orated hi. the "SlJpplementary
AgrE;Jement•. · . · ·
19. The Respondents had Inter alia; also.executed a· Demand Promissory Note dated 23-Feb-08,
for a sum· of. Rs .. 2,00,00;000/- with interest •ther~on @ 11.5%, per annum, or at the· rate
which ·may from time to time be assigned by the Claimant, to secure the repayment of the
Home. Loan Facility. That as. per the "said agrl:lement", ·the ~esponc:lents were liable to pay
180 .monthly Installments of Rs .. 2336381·, to. the .Claimant as detai.led in the schedule to the
"said agreement". Further, as per the agreed terms and conditions the claimant had the rigHt
to reschedule the repayment terms of the agreement. . .
. '
~·
•,
That the R~spondents failed to maintain the financial discipline unde;, t~e "said agre~ment"
and have defaulted ln. the p~yment·of m~mthiY Installments under the ~a1d agrf!!ement. That.
as .the: default($) committed· by the respondents amoun~ed to an eyent of defau!~ as
envisaged In the "said agF.eement" and also as per the. Supplementary {'greem~nt • t~e· .
. .claimant vide le.gai nptlce bearing .reference no. )'1~?8~5. dated 27~~pr-12, 1n exerc1se of .tts
·rights 'under the '"said agreement", terminated the .satd agreement and recalled the enttre
loan and·called \lpon the respondents to pay a. sum of Rs. 2,06,00,982.79 (as on 23~Apr-~2)
alongwlth .Interest thereon. H(?wever, the respondents h~ve despite receipt of the notice
failed· to comply with the same
21. That'further; the Respondents failed te clear their outsta~din9 with the Glaimant Co':lpany, · ·
despite ·repeated requests & reminder:' of the. Claimant .'n tht~ regard and hen.ce, dts~ures
. and differences arose between the parties, which the. parttes failed to resolve amtcably.
22. That as detailed above; Article 10 .7 {h) of the "said· agreement" provides that if any
c.ontroversy or . dispute arises between the parties In performan.ce, interpretation or
application of the "said agreement" involving any· matter, shall be submitted to arbitration of
a single arbltr~;~tor to be appointed by the claimant whose decision shall be final under the
provisions of the Indian Arbitration and Conciliation Act, 1996.
23. That on account of the def~uit and ttw breach of the "said agreement" & the "Supplementary
Agreemenr committed by the Respohdents and on account of the Respondents refusal and
failure ·to pay the· outstanding amount (des pit~ the above referred demand notice}, the
following bonafide disputes and. differences have arisen between the Claimant and the
Responclen'ts out of the ''said agreem~nt" &. the "Supplementary Agreement". The disputes
are Within/under th.e provisions/clauses/ terms and conditions mentioned' in the "said
agre~inerit" and are liable to be adjudic~ted by the Ld . .Ai'bltrator.
{i) ) Whether the Respondents have committed breach of tlie "s?lid agreement" by committin~
default In U,le payment of the installments under both the abovementioned agreements being.
the ."said ·agreement" and the. "Supplemental Agreement" are liable to pay· Rs.
2,06,00,982.79, the outstanding amount as on 23-Apr-12 as per the Statement of Accounts
attached herewJth? ·· · · ·
.. {il) Whether the Respondents are jointly and .severally liable to pay overdue interest on the
out~tandlng am.ount of Rs.• 2,06~00,982 ..79, atthe rate of 24% p.a. from 24-Apr-12 till the date
of realization?
(iu · Wh.ethar the Claimant ls entitled to recoyer its outstanding from the sale of the mortgaged
pr ·perty?
{iv'> Whether the claimant is entitled to the costs of the proceedings and if yes then the
ql. ..ntvmof such costs?
24. Tl ~t the Clalma.nt had vida Its letter appointed: Shri RAJ IV SHUKLA, Advocate, ;;~s the Sole
A Jitrator and reqvested. him to enter upon the reference and adjudicate. the diuputes and
d ierences having ·arisen between the Respondents and the Claimant ·under the "said
< reement". A. copy· of the above lette~ was also sent to the Respondents. That the Ld.
1 bitrat.or had vide his letter,.accepted the appointment· and entereq upon the·reference.
.. . . .
25. • •at·as on 2~-A~r-12, a sum of Rs. 2.06.00.9S2.79 was due & payable by the Respondents
· the Claimant company, as per· the Statement Of Account. of the Respondents, maintained
I 'I the Claimant 9ompany in the reQular ·course of Its· buslnes$. A copy of the statement of
~c~o.unts of .the "said agn~eme~nt" &. th.e "Supplemental)i Agreement", maintained b:/the
cla1man~ In the ordinary and normal,c;ourse of .bu~iness alorigwith theirrespective Pre-mature
terminatiofl she~ts are·annexed herewith & marked. as Annexuti)·A (Colly) & Annexure-B
(Coli~), l'espectiV.ely•. ·Th.at thE! respondents jilre al~o jointly and severally liable to pay
pendhte and future lnt.erest on the same @ 24% per annum w.e.f .. · 24-Apr-12. That the
respQnQents .have been charged Interest at the c;ontr11ctual ~nd agreed rate and the
re~pondents are contractually ~nq legally liable to pay th~· lnterest.charged., the interest is
also payable aJ.per trac,ie practjce, customs and usage. Th~t the Respondents are jointly and
severally liable to pay theamouots·due and pending to the Claimant and are also liable to
comply Wilh1!'111 th~. terms. and ~pn~~lons of the "said agre.Sment" ~ · ·
of the Claimant and against the R~spondents when

. .
Agreem.ent",
' . t.he Home Loan and the
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;. Personal Loan were given/extended to the Respondents by the Cl'aimant and the necessary
documents were executed by the Respondents and when. the. property was mortgaged with
the .claimant. The cause of action again arOse on all the dates/occasions when the
tnstallmerits un.der the "said agreement" & the "Supplementary Agreement", became due and
payable, but the Respondents failed to pay the same, The 9ause .of action again arose em all
the dates/occasions · when the Claimant Company demanded .the sums due from the
Respondents, but the Respondents failed to make the payment. The cause· of action again
arose when the Respondents failed to pay tt'leir outstanding and clear their a({count, despite
repeated requests and reminders. The cause of action again arose when the claimant
terminated the "said agreement" & the "Supplementary Agreement" vide its abovementioned
legal riotlce and recalled the loan and' demanded the outs~nding from-the respondents, who
failed to comply with the same. The cause of action is a contln\.ling one and continues. to
subsist and no part of the claim is beyond .the period of limitation.
27. That the entire cause of action has arisen at Delhi. The entire transaction. was entered Into. at
Delhi and the Loan was also disbursed from Delhi. The. •said agre~r:!ient", ·svpplementary
.Agreement"· & other connected documents, were executed. at Delhi. Tfie pa~ tll'lldlr the
"said agreement" was. to be made l;>y the Responqents to .the Claimant at Ollili & p!Wt
payments have been received at Oelhi. The respondents voluntarily reslde·afld WOI'k.lartalfl
at Delhi and also the "mortgaged property" is situated at Delhi. Further this Hori't*t 'ffllliWal·
.has undisputed territorial' jurl~dlction to adjudicate the present matter as per the term~ and
conditions ofthe "said agreement" ·
PRAYER
ln·the.facts and circumstances ofthis case, It is most humbly and respectfully.prayed that the
Ld. Arbitrator may be graciously pleased to:- ..
(a) Awa~d a sum of Rs. 2,06,00,982.79 In·· favour of the Claimant and ~Q.alnst ti'\E.?
Respondents jointly and severally, tog~ther with Interest on the aforesaid amollnt@ 24%
p.a. from 24-Apr-12 till the date of realization;
(b). Direct that the awarded si..tm be realized from the sale of the mortgaged property and If
any sum. still ·remains to b~ realized·, even aft~r the sale of the "mortgaged property", thl'!
same be realized from the respondents personally. ·
(c). Award the cost of the.se pro«eedlngs, In favour of the Claimant ancl against the
Respondents ; &
(d) Pass such other and. further order(s}/dlrection(s} which may. be deem fit. and proper In
.
favour of the Claimant and again~t the Resp~mdents. ·
ANO FOR THIS ACT OF KINDNESS, tHE CLAIMANT AS DUTY BOUND &HAl..L ·EVER
PRAY..
CLAIMANT
,• THROUGH
ATTORNEY
THOURGH
ADVOCATES FOR THE CLAIMANT

PLACE: Nt:'N.QEl..Hl.·
5 TH-8162
ltEBIFIC~QN :), Mandeep Singh Chandoak, Attorney of. the Claimant company, do hereby
ve.~f}"th¥te contents of paras 1 to 25 qf the above claim petition are true to my knowledge
as derived from the .records. and .books of accounts, m'!intained by the Claimant company in
the regular course·of its- business and that lhe contents of ·paras 26 & 27 of the above claim
petition, are based on. legal adv!se received .and believed to be true. The~ last para is in the
form of a. prayer. Verified at Delhi on th.is day of June,.2012. ·
. .
QLAIMANT
THROI,JGH
ATIORNEY
' • '• 6
TH-8162
' 1-:-~~r 1Premature Termination Report Currenty : INR "'
SSINGH36t' 23·APR·20ll U:S6 AM
) Premature Termination Rt!port
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C.i:tiFinancial Consum~r. Finance Inciia Ltd.
STAT.CMD Aa On 23/04/2012
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DELHI·ll.Q025 1 Ph~4651Sll7, 981006'3.990 Mob· 9891163104
A-14,GROtlND FLOOR;NEW .FRIENDS COI,.ONY,I:)ELHI~110025
A 14,BASMENT FLOOR,NEW FRIENDS COLONY,OSLHI-110025
.,. ;: LCE TAJ CO~SUL1.'11NCY
A-l4,BASEMENT,NEW 'FRIENDS COLON"i,DELHI·ll0025,Ph·465l537l
A-l4,G~OOND FLOOR,NE~ ~IENDS COLONY
DELHI ·110025; Ph-46515-317 Mob~981006l990
A-14,GROOND FLOOR NEW FRl~NPS COLONY
DELHI~l10025 1 Ph·~6515317,98l006l990 Mob-9891163104
'ii·"~ : REFERENC!l: NI\ME : MOHI\N W..L MOM '

,:;iJRESS DETAILS 1 R'E)FERSNCS .
'
- ' '
N-------------------·------------·--·---~---------------~------~----.·---·~-------
ADDRESS F
--·----~-·--------~~--------------------------·~---------------------~---------~-~--
~:URRES 3 SA, NI'l', FAAitlMA.D Mo.b· 9899246499
'''lr"" : Ri';FERJi;NC~ NAM$ : MANEESH MEH~

i•.DDRESS OJ;:TAII,.S REFERENCE
'I PE AD PRESS F
~-~ ·--------~---------~-------~-----~--~--------.-
'•· ·••ov·~iii:iUiiiMf¥
.. ,,~ ;c:;s DE;TAILS :
.
~----~-----------------------------------------------------------------------------
'
ADOR~SS F
- iiWES A-l4,l4,(;;R0tJ:ND Ft.OOR,NEW FRIENDS

; '(pe : C:O- Ai'P,t.IC.AAJT NJ\,ME : ·Ktm.AI,. AAO.RA
COJ;..ON"i,PELH!,Ph~4&515317 M
i\!lDRESS Dli:TAILS : ·CO•APPLICI\NT
•••••••-··~-·--·•••w••••••••••~•••'••••••-••-•••••~---•--••••••'•----··-··-·-•--------
M
'l''Hlch :N~W DEX,.HI Disb~rsal Dt:23·FEB~2008 Queue.

umc : llOI'>IE LOA,NS Fre~ency :Monthly · B~cket :5
''n)duct: HOME I,.OJ\,NS Tenure :260 .Agency .
·<;t, :OS40253l Inst Over<;'ll,!e:S Supervisor:
·<'ivt-:ml it: 0 Instl Molle :Arr C9llectC)r ,·
··")l.mt Financed: 5,211,095.54 Total Payment Overdue: 299,9'97.00

!H;t 1 Amount 58,650.00 Prin Outstandinl1 :4,885,,601.03
~xceos Payments: o.oo Early l?ay Off :5,35.1 1 754.66
::;;tl Paid tl 45 Adv. Emi (not billed); · .o.oo
!>:;L.l Amount Pd: 2,405;750.27 Total collecta:l:>le' :5,351_,7.54.66
":;r;,t.llm~nts 15 ~F-60~46,1 OF 45923.27,12 OF 37632,2~3 QF 58650
' •• ... .• ...

H !ilJUII'••':::.. I· I
'ln I l nquency Str:. APR M,AY Ji.lN .;nJL ·AUG SEP OCT NOV DEC JM FEB MAR "'
0 0 0 0 1 1 ;! . 3 . 2 2 3 4 ••
. .
~··--·--------~-----~---------------------~-----~-.---------~------------------·------
REGDNO MAKE 'COLOUR ENGINENUM ~RASISNTJM DEALER
'ni4T~ l.OANS Not Available HOME LOA Not Av Not Availabl Not Availabl PAIP TO CUSTOM.
'~!·:l'I\YMENT HISTORY
'1UE DATE EMI .!\MOUNT PAID !;lATE RECDAMT C'HEC'KNO BNC REASON,FOR BOtJNCij PDC
~ .. - - --·------~~- -~------------------·--~~---------------~--------------~----~-
:;-I-\PR-2012 58,650.00 o.oo
~ 'i ~MAR- 2 0 1.2 58,65.0.00 o:oo
.·: ·· I•'EB· 2012 58,650.00 o.oo
.J/\N- 2012 58,650.00 31-JJ\,N-2012 58,647.00 788264 l 1 N
'i!i .. DEC- 2 011 58,65().00 0.00 3 3
::;, - N'()V · 2 0 11 58,650.00 03·FEB·2012 3.00 KO 2 3 N
31-DEG-2011 3.00 787756 N
OCT-2011 58,650.00 3 i ·tlEC· 2011 58,647.00 787756 N
19-tlEC-2011 3.00 1233,636 w
~ :J ~H!:P- 2.Dll 58,650.00 30~NIJV:·20l.l 30,000.00 767180 N
07-SEP-2011 26,023.00 KO N
19·DEC·2011 627.00 1233636 N
:1:; .. AUG- 2011 58,650.00 07-SEP-2011 58,650.00 KO N
'J:>-JUL-2011 58,650.00 21-JQL-2611 58,650.00 KO N
n:, JUN-2011 sa, 650 .·oo 21-JUN-2011 58,650.00 KO N
:_: !i- MAY· 2011 58,650.00 07-MAY-2011 58,650.00 E192861 '{
:;',-J\PR-2011 58;650.00 21-~P,R-2011 5s,65o.oo KO N
~; :l M/l,R-2011 58,650.00 21-M.AR-2011 58,650.00 KO N
r• ') FEB-2011 5~,65o.oo·· 21-FEB-2011 58,650.00 KO N
::.,·.IAN- 2011 58,650.0.0 21-JAN-2011 58,650.00' KO N
~: ;, • !) 8C • 2 0 1 0 58,650,00 21-DEC-2010 58,650.00 KO' N
u:; NOV-2010 58,650.00 20-NOV-2010 58,650.00 KO N
c:,··OCT-:aOlO 5s,·6so.oo 21-0CT-2010 58,650.oo· KO N
'lz'>·SEP·2010 58,650.00 21-SEP-2010 58,650.00 KO N
O!i·Al)G-2010 58,6"50.00 2l·AUG·20l0 58,.650.00 KO N
o:;-JuL-2010 58,650.00 21-JTJL-2010 58,650.00 KO N
o:;.JuN-2010 :37,6,32.00 ll•.:)'UN·'t 0.10 37,632.06 534091 y
.• ,, .. t4AY • 2 010 37,632.00 12-M.l\Y-2010 37,632.00 53'4090 y
u:,·APR-2010 37,632.00 30-APR-2010 37,632.00 KO N
~) :~ MAR-2010 37,632.00 31-!ol,M.-2010 37,632.00 KO N
:1 .. FE:B-2Ql0 37,632.00 26·FEB·2010 37,632.00 40073 N
dAN-2010 37' 63'2. 00 29-JAN-2010' 37' 632.00 3988206 N
:;·) D!!:C·2009 37,632.00 29·DEC·:i009 37,632;00 3985991 N
rJOV- 2009 37,632.00 30-NOV-2009 37,632.00 3985977 N
:: ~ ,\ OCT-2009 37,632.00 30-0CT-2009 37,632.00 <194725 N
w; .. sEP-2009 37,632.00 30-SEP-2009 37,632.00 ·398131.9 N
.'\\)(). :1009 37,632.00 Z9-AI)G·2009 37,832.00 21647 1 1 N
::', · ,JUL- 2 009 37,632.00 06-JI)L-2009 37,632.00 KO N
.! G-- ,JUN- 20 09 45,.923.27 30-\)'I,]N-2009 45,923.27 KO N
n~; .. JUN-2009 60,746.00 30-Ji.JN-2009 60,746.00 KO N
O~i ·MAY- 2009 60,746.00 30-JUN-2009 60,746.00 KO N
'h ·1\PR-2009 60,746.00 ll·APR-2009 60,746.00 207931 '{
'l:l - M.I'>R · 2 0 0 9 60,746.00 0.9-M.AR-2009 60,746.00 207930 y

;;:,. 1"813-2009 60,746.00 09-FEB-200.9 60,746.00 207~29 'i
(h ·J/~N-2009 60,746.00 lO·JM-2009 60,746.00 207.928 '{
:.~ !.) [)!i:C'- 2008 60,746.00 10-0tC-2008 60,746.00 207927 y
G:i- NOV• 2008 60,746.00 10JNOV·2008 60,746.\)0 207925 '{
·.;·.,-OCT· 2008 60,746.00 11-0<!'1'·2008 60,746.00 207923 '{
\,;, .. s~;:P-2008 60,746.00 10-.S.E)?-2008 60 ,7~6 .,oo .2.0,7-.9.17·- ·. ·.•· ,.,

.Y
- n ;; -Ji."uG- 2 o 08 60,7·46. 00 11-AUG-2008 6'0;746;00 2079l5 Y·
.•
" 0 ,,_ -:008 ~0~746.00 10-JUL-2008 60,746.00 207932
. i!JN \ooa 60,746. oo 1o-JUN.:2ooa· 601746.00 207926
111\'{- ''008 60I746.oo· 10·MAY~2oo'8 60,746.00•207924
\-i:·PR· :!i;j;S 60 1746.00 10o•APR·2008 60.746.00 217~72
C,HJNCE INFORMATJ;ON
'H':CKNO CHECK DATE CHECK AMOUNT REASON BANK NAME ST RET.:OT l?DC
J'J 05·Al?R·12
I 05 5~,650.00 3 PUNJAB NATIONAL Bl\,NK B 23-APR-12 N
''J'.il 0 5OS·Al?l\·12 58,650.00 131 PUNJAB NATIONAL BANK B 10·APR•12 y:
': '1952 OS·MAR·12 58,650.00 3 PUNJAB.NATIONAL BANK B o7-MAR-i2 y
'i :>.a sa 05-FEB-12 58,650.00·3 PUNJAB NATIONAL BANK B 08·FEB·12 y
:093 05·DEC·11 58,· 650. 00 1 Punjab National J?ank B 03-FEB-12 N
,;o:n 05-JAN-12 58,650.00 1 ,Punjab National Bank B 03-FEB-12 N
:.5121 05-JAN-12 58,650.00 3 PQNJAa NATIONAL BANK B 07 -Jl\,N ·12 '.{
: ,, .l350 05-,DEC-11 58,650.'00 3 PUNJAB NATIONAL l;!ANK B 09-DEC-11 .J[
11645 05·NOV·11 58,650-.0.0 ·3 PUNJAB NATIONAL BANK B 09-NOV-11 '.{
1&9013 05-0CT-11 58,650.0.0 3 PONJAB NATIONAL BANK B 10-0CT·ll y
. : 12613 05-SJ;:P·J.l 58,650.00 3 PUNJAB NATIONAL BANK B 07-SEP-11 '.{
·': :1 :~ 4 a o 05-A'Q'0-11 58,650.00 3 PUNJAB NATIONAL BANK B 10-At)'G.·11 y
.: ! :; 5108 05-.,7UL·ll 58,650.00 3 PUNJAB NATIONAL BANK B 07·JOL·ll y
J·;~ 74] 05-JUN-11 58,650.00 3 PUNJA)3 NATIONAL BANK B 14 ·J\,.'N-11 '.{
;J :ill 7 4 1 05-JUN-11 58,~50.00' 1 PUNJAB.NATIONAL BANK B 08-Ji)N-11 '.{
.. 1927 OS·APR·1l 58,650.00 3 PUNJAB NATIONAL BANK B 07-APR-11 y
) '1660 05·MAR·ll , 581650.00 3 PUNJAB. NATIONAL .BANK B 09-M,AA-11 y
:./1U655 05 • FJ:;B-ll 58;650.00 3 PUNJ~ NATI9NAL BANK B 08·FEB·l1 y
; :<0123 8 05-JAN-11. 581650.00 3 PUNJAB ·NATIONAL BANK B 07-JA,N·ll y
_ , r::..~775 05-DEC-10 '58·,650.00 3 PUNJ]\B · N.ATIONA,J'., BANK B 09·0EC·10 y
·L<57392 05·NOV·l0 58;650.00 3 PUNJAB NATIONAL BANK B 10-NOV-10 '.{
d3138 05·0CT·10 58,650.00 3 PUNJAB NATIONAL .~K B '07-0.CT-10 y
·l•14 98 05-.SEP-lO 58,650.00 3 PUNJAB NATIONAL ~ANK B 08-SEP~10 '.{
.·.>61524 05-AOG-10 sa I 656,. oo 3 .PONJAB NATIONA,t. ~K B 1·4-AOG-10 y
-:•, 5152 4 05·AOG·10 58,650.00 1 PUNJAB NATI.ONA,J'., Bl\,NK B 07·.AUG•10 y
.! 17849 05-JOL-10 sa~65o.oo 129 PUNJAB NATIONAL BANK B 13-JQI,.-10 y
. i '/'I 8 4 9 05-J!JL-10 sa;65o.oo 1 PUNJAB NATIONAL BANK .B · 07-JOL-10 'y'
J ~ •i () 8 9 05-APR~10' 37,632.00 3 PUNJAB NATIONAL BANK B 20-APR-10 y
: l•l1JB9 05-APR-10 37,632.00 1 PUNJAB NATIONAL BANK B 10-APR-10 y
"': 088 05-MAR•10 37,632.00 3 PONJAB NATIONAL BANK B 16-M.AA-10 y
>.1~088 05-M.AA-10 37,632.00 1 PUNjli,B .NATIONAL BANK B 10·MAR·10 ¥
,ol•l UB 7 05·FEB·10 37,632.00 3 PUNJAB NATIONAL Bl\,NK B 17-FEB-10' '.{
;., 'l!l7 05·F~B-10 37,632.00 1 PONJAB NATIONAJ,. J:IA,NK \:l ll·FEB·10 '.{
\.1 CB6 05-JA,N·lO 371632.00 3 Pt.J'NJAB NATIONAL BANK B 16-JA,N-10 y
) l•l 086 05-JAN-lO 37,632.00 1 PUNJAB 'NA:I'ION.iU. BANK B . 09-JAN-10' y
,, ! "08 5 05:-DJ::C-09 37,632.00 3 PUNJAB NATIONAL 'BANK B 18-l;>EC-09 y
, .~ ·1 O!i ;; 05-0li:C-09 37,632.00 1 PUNJAB NATIONAL BANK a .10-tlSC-09 y
:; ~·:: 0 ~)·1 05-NOV-09 37,632.00 3 PUNJAB NATIONAL.BANK B 19-NOV-09 y
•·•OiH O~·NOV·09 37,632.00 1 PUNJAB NATIONAL' BANK B 10-NOV-09 y
''! 1083 05-0CT-09 37,632.00 3 PUNJAB NATIONAL BANK B 20-0CT-09 '{
' '·1 08 :l 05-0CT-09 37,632.00 1 PUNJAB:NATIONA,J'., ~ANk p· 10-0CT-09 y
; i 082 05·SEP•.09 37,632.00 3 PUNJJ\Jil NATIONAL .BANK .B 18-SEP-09 y
.•.. : 082 05-SEP-09 37,.632.00 1 ~UNJAB· NATIONAL BANK B ll·SEP-.09 '{
, '1193 8 05-AOG-09 2:p,638.00 3 PUN~~ NATIONAL. BANK B 22-AOG-09 y
>HOBl OS·AUG•0.9 37,, 632 .. oo 1 PUNJ]\B NATIONAL. BANK B 28·AQG·09 N
'7936 05-Jt.J'N-09 233,638.00:3 PUNJAB NATIONAL B~K B l"'·JON-09 y
193 6 05-JlJN•OS 2331 638 •.00 1 PUNJAB NAT~ONAL ~K B 0.9-JON-09 'i
.. : 193 4 05-MA¥~09 2331638.00 3 ,, PUNJAB NATIONAL BANK B 16-MA¥·09 y
CL.,AR INFORMATION
; ::K/;,~~~- ~~~;~ -:~; .. ;~~~k·;;;~~;. ;~~' ~;;;~--- ·;~;;;-~; ·;;.~b;~;;;;;;~-- ;~;;·;~-;~~ ·;;;. ;~M,
-----·--~~----------~--------~----~--~----~----·--~---·~~-----·-~----·----~---··---
di;1€;4 31-JAN-12· !58,650.00 ABC 31-JAN-12 3.00 31-JAN-12 EX.A N 90112
.•
·-·~--
/ll.f'./56
':: J 3 6 J,:i
3l·DEC·ll
!.
5S,6SO.OO'ABC
630.00 CASH
31-DEC-11
.19-tlEC-11
58,647 .00. 05-JA.N-12 EMI N
3.00 oi-NOV-11 EMI N
58,647.00 05-0CT·ll EMI N
627.00 05-SEP-'ll EMI N APEX
@
E~I '
3.00 0!:\·0CT~ll EMI N APEX

Ill"/ 180 30-NOV·ll 30,000.00 ABC 30-NOV-11 30,000.00 05-SEl?-11 EMI.N 90112.
!::192861 05-MA\--u' 59,.6'50.00 PUNJAB NATI 07-M.AY-11 sa·, 650; oo 05-MAY-11 EMI Y. INSTA
·.,:;.; 091 os-Juf..!-10 37,632.00 PUNJJ>.B N~TI 11-JUN-10 37163.2,00 05-JUN-10 .EMI Y. I.NSTA.
l ~ •MA !'·10
1
:: • :i ·~ 500,000.00 HSBC 22;..MAY-10 500,000.00 15-MAY-~0 EXA N FCI., S
; ~ •tjJ :JU o:;-MJit-lo 37,632.00 PUNJJ>.B NATI 12·MAY·10 37,632.00 05·MAY·10 EMI Y INSTA
.:06121 12·A~~·10 500,000.00 HSEC 131'\NK 27-APR-10 500,000.00 20-APR-10 EXA N FCL
';::;] 2 2 12 •AF'~-10 soo.ooo.oo HSBC Bl'INK 27-APR-10 500,000.00 20-APR-io EXA N FCL
.,,.,Hill9 1-2-A~k-1a 500,000.00.HSBC BA,NK 22-APR-1.0 500,000.00. 15-APR-10 ExA N FCL·C
'•.\7./.669 50,000.00 CASH 31-MAA-10 50,000.00 31.-MAR·lO EXA N CLMS
.; -~073 24-FF.:S-10 37,632.00 PUNJA,e ·NATI 27-FiB-10 37,63-2.00 05-FEB-10 EMI N CLMS
;<JB8206 37',632.00 CASH 2.9-JA,N-10 37,632.00 05-J:A,N-10 EMI N MGS e
: '1<!5991 37,632.00 CASH :2.9-DEC-0.9 37, 6i2 .. oo 05-DEC-0.9 EMI N emi
':11!5977 37,632.00 CASH 30·NOV·0.9 37,632.00 05-NOV-0.9 EMI.N ·emi
l 9~ 7 2 5 28-0C'r-09 37,632.00 HSBC BA.NK 30-0CT-09 37,632.00 os-ocT..:o9 El>tl N pdc
1
''1Bl319 37;632.00 CASH 30·SEP·0.9 • 37,632.00 05-SEP-0.9 J::MI N emi
:'.! 64 7 27~AUG-0.9 37;632.00 HSBC B}\NK 3l·At;IG-0.9. 37,6,32.00 05-AUG-0.9 EMI N pdc
'\H :108'2 270.00 CASH JO'•JUN-0.9 270.00.30·JQN·09 l$XA·N for be
Jo-J'tiN-o9 37 ,362•. 00 A. P.MJU{ESH 30·.:iW·09 37,362.00 30~JUN~0.9 EXA N forbe
.~()''193l .0 S • AI?R• 0.9 233,638.00 l?t)NJA,'B NATI l1·APR.·09 60,746_.00 05-APR-09 EMI Y INSTA
:!0'1930 05·MAA~0.9 233,638.00 PUNJAB NATI 09-MAR-09 60,"746.00 05-MAR-09 EMI Y INSTA
:'0'7929 OS·F~B-09 233,638.00 Pt)NJJ>.B NATI 09·FEl3·09 60,746.00 OS·FEl3·0·.9 I!:MI 'l INSTA
.'0'1929 OS ·Jl'IN•0.9· 233,638.00 Pt;;JNJA,'B NATI 10-Jl'\N-0.9 6(),746,.00 05-Jl'\N-09 EMI Y INSTA
;: 1)'7 92 7 05-PEC-08 233,638.00 I?UNJ:t\B NATI. 10-DEC-08 60,746.00 05-0EC-08 I!:MI Y INSTA
'.'() 1925 05-NOV-08 233,638.00 P>yNJ~ NATI 10-NOV-08 60,746.00 05·NOV·08 EMI Y INSTA
''()7923 05-0CT-.08 233,638.00 PUl~lJA,'B NATI 1l·OC.T·08 60,746.00 05-0CT·OS J;i:MI Y INSTA
;> G'/91 7 05-SEP·OS 233,638.00 P'UNJA.B NATI 'lo·SEP·OS · 60,746.00 05-SEP-08 EMI Y INSTA
:u:793S 05-At]G-08 233,638.00 l?t)N'JA,'B NATI ll·AVG-de 60 ;·746. 00 05-A\JG·OS EMI y INSTA
:.(;'193 2 05-JUL-08 233,638.00 PUNJJ>.B NAT~ 10·J'OL·08 60,746.00 os -.:rt..Tt.- oa EMI Y. INSTA
:>07929 05-JUN-08 233,636~00 l?UNJA,I! NATI 10-JUN-08 60,746.00 05-JUN-08 EMI Y. INSTA
:>07924 05-MAY-08· 233,638.00 PONJAB NATI iO-MAY·OS 60' 746 .. 00 05-M.A'/·08 EMI .y INSTA
::: 7572 05·APR~08 233,638.00 P!,JNJA.B NATI 10-APR-Q-S 60,746.00 05·Al?R·08 EMI Y INSTA
.; ... tnmy 11-MAR-08 • 23,980.00 abc. 11-MAA~OB 23,980.00 11-MAR-08 EXA N Inter
···1\'n,y Pl\Y OFF OETAit.S

--------·---------·-------------------------·----------------~--·-~----~------
PRINCIPAL INTEREST PENAL BCC PREPAYPEN TOTAf,.
><.ud: 325,494.51 2,080,255.76 o.oo 0.00 0.00 5,517,265.~7.
2.95,701.13 0.00 6,750.00 163,702.5 5,351,754.66
(:US TOMER'S OTHER LOJ!INS
lld N9. 1.918·29' Status :C Asset :W AC

Di.ob/App Dt::24•'APR.·2000 Closure dt:24-JAN-2001 Tenure :12
1\n!l·et C9st : 32, 000.0,0 EMI . 2,667.oo Amt Fin: 32,ooo·.oo
Prln. Out. :. 5,334.00 Prin. Due :· 5,334.00 Bucket :0
!':;t:a l Del · : 0. 00 Prin. Del.: o.oo Bounces:O
··.t.t!/Ofl:
- :<:1 :1tring:
L .
"••:' No 697660 Status :C Asset :LC: AC
>·nb/App Dt:23-MAA-2002 Closure dt.:lS-FES-2003 Tenure :12
!·IHUet Cost 97,450 •..0,$ EMI 8 1 121.00. Amt Fin• .97,450.00
''rin. Out. 8,121.00 "'Prin. Pue·: 8,121.00 B\l.Cket :0
l'otal Del. 0.00 Prin. Oel.: 0.00 aou.nces:O
!<c~ason:
, ..st nng: OOOQOOOOOPO
)
'i I No 979UO Status :C Asset :LG AC

.:rdl'·:p pt::.o4-ii\.lt.. -2092 Closure dt:27·Jl\N·2004 Tenure :12
·., :·.J ~ 20,500.00 EMI 1,709.00 Amj:. Fin: 20,50\).00
. , 0\i t . '' o.oo P.rin. Due : o.oo Bucket :"o
' ' ~: r) 1 Del. 0.00 Prin. oe:1., 0.00 Bounces:O
String: QOOOOQOOOOOOOOOOOO
No. 2376336 Status :C Asset :LG AC

Dt: 29-MAA-2003
!;/11pp Closure dt:lS-DEC-2003 Tenure :12
.::~et cost SB,SOO .• OO EMI 4,875.00 Amt F.in: ss,soo.oo
·:in. Out. 14,62&.00 Prin; Due : 14,625.00 aucket :o
•.Dl Del. 0.00 Pri.n. .Del. : o.oo Bo1.mces:O
:el. Stiing: 000000000
·•:I No. :l45llll0 Status :A· Asset :HOME LOANS

~ :J!:>/App Dt:23-FEB-2008 Closure d.t: Tenure :260
:set Co•t 36,977,000.00 ·EMI 166' 9.27. 00 Amt· Fin': l4,e:n,s79.55
~n out. 13,922,325.09 Prin. :Oue : 1;3,739·,297.37 Sucket :5
·,:.dJ Del 869,915.00 Prin. Del.: 83,027.71 Bounces:4B
6tring: OOOOOOIOI000000001IDOOOOOOOOOOOOOOOOQ000000001~322234
NQ. :14136265 Status :R Ass~t :PERSONAL LO~

:r:/App Dt:28-NQV-2007 Closure 'tit: Tenure :12
' . : ·.~ r Cost 50,000.00 EM! 0.00 Amt Fin: 50,000.00
Ouc. : o.oo Prin. Oue ; 0.00 Bucket :.
al Del. : o.oo ·prin. D.el.: o.oo Bounces:
1ndn: 214
String:
No. : 1~838014 Status :P ~set :HOME toANs:

:!:b/App Dt:09·MAA·2009 .Closure d.t: Tenure :leo·
··.:H:et Cost: 50,0.00,000.00 EMI 0.00 Amt Pin: 30,000,000.00
:.:•. Out.: 0.00 Prin. Due : o.oo Bucket :
·H.al Del. : ·0.00' Prin. Del.: · 0 .. 00 · Bouri,ces:
.,,,~;on: 214
;;1 I.. String:
' No. :l5e37956 Status :P Ass.et :HOME I;O~S

: o:b/App Ot: 09·1-\AR·'20Q9 Closure dt: 'l'en\lre :·lSO
.:·.::ct. Cm>"t SO,OOO,OQll.OO EMI. 0.00 lunt Firi: 30,000,000.QO
:~ Out. : 0.00 Prin. Due : 0.00 Bucket· i
:.:.<~!Del .. , o.oo Prin. Del.: o.oo· l;lounces:
·.:;un: 214
St:r.ing:
• NO1
:15597365 Status .. :P ASset :HOME LOANS
:uo/App Ot:24-S8P~2ooa Closure dt: Tenure :lao
Co~t 40,000,00Q.OO EMI o,oo Amt Fin: 27,000,000.00
· ·n out. : o.oo· Prin. 01,1e : o.oo Buc;ket :
.. u!.l Del. : 0 . 00 Prin. Del.: o.oo :So\lnces:
;;on·. 214
String:
' N9. :15597454 . St~tus :P Asset :HOME LOANS

. :.:;o/App Ot:.:24-:-SEP·200S Cloa\l,:l;'e e;t: Tenure :180
·:n~· Cnnt 40,000,000.00 SMI 0.00 Amt: Fin: 27,ooo,ooo.oo
·~~ 0.00 Prin. o~,~e : o.oo Bucket :
~• uel o~oo· Prin. Del.: o.oo Bo\.lncea:
--------
.• ,•
"· .
..
, .. \
!>lring: •'
:1 of Stat Card(s) Printed : 1

. .
·M··----.------------··-----~------~-·~--M-·--------------~---------·-------·----------
•1ll !\mount: values are in : Rupf!!es . .
1\ll the CHECKNO ~nd .CHK/i<.EC# numbers in the report are reflected as last 7 digits
<>f the original number.
~:!1/\RGE SHORTCODE DESCRIPTION
CHARGEDESC
.. : :'\ EXCESS J>..MOUNT

EMI
-
,·'·''"/Premature Termination Report Currency : 11\\R S~INGH36
. -~ Premature Termination Report
l.ot:ln Account Agreement customer NARENOER KUMAR ARORA

14511110 Date 15-JAN-2008 Name·
N,o.
- Amount
Financed
Rate
14,831,578.55 Frequency·
13 Tenure
MONTHLY
260
InttYpe
Status
. Interest Tll.l
IY'I Eff ' 1
AUTHORISED
flat· ;--- 1PTPM
Penalty 3 Closure Date 23-APR-2012 23-APR-2012

Date I
'Ol.)ES. I REFUNDS
.,
REDUCING PRINCIPAL CALCULATION
Bal. Principal 13,822,l25.08 Excess Amount 0.00
Residual Value ' o.oo Excess .Refunds 0.00
Installments .834,635.00 Advlces : 0.00
Delinquent PrinCipal· 83,027.71 Rebate o.oo
Delinquent Interest 751,607.29 Adv.lnstalments: · 'o.oo
Ad vices ' 35,750.00 Excess Principal ·o.oo
Prepayment Pen. 465,922;93 SO Amount ',
0.00
(:~,~r Month Interest' 89,845.12 51;) Interest o.oo
f'loating.Interest ·o.oo
Excess lnt Received o.oo
overdues o.oo Excess:Int Income 0.00
Current Overdue o·.oo Excess Int Refund o.oo
,. '•
Curo'verduewatveoff. 0.00
Total Dues 15,246,478.13 Tot;il Refunds o.oo
INT-Acc:ruals 244,174.76 Net Rec:elvabl.e 15,248,478.13
Curr Month Prln 10,311.08 Waiveoff AmQunt . Q.OO
INT Already Accrued 6,517,567;63
..
·-1
... .•
Jt,
CitiFinanc~al Consumer Fi~ance India Ltd.
STAT CARD As On 23/04/2012
!U•:F, NO: 14511110 C\J'ST. NAME: NAA!i:NDER KUMAR MOM
"'· ..
NPASTAGE:PDO-NA DPD:136
.dfl
"V
(:l'\N!;: • ) REF STATUS: A
ADDRESS F
/
::'dRRES A-14,GROUND FWOOR'NEW FRIENDS COLONY . M
PELHI-110025 ,•Ph-46515317, 9610061990 Mob- 9691163104
:;; A-1.4,GROtnm FLOQR,NEW FRIENDS CQLONY,DELHI-110025
::'I A l4,BASMENT FLOOR,NEW FRIENDS COLONY,DELHI-110025
· FICE TAJ CONSULTI\NCY
A-l4,BASEMENT,NEW FRIENDS.COLO~Y,DELHI-110025,Ph-4G5l5371
A-14,GRQUND FLOOR,NEW FRIENDS COLONY
DEl,.I-II-110025., Ph·465153l7 Mob-9810061990
A·14,G~OUNO FLOOR NEW FRIENDS.COLONY
DEt..H:t•l.l9025,Ph-46S15317,981006l990 Mob-9891163104
-----•••••••w•~------~-----------------T-----~-------------·-••-••••••-•••••••-·-~
'!'yp(e : REFERE!11CE NAME : MOHAJ:il l.JW AROR;\
1\I?ORESS DETAI.LS RE·FERENCE
-------~-~----------~~----·------------------------------h-----------------~~·--
ADDRESS F
-
C\JRRES 3!?A, N:ET, FARID.I\BAD·, FAAIDABAD Moh~ 9699246499 M
,Type:: :REFJ;:RENCJ;: NAME : .11.ANEESH · MEHR.A

1\!)l)IU;Ss OETAI~S REFERENCE
'!'YPE ADORJ;:SS F
- ::;;rmr:;s A-7,NENT APl?TS,32,I P EXTN,OEI.,HI,Ph-46515317
·:'/PI:! : CO-APl?I..ICANT
1\lmRESS Ot;:TAILS :
NAME : BANI ARORA
CO-APPLICANT
M
•·•••••p~---·-~~~----~~-·----·----~-----------~-------•-•••-•••••••••~-~-~--~---------
• .
ADDRESS .F
CllRRES A·14,GRO\J'ND FLOOR,NEW FRIENDS COLONY,.DELHI,Ph-46515317 M
Type :CO·API?l,.ICA,NT NAME : KUNAL ARORA

ldlflRESS DETAII,.S : CQ·APPLICMT
·-·----------------~----------~--------------~-~----.-------·------------~----------
TYPE ADORESS F
CUR:RES A
----------------~--------~---------------------~--------------------~--~
:14, GRO\J'ND, FLOOR, NEW FREND.S COLONY, DELHI, P.ELHI, Ph-46515317
- M
:;nmch :NEW DE!;-HI Disbursal Ot:23-FEB·2008 Queue

~;::heme :HOME LOANS Fre~ency :Monthly Bu<:;ket :5
"roduct:HOME I,.OANS Ten1,1re : 260· Agency
I!SI\ : DS4 02531 Inst 9verdue:5 supervisor:
1\dvenu.!l: 0 Instl Mode :Arr C<:>lll'!ctor T
1\mount Financed: 14,831,578.5 Total Payment Overdue: 869,685.09

:rwtl Amount 166,927.00 ·Prin Outstanding :13,905,352.7
•.::~ceos Payments:
t
o.oo Early Pay Off . :15,248,478.1
n:H:l Paid II :. ' 45 Adv. Emi (not bflledl : Q. 00
1 rwtl Arno\.l.f,lt l?d: 6,847..,115.74 Total coilecta,b.le :15,248,4 7S . l
. :H;t.allm~nts 15 OF 172892,1 OF 130704.74,1~ OF l07106,i33 OF 166~27
. ,__._. ..
- . •,quency Str:
\
APR MAY JUN .;rbr, AUG SEP Ot;T NoV PEC JAN FEB MAR
0 0 0 01 :J 3 2 2 2 3 4
-- --- ----·,----.~~----·----·-.-------------·---~-------~----·-~--~---·---~-~-------
·.-<::T REGDNO MAKE COt,OUR ENGI.NENUM , CHASIS!'jUM OEAI.,ER
'<·11'~ LOANS 1-IOt Available HOME L~A Not Av Not Availabl Not Aviiilab1 PAID TO CUSTOM
· i·: i'/>, YMENT HISTORY

---- -------~--------~---~---------~--~~------------~------~---------------~-----·
DATJ!; EMI AMOQNT PAI~ OATE RECOAMT CHEC~O ·BNC REASON FOR BOUNCE PDC
. .
---
11pR
------~---------------------·-----~--~-----·--·--~~--~-------~-------------~----
166, 927. oo· o.oo
2012
··W\R-2012 166;927.00 o.oo
,;·~:;a- 2 o12 166,927.00 o. ocr
.., JAN-20;1.2 166,92~.00 '0. 00
" Dt;C-2011 166192/.00, 31_-0EC-2011 166,927.00 787755 N
'-NOV- 2011 166,927.00 0;00 l 1
:> OCT- 2011 166,927.00 31-J~-2012 166,927.00 78E!269 1 1 N
SEP- 2011 166,927.00 30-NOV-2011 166~927.00 560272 N
1\lJG- 2 0 ll 166,927.00 30-NOV-2011 .1661927 • 00 560272 N
JUL-2011 166,927,00 30-JUI;.-2011 166 t927. QO. l<O N
' JUN-2011 166,927.00 21-JON-2011 166,927.00 KO N
'~AY · 2011 166,927.00 21-MAY-2011 166·, 927. 00 KO N
1\PR- 2011 166,927.00 21-APR- 2011 166,927.00 l<O N
., I'IAR- 2011 166,927.00 21-MA.R-2011 1661927.00 KO N
.,, l"EB-2011 1661927.00 21-FEB-2011 166,927.00 KO N
JAN 2011 166,927.()0 n-J~·2011 166,927.00 KO N
DEC-2010 1661 927. OQ 21'·DEC·2010 166, 9:n. oo KO N
,., ·NOV-2010 166., 927.00 20-NOV-2010 166,927.00 KO N
·OCT-2010 1661927.00 21-0CT-2010 166~927;00, KO N
' SEP-2010 166,927,()0 21-SEP-2010 166, 927; 00 .KO N
(h··AUG-2010 166,927,00.30-AOG-2010 1661927.00 ·Ko 1 3 N
'> · JUL- 2010 16.61 927 o 00 21-.,J:tiL-2010 1661927~00 KO N
'>) JUN-2010 107,106.00 11-JVN- 2010 1071106.00 415318 y
·::J MAY.-2010 lQ7;106~QO 15-M,A.Y-2010 107;106.00 415317 y
., -1\PR· 2010 l07,lQ!S.QO 30·Al?R·20l0 107., lOG ..0.0 KO N
')' r~i~R- 2010 107,106.00'31-~;2010 1071106.00 KO N
Fsa- 2010. 107,106.00 26-FES-2010 107,106.00 4Qg74 N
:JI\J'.l 2010 1071106.00 29·J~·20l0 107,106.00,3988205 N
.. ,, -OEC-2009 1071 l06', 00 29-0EC-2009 107,106.00-3985989 N
NOV-2009 107,10~.00 30-NOV-2009 107,106.00 ~985976 N
'·' ClCT-4009 l07,106.QQ 30-.0CT.;2009 107,106.00 394724 N
>;EP- 2009 107,106.00 30·SEP·2,00~ 107,106.00 3981318 N
;')
·1\UG-2009 107,106.00 29·AUG·2009 107,106.00 21646 1 1 N
'•·JUL-2009 107,106.00 06-9VL-2009 107,106.00 KO N
'i JUN-2()09 130,704.74 30-JUN-2009• 130,7Q4.74 KO N
.JUN- 2 00 9 172,892 .. 00 30-Jl.)N-2009 172,892.00 KO N
MI\Y- 2009 172,892.00 30-JUN-2009' 172.892.00 KO N
/\l'H-2009 172,892.00· 11-APR-2009 .172,692.00 207931 - y
i~AR- 2 009 172,892.00 09-W\R-2009 172,892.00 .207 930 y
'"; !>!;;13-2009 172,.892,00 '09·FES-20Q9 172,892.00 207929 y
',:, .JJ-\,N~ 2009 172,892 .• 00 lO·J~-2009 172 d!92 • ClO 207928 '{
., m::c- 2ooa i12. 992. oo ·1o·-DEC· 2008 172,892.00 207927 y
NOV-2008 l72 ,1192. 00 lO-NOV-2008 172,892.00 207925 y
·OCT-2008 l72,892.00.11·0CT•20Q8 +721892.00 207923 y
~; :, ·SEP-2008
172,892-~b 10-SEP-2008 172,892.00 207917 "{
'';,·AUG- 2008 172, ~92. oo .11•AU~-~20o8 172,892.00 207935 '{
.; ; ·JUL-2008 172,892.00 10-JOL-2008 17;<!;892.00 207932 y
"">-JUN-2008 172,892.00 10•JI)N.-2008 · 172,892.00 207926 'i
·;•>-1'1AY·iooa 172,"892.00 10"M/I.Y·2008 172,892.00 207924 y
r;',-I>,PR-2006 172, 892, oq. IO•APR· 20.08 1721892.00 217572 y
····-;~~·--------·.... ·-·---
.• .. .• .
'' ,.....·..,,., '', ';""' ..
. I
-
... -_.-~-~~--- ·~··".
,:¥:./.;.;..,.{..;_f..·,. ; , • : ,_.'_,_:~;: :· ·.!.-~or.:{~·;:· .·X·~: ;•:C<:'.: ·' '
:;ouw~::; INFORMATION · . · " . ~

~:;rr.c~~~- ~~~;~- ~~;;·-~~~~~·;;ciw;· ;;~;~;·-- ~ ··-~·;~~- ·--·--------;;·· ··~;~ ~;- ~ ·~~
·-----·~-~---------------~-----------~-----------------------------~------------------
m2()003$ il5·APR·12 166.,!127 .• 00 3 , P.tlNJAa .NATIONAl:. B}\NK I B lO·APR•l2 Y
!':931175 OS·MM-12 16'6,!127.00 3 PUNJAB NATIONAl:. BA)IK·· B 07-MAA-12 Y
~~138309 OS~FEB-.3,2 166,!127,0.0 3 PUN.iAa NATIONAl.o BANK B OS·FEB-12 ·y
%1.1147 05-JAN-12 16'6,927.00 3. PUNJAB NATIONAl:. BA)IK B 07-J.I\N-12 y
; 15322 15-PEC-11 166,927.00 l P1.1njab Nati<;mal Bank B Jl~DEC-11 .N
.,·,5321 15·NOV-i1 166,927.00 l P1,1njab National Bank B 31-PEC·ll: N
. '~fl'73l/. 05-0EC-11 166,927.00 3 PUNJAB NATIONAl, BANK B OB·OEC-11 Y
.. :l9633 05-NOV·ll 166,927.00 3 PONJ!\B NATIONAL BANK B 09-NOV-ll Y
·· ~ OU92 3 05 -OCT·ll 166 •. 927. 00 3 PUNJl\B NATIONJU. .B11.NK B 10 -OCT-11 Y
:0>.1:!55 05-SEP·ll 166, 927'. OQ 3 ·PUNJAB NATIONAl:. BANK. B 07~SEP·11 Y ·
<:J.6502B 05·AOG·1l 166,927 .• 00 3 PUNJAB NATIONAL BANK B lO·AUG·ll Y
··'.lT/597 OS·JOL-11 166',927.00 3 PUNJAB NATIONAl, BANK B 07-JOL-11 Y
': .\7 34 ·1 05- JUN'-11 16'6' 927. 00 '3 PUNJAB NATIONAl, BANK B 08 -JON-11 y
'1·19476 05-MAY-ll 166,927.00 3 PUNJAB NATIONAl. BANK B 07.-M.AY-11 y
'.BollS 90 05 -APR-11 166, 927.00 3 Pi,JNJAB NATIONAl, BANK B 07 ·APR·ll Y
:·J•IJO'i8 05-MAR-11 166,927.00 3 PUNJAB NATIONAl;.. BANK B 09-~-11 Y
!·:HOSB 05-FEB'-ll 166,927.00 3 PUNJAB NATIONAL BANK B OB-FEB-11 Y
;.:;>OB35 05-.;TAN·ll 166,927.00 3 PUNJAB NATIONAL BANK B 07-JAN-11 Y
,:'/3307 05-PEC·lO 166,927.00 3 PUNJAB NATIONAL B~K B 09-0EC~10 Y
:n.:J370. 05-NOV·lO 16~,927, 00 '3 PUNJJ\,B NAr:tONAL BANK B 10-NOV-10 'i
idlO 9.63 7 05-0I=T·l.O · 166, 927.00 3 · PUNJAB NATIONAl, BANK B 0.7 ·OCT-10 Y
i<:l.?-0216 OS·JllilP·lO ~,927. 00 3 PUNJAB NATIONAL BANK B 08-SEP-10 Y
- ·:17:1.813 OS·A~Ill~10 ~~ 9·27, 00 3 P6NJAB NATIONAl.o BA.NK B 23 -AOG'-10 N
'cc72813 05~·AtJG•10 ~f~,927,00.129 P\]NJABNATIONALBJ\,NK B 07.:.A'0~-10 Y
'·,fd7<163 05·JJiL•ll.f1 l·IZ·6,927.00.3 ·PUNJF\BNATIONAl;BANK B 13·JOL·10 Y
b.l/163 OS-JQi.·F 166,927.00 1 P.UNJA.B NATIONAl. S1;,NK B 07·JOL·10 Y
·1l!.i)l7 05·MAY-.Hl 107·,106.00 1 PUNJAB NAT'rONAl:. BA.NK B 08-M.AY-iO Y
r, 15316 OS -APR-10 107,106; 00 J PQNJA,B NATidNAl:. BA,NK B 20·APR•l0 Y
·11 5316 05-JIPR·lO 107 ,,lOG. 00 1 PUNJJ\.B .NA~IdNA,L ~~K S 10·APR~1Q Y
1\lS;llS 05-M,A.R-10 107,106.00 3 PUNJABNATIONA:t.. BA.NK B 16~~-10 Y
,\1.5315 05·MAR·10 i07,106.00;l PqNJA,.BNATIONAI..BANK B 10-MAA-10 Y
,:153:).4 05-Fli:B-10 107,10S;oo 3 PUNJAB NATION]IJ. B~K B 17-FEB-10 ·y
\~5314 05-FEB·lO 107,106.00 1 PVNJAB NATIONAL BA.NK. B 11·FEJ;!~10 Y
.; 1 ;;:!13 05'·JAN·l0 . 107' 106.00 3 ·pt(NJAB NATIONAi.. BANK B lG·JA,N-10 y
:1~i:lU 05-.JAN·lO 107,106.00 l PVNJl\BNATIONAI..BANK B 09-JAN-10 Y
:dl2 05-0S:C-09 107,10!).00 3 PUNJAB NATIONAl. BANK B 18-0:SC-09 Y
;]S:ll2 05-0EC-09 107,106.00 1 PUNJAB NAT;tO.NAI, BANK B 10-0EC-09 y
:1">:111 05-NOV-09 107,106.00 3 PUNJAB NATIONAL BANK B 19~NOY·09' 'l
; : c,! 11 05-NOV~O~ 107,106.00 l PUNJAB NATIONAL BA.NK B 10·NOV·09 · Y·
', .:>!10 05-0CT-09 107,106.00 3 PUNJAB NATIONAl; B~K ··.B 20-0CT-09 Y
,·:·,:no 05-0CT-09 107,106.00 l PUNJAB NATIONAl.. BA;NK B 10-0CT·09 Y
.; 1., 3 09 05 -SEP·'09 107, 106,00 3 PIJNJAB NATIONAL BA,NK B lB ·SEP· 09 ·Y
.;.J5309 05·SEP·09 10?,106.00 l PUNJI!l3 NATIO~Al.o B~K B ll·SEP•0.9 Y
H'DOB 05-AOG·09 107,106.00 1 PUNJAB NATIOltAl.o.·BAl'!K B 26-AIJG·09 N
?.07938 05·AOG·09 233,638.00 1 PUNJAB ~ATIONAL ti~K· B l2·At:IG·09 Y
207937 OS·Jt.JL-09 233,638.00 3 PUNJAB.NATIONAI, B1!.NK B 17-.,n,n:..-09 Y
;l07937 05-JUI..-09 233,636.00 1 PUNJAB NAT:(ONAl.o BANK B 10·Jt14-09· y
:'.T7934 OS·MAY-09 233,638.00 1 PUNJAB NATJ;ONA.t, Bi..NK B 08-M.AY-09 Y
Cl.-EAR INFO~MATION
--· ---~~--·----------------~------ --------------~.--~---~----~-·--------·----------
::JIK/I<ECU CHECK DT CHECK AMOUNT B~K N~E C~E~·DT ~LOCATEDAMT CHRG PT CHG POC R$M.
. --------~~--~--~-----~--~---------·--------·---~·----~~---~-~-~--~------~--~----··
'gH/.69 31-JAN-12 166,927.00 ABC 3l-JAN·l2 166,927.00 OS·OCT·1l EMIN 90112
IB 1'/~5 .31-DEC-11 166,927,00 ABC •JJ,·DEC·ll 1661 9.27 • 00 OS·OEC·ll.EMI N EMI 0
.,r,0:<7::l 30-NOV-11 333, as~., oo ABC 30-NOV-11 166,927.00 05-AOG-11 EMI N 90112
.. 166,927.00 05·SE1>·1l EMI N !10112
?.<10542 14•JUN·J:.l 17,336.00 al:lc 14·J'ON-ll 17,336.00 14-YQN·ll.tXA N Exces
HS3l8 OS·.;J'TJN-10 107,106.00 PUNJA13 NATI 11-J'ON-10 107,106.00 OS·JI',rn~10 EMI Y INSTA
"").~11-~-~----------·•"'"""' ..
~~:.~;&').•Xt';).".':f/"X.•)'.l;,:,.:;:_<.,.~~.tO,V~\"'J\"n'l'AVNN•VN~"J\"N.NViv.I'.N,t,l'o<N.t'tl'w"O'w"o">>'•'"Y'•;.-;..,,...-;~:u<-G'.v<..'.>'-"·-.-•..,-,.•-"'* ~~··"-•r···-······
, Bt!
• !
,.
"/l.
14 -MAY-10
05-MAY·10
500,000.00 HSBC" 22-MAY-10
107,106.00 PfJl:JJAB NATI 1S·MAY·l0
500,000.00 15·MAY·10 EXA N
107,106.0() 05-M,!\Y-10 EMI' y FC~
INS A
! 12-APR-10 500,000.00 HSBC B~K 27-APR-10 500,000.00 20-APR-10 EXA N FCL ~
·, I ,: ~
-:~ ~~
' ~~2-APR-10 .500,.000.00. HSBC BANK 27·APR·10 500,:000.00 20~APR·10 EXA N FCL
., ; :<;J·- 12-APR-10 500,000.00 HSBC BANK 22-APR-10 5·oo •. ooo. oo 15..-APR-10 EXA N FCL·C
) ~ 06f3 200,000.00 CASH 31.-M.AR-10 200,000.00 31·MNt·10 Ex,A N CLMS
"r· I tl 24-FEB-10 107,106.00 PUNJAB NATI 27-FEB-10 107,1'06.00 05-FES-10 EMI N Ct.MS
: "./.()"~ 107,106.00 CASH 29-JAN-10 107,106.00 05·J~·10 EMI N MGS e
... 989 107,106.00 CASH 29-DEC-09 107:, 106.00 OS -Dl;:c- 09 EMI N emi
H)"> 910 107,106.00 CASH 30~NOV·09 107,.106. 00 05.~NOV·09 EMI N emi
I:? ·l 28-0CT-09 107,106.00 -HSBC BANK 30-0CT~09 107, ·106-. o0 0.$.-0CT· (Hl EMI N pdc-
'" ; 3 18 107,106.00 CASH 30-SEP-09 107,.106. 00 OS·_SEP-09 EMI N emi
:,.j 6 27-AlJG-09 107,106.00 HSBC BANK- 3l·AU~·09 107,106.QQ 05-AIJG-09 EMI.N pdc
30-JUN-09 107,106.00 A. P.M.AHESH 30-JUN-09 1o1,1o6:oo 30-Jp-N'•09 EXA N forbe
I<;)]] 05-APR-09 233,638.00 PUNJAB NATI ll·.!\.PR-09 172',892.00 05-Al?R-09 EMI y INSTA
l')j 0 05-MA,R-09 233,6i8.QO PUNJAB. NAT! 09-MAA-09 172,892.00 05-MAA-09 EMI y INSTA"
.. I 9 <J). 05-FEB-09 233,638.00 PUNJAB NATI 09~FEB·09 172,892.00 OS·FEB-09 EMI y ~NS'l'A
'"")28 05-JAN-09 233,638.00 PUNJAB NATI 10-JAN-09 172,892.00 05-JAN-09 EMI y INSTA
!')?,7 05·DEC-08 2'3'3' 638.00 PUNJAB NATI l0-0EC·08 172,8~2.00 05-DEC-08 EMI y INSTA
':J ~! s 05-NOV·OB 233,638.00 PUNJAB !'-lATI 10-NOV-08 172,892.00 05-NQV-08 EMI y INST.A
" "l ~ 'l 05·0CT·'08 233,638_.00 PUNJAB NATI ll·OCT-08 17:i,8n.i:lo 05-0CT-08 EMI y INSTA
·; 1917 05-SEP-08 233,638.00 PUNJAB NATI _10-SEP~08 172,892.00 05-SEP-08 EMI 'i INSTA
j ' / ~3 5 05·AUG·08 .233, 638.00 PUNJ~ NATI 11-AVG-08 172,992.00 05-AUG-08 EMI 'i INSTA
" ''J 3 2 05-Jl):t-·08 233,638.00 PUNJAB 'NATI 10-JUL-08 172,892.0-0 OS·.:)"U:{..·08 ·EMI y; INSTA
192 6 05-JUN-08 233,, 638.00-. PUNJAB . NATI lO-.roN-o8· 172,892.00 05-Jl)N-08 EMI y INSTA
.. I'; :14 05·MAY·08 2•33' 638.00 PUNJAJ3 NATI 10-MAY-08 172,892.00 OS·MAY-08 EMI y INSTA
; '·: 12 05-APR·\)8 233,638.00 l?UNJA.a NAT! 10-Al?R-08 172,892.00 Oi)·APR-08 iMI y INSTA
·;·/ 4 29-JN\1·08 1,000.00 PUNJAB NATI 06-FEB-013 1,000.00 29-JA,N-08 IMD 1\1 imd
.td<Vl PAY QFF DETAILS
PRINC:tl?AL TOTAL
'~ (j: 9261225 • 76 5, 920,889,98 0.00 0.00 0.00 9,172,557.74
1.3. 905,352.7 841,452.41 0.00 '35,250.00 465,922.9 15,248,478.1
!!:>TOMER'S OTHER LOA,NS
'I. No. 191828 . st'atus ' : c Asset :t..G AC

; ,;bJ App Dt: 24 ·AI?R-200!), .Closure dt: 24 -JAN-2001 Tenure :12
-·:t;<~t Cost 32,.000.00 EMI 2, 667.00 Amt Fin: 32,000.00
·rin. out. 5,334.00 Prin. pue : 5,334.00 Bucket :0
.,;:ar J)el. : o.oo Prin. Oel.: o.oo BO\UlCes:O
/.canon:
~"! st;.rins,
NQ. 697660 Status :C Asset :I;.G.AC

: :JI:J/ App Pt: 23 ·IW•2002 · Closure d~:15·FE5-2003 Tenure :12
... !:!let cost;: 97, i\50. 00 'EMI 8, 121. 00 Amt Fin: 97,450.00
!Jl. Out. 8,121.00 l?rin. Due : 8,121.0.0 sucket :O
'H:al De1. 0·,00 l?rin. Del. : o.oo Bourices:O
''.:a!:;on:
.,, ! . String: 00000000000
No. 878110 status :C Asset :LG _AC

.i.)/App Pt:04-JUL~2002. Closure dt:27-JAN·2004 Tenure :12.
·.;;c·:c Cost 20 1 ·500. 00 EMI 1,709.00 Amt Fin: 20,500.00
. r1 • Out . 0 •00 Prin. Due : o,oo Buc_ket :0
''·'"1 Pel. : • 0, 00 Prin. 'Del.: o.oo Bounces:o
'"canon:
., . String: OOOOOOOOOOCOOOOOOO
,• .
.• .. ,•
-
..
·.·,.,I' No. Status :'C Asset :LG ltC
.J.i;;b/App Dt':29-MAA-2003 Closut~ dti15-0E~-2Q03 Tenure :12
~uuet r~s~ 58,500.00 EMI 4,875.00 Amt fin: 58,500.00
"l'in. 0\.it. 14,6.25.00 Prin. t>ue : 14,625.00 aucl<:et :0
"c~t:;~l· Del. 0.00 Prin·. Del. : 0.00 bo1Jnces:O
:~,~ ~ ..String: 000000000
!ld No. :14511038 Status :A Asset :HOME J,.OANS

'l' nb/App Ot:23-FEB:-200.8 Closure dt: Tenure :260
linnet Cost· 3~, 877 •. oo.o. cio EMI 56,650,00 Amt Fin: 5,211,095,54
~,r.in. Out. 4',656,487.99 Prin. Due : 4,82,,374.95 Bucket :5
·:·ot:al Del. 299,997.00 ·Prin. oel.: 29,113.04 Bounces: 48.
- ··l<-~a ~~on;
,, : l .· string: 0.00000 I 0 I 00_0000001·1 0000000000000000000000000011232234
:14136265 status :R Asset :PERSONA:t,. LOI\N

·~l•rl\pp
Dt: 28-NOV-2007 Closure dt: Ten~Jre :i2
~:;:~c~ CQst 50,000.00 EMI 0.00 Amt Fin: 50,000.00
:'.: ! " out. : 0. 00 .Prin. Due : o.oo Buck~t :
:()~;il Del. : Q.O·O Prin. •Del.: O.QO Bounces:
:<c<Hlon: 214
:;cJ String:
HeE No. :15638014 Status :P Asset .: HOM!l! !,.OA.NS

Diob/App J?t:09-~-2009 .Closure dt: Te11ure : 180·
Aoset Cost 50,0QO,OOO.OO EMI' o.oo· Amt Fin·: ..3o,ooo,oo'o.oo
:'.:ln. Out. : 0.00 Prin. Due : o .. oo. B1,1cket :. ' ·
:·oc<•l Del. : o.oo Priri. Del. : o.oo: aoun~es:
".Ci.IUOO: 214
iW I.. String:'
l<<~.f No. ·, 15837956 Status :P Asset :HOME LOANS

:l.Lob/App Dt: 09-MAR-2009 Closure dt: Tenure :-18.0
Annet Cost 50,000,000.00 EMI o.oo Amt )!in: 30,000.,000.00
Prin. 0\lt. : 0.00 l?rin. Due : o.oo. Bucket :
.'ot<.d Del. : 0. 00 Prin. Pel.: o.oo· Bounces:
:~canon: 21.4
·:oL St·ring:
h~~ No. :15597365 Status :P Asset :HOM!i! LOANS

:; i ub/ App Dt: 24 -SEP- 2008 Closure dt;.: Tenv.re : l 8 o·
~nuet Cost 40,000,000.00 EMI Q.OO Amt Fin: 27,000,000.00
;>,in. Qut. : 0.00 Prin. Due : o;oo Bucket :
·:·otal Del. : 0.00 Prin. oel.: 0.00 Bq\mces:
:<<laoon: 214
:lel. S\:ring:
~e[ NQ. :1559,454 Status :P Asset :HOME LO~lS

'l:nb/P.pp Dt:24-SEP·200B Closure dt: Ten1;1re :180
Annet Cost 40rOOO,OOO.OD EMI o.oo Amt Fin: 27,000,000.00
;::J.n. Out. : 0.00 PrirL Due . : 0.00 Bucket :
:·Dt<ll. Oel. : 0.00 Prin. Del.: 0.00 Bounces:
:lC!U!JOn: 214
ilel.. String:
·-:n c>t Stat Card(s)

.
Printed : 1 "'
t
' 1\ll AmolJI'lt valuee are .in : ·Rupees

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Lhc original
ana C..:HK/RECII ·numbers in the report are reJ;l' ecteli as last:'
m.tmber.
7
V~Gfl{l{l }
4igits ((.
•, :!1'.1' \.: ~SHORTCODE DESCRIPTION

------------------·-~-----~---------- ----.---~---~-~~-----
'"'!'CODE
- ·---!---·--~---------~-----~-~--~~----------------.~-------~----.-----·-----------
EXCESS AMOUNT
INITI~ MONEY RECEIVED
EM!
--.--,_______ .,. ...,..,_,,.......
... '•
••
BJ:FORE Ld. SHRI RAJIV SHUKI,.A, AOVOCATE
SOlE ARSITRATOR AT NEW OELHI.
- CITIFINANCIAL CONSUMER FINANCE INDIA LTD.

ASSOCIATES INDIA FINANCIAL SERVICES LIMITED. . ... CLAIMANT
Vs.
MR. NARENOERKUMAR ARORA & ORS. . ... RESPONDENTS .
---------------·----------------·:-··-------------------------------··---------·--------............................_....
.......................
$.No. Particulars Page No.
....-.....-.............. ---·-~--------·---·-- ........... .............................................. _..
~ ~---- ..... .. ...........·-------..:............_..____ ..______ _
-;.. .;.
True photocopy of Fresh certificate of Incorporation of the Cl'aimarit.

~.1
1.
company, consequent 'upon change of name. '
2. True photocopy of Power of Attorney dt. 25/01/2012. ~~c

3. True photocopy of th~ Loan Appiication F<;>rms · !il.~/
4. Photocopy of the ·PAN cards of the respondent rio. i, 2 and 3. g;l_.::.Qf
~v
5 True photocopy of the Home Loan Agreement.
6 True copy of the Demand Promissory Note
7. True copy of the Oeclaratlon. 'tkttt

8. True photocopy of the Supplementary Loari Agreement. 0.r:SV
Origl~Jal
office copy of the Legal notice letter sent to the
~
9.
~ Respondents alongwith the Postal Receipts
~
:;,
3
>l:::.£~
10. Original office copy of letter sent by Claimantto the Ld. Arbitrator,
~: and to the Respondents.
~ . .-
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I« 11. Original of the acceptance letter sent by the Ld. Arbitrator

~
X'
~~ 12. Any other document relating to .the case with the permission
(:$
. of the Ld. Arbitrator.
~
~
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~ CLAIMANT
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'THROUGH
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THOVRGH
ATIORNEY
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' ADVOCATES FOR THE CLAIMANT

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>'(.;,;, ~LACE : NEW DELHI.
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COMPANY NO. G&-86~91 .c;;rNNI• U -i:E.f/0~1:1? P/.d:861?/

· FRI!SH CERTIFlCATiil OJIINCORPOI(ATJO~ .
CONSI!QUBNT UPON CHANGil 01' HAMil • t . ' •
;
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b'a Uut om6a or th• Raglallw or. companlu, t;cr of Qelhl
~ & Haryana ( ·under thul;)mpai\lu.~pt. '\~!1 (·1 or' 1SI58)
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~ wh\ch waa origlnaUy.&noorporatad on FlraUAayofone tbouNnd n1N1 twndi'Sd.ancl
. nlnaly.a•v•n undet ~· Companl••Aot..~CI~I (Ac\ 1 of 1i51lundtr~• nalt\~
AVOO PINANC!Al.. SER.VlCES INClAPRlVATE UWTED ·
r . . . . . . . .
· having CIUly ·paned tn• nao.. uq, r..oluSloll ln ~·rm• Qf 6att1on 21 .:\
or th• ~ompanlea Aot, 1ae~a ·a¥ \ht appnNIJ of \hi C.•ntral. Oov.miT!ent
algnlned ln. wrlUng ht:~lng b~Jn •090rd.•c.l U\trtto under Stcilon 21 ·.
t!t.lild..M4~.t&·~.Qvarnm~n\ of;'ndl,, 'Dtpartment·of Company Affalra, ~ourr.:.:··
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gattori. Ne~. G.S.R.·~07(E) dattd 24-01-tD&I b;t Re;l.ltr:ar of Qompani"• .
NOT . of Calhl & 'Ha,.Yt.na, New 'OIIhl vkltla"tr.t!o~·.R0Cl2tl55..a6U1124~ .. \"·
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. da.tad 0~3--2.00-4 . \he name ,or \ho uld companY' I• th\a day·~ang•d·t~ 1',..
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. t;ln,~NANCIAI. CONSUMER P\~C.INQIA:UMITED : . • . ..

and· ~nle .culrutlaal• ia laau•d purauanl \O Stctlon 23 l~fd (1) of th•
AcJ.. . •• . . . .
Given. under m~ancl al NEw: DELHI · tnla Flft.. nth March
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Narender Kumar Arora & Drs

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High Court of Dellii

Judges' Roster Horne Orders Status t)f ca$es Status of cases

Notifications & Practice !;)lroctions

Caoe I Filing Status

Address: Registrar General, Delhi High Court,

NARENDER KUMAR ARORA & ORS. .. ... Appellants

KOTAK MAHINDRA BANK LTD. & ANR. .. ... Respondents

CORAM: JUSTICE S. MURALIDHAR

ARB.A. 1212016 Page I of2

4. It is pointed out that the assignment was earlier challenged by the

IA No. 7669/2016 (for stay)

6. The application is disposed of.

NARENDER KUMAR ARORA & ORS ..... Appellants

KOTAK MAHINDRA BANK LTD. & ANR ..... Respondents

KOTAK MAHINDRA BANK LTD. & ANR. ..... Respondents

HON'BLE MR. JUSTICE SUNIL GAUR

ARB. A. 12/2016 & I.A.7669/2016 (Stay)

Notice. of this. petition and the application be issued to respondent

ARB. A. 1212016 Page 1

IN THE HIGH COURT OF Ql:LHI AT NEW DELHI

. 1\o~ 01 f.!-· If 11'-' 01\. {\ fb P, 1'l v... LJ:P. j, 0 (\ J.

j ~: . A~:. .~:.?.:.?.:. ~:. . ~0t:.. ~:...~.~~~-~-~~..&.J:f...?. ..t:!........~.t ..~..:.~~.l.§ .. ..

1. Against the Order dated l ~l 0 .rl ':1-01--b

Advocate for the Petitioner I Respondent

IN TH~ HIGH COURT OF DELHI AT NEW DELHI

IN THE MATTER OF:

h~:, \"'···'' ,,~ ~·-·'

, 10. ANNEXURE-0 (Colly.)

11. ANNEXURE-E (colly .. )

15. Affidavit in support

16. Application U/S 151 CPC for exemption

Tr-:C!ii t !.;'Pt.?:;:; .;i_ CD/;\

ARBITRATION APPEAL NO OF 2016 ,''

IN THE MATTER OF:

IN THE HIGH. COURT OF DELHI AT NEW DELHI

ARBITR.A,TION APPEAL NO. OF 2016

Narender Kumar Arora & Ors. Vs. Kotak

The enclosed Petition ir) the aforesaid matter as being

GOVERNMENT OF NCT OF DEI,...I-!1

DATE &. TIMr. : 10-JUN-2016 10:17:4·1

NAMES OF THE ACCI REGISTERED USER: SHCIL

LOCA'riON: DELHI HIG~I COURT

c-COURT RECEIPT NO : DLCTl 036F16171<1 83

o-COUnT FEE AMOUNT: ~ 10

( Hupees Ten Only)

ARBITRATION APPEAL NO. OF 2016

l<indly, treat the accompanying petition as urgent. The

grounds of urgency are:

THAT $TAY AND DIRECTIONS HAVE BEEN PRAYEO

Thanking you. Yours Faithfully.

New Delhi {).~

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ARBITRATION APPEAL NO. OF 2016

IN THE MATT.ER OF:

LIST OF DATES & EVENTS

13.7.2005 That RBI issued master circular containing

guidelines and in terms of clause 5(viii) no

bank of non banking institution is permitted

to assign its debt unless the same has

remained classified as NPA for two years

before the date of assignment in the books

KO'X':·?mw;-=-~~"" ·'""v"''Z·:,:-:'.':·~·"~'0:'0«~::-0.~~?5::;~:::.?~.:~;:;~.::.•:;:.•·.•. , :?':::;::;;::::::;'~:;:·~·:;?;m:,;>::~n:w:'f;:~;?~~w""::;:.:~.:.~:::-;,: ·::::;.J'f:~f*?Y~~:f:m:?c;:.~z;~f%3i:;~W;~m~;J@wfm~J~mE~~

__ _ __._,_,______