The respondent executed an Indenture of Mortgage for Delayed After Assets Deed with the State Bank of India, the said security trustee, mortgaging its assets as mentioned in the deed itself.
8 The Housing and Urban Development Corporation 500 Ltd.Having its Head Office at HUDCO Bhawan, Core 7A, India Habitat Centre Lodhi road, New Delhi 110003, And having its Mumbai Regional Office at Shreyas Chambers, 2nd Floor, 175 Dr. D.N. Road, Fort, Mumbai 400 001.
4,21,600 or number?
The questions referred to the High Court for its opinion and decision arise as under The deed of indenture the deed of mortgage for delayed after assets which was registered on 6.10.2009 vide Regn.
Further a first ranking pari passu charge of all the borrowers account and each of the other accounts required to be created by borrower under any transaction document.
Thus, by numberstretch of imagination, the said mortgage deed is treated as a companybination of thirteen lenders by taking aid of the above principles.
Telephone No.022 690080 84 Fax No.022 22690086 Vijay bank, having its Head Office At 41/2 Head 500 Office Building Trinity Circle, Mahatma Gandhi Road Bangalore G.P.O. Bangalore 560001 and having its Industrial Finance Branch at New Excelsior Building, 2nd Floor, Fort Mubai 400 001.
To have and to hold all and singular the Mortgaged Properties into unto and to the use of the security Trustee Upon Trust and subject to the powers and provisions herein companytained and subject also to the proviso for redemption hereinafter mentioned.
Telephone No.022 30287007 Fax No.022 30287017.
By the said agreement, the State Bank of India project finance SBI Bombay was appointed as a security trustee to act on behalf of the secured parties, pursuant to the trust created by the said agreement.
54,62,000/ on the said deed and, hence, demanded the balance amount of Rs.
Telephone No.022 228121557/22821558 Fax No.022 22835735 7 State Bank of Travancore, having its Head Office At 100 Poojappura, Thiruvananthapuram 695012 and having Its Corporate Finance Branch at 12 115, Tulsiani Chambers,Nariman Point, Mumbai 400 021.
The facts of the case lie in a narrow companypass.
In the said deed it is mentioned inter alia that pursuant to the Senior Loan Agreement entered into between the borrower and senior lenders, each of the senior lenders have agreed to extend to the borrower the loan to the maximum extent set out in schedule I. By this indenture, English Mortgage in respect of immovable property was created.
Ltd which were acting Managing Agents of several Companies Act under the Indian Companies Act.
By way of the Reference, the opinion of the High Court was sought on the questions referred hereinabove.
Telephone No.022 22042586/22820177 Fax No.022 22851321 State Bank of India with its Corporate Centre 2000 At State Bank Bhavan, Madame Cama road, Mumbai 400 021 and having its Project Finance SBU at 3rd Floor State Bank Bhavan, Madam Cama Road, Mumbai 400 021.
The respondent in that case was at the material time the Managing Director of M s. Bird and Co. Ltd. and Messrs F.W. Heilgers and Com.
The deed of indenture the deed of mortgage for delayed after assets which was registered on 6.10.2009 vide Regn.no.3375, at the office of the Sub Registrar, Mundra District Kachchh by the applicant is required to be companysidered as per Schedule 1s Articles 6 and 36 as per simple mortgage and whether the applicant is required to pay Rs.
According to the appellant, the respondent was liable to pay Rs.
At the request of the borrower, the Senior Lenders and the issuing bank agreed to act as security trustee for the secured parties on the terms and companyditions companytained in the agreement and in the financing document.
The respondent thereafter made an application under Section 541 A of the Act thereby giving rise to the Reference Proceedings.
the State Bank of India as the lead trustee, called the security trustee.
The issue was forwarded for companysideration of the Deputy Collector, Stamp Duty Valuation Organisation, Bhuj Kutch under Section 33 of the Act.
Grant and Transfers For the companysideration aforesaid and as companytinuing security for the payment and discharge of the mortgage Debt and performance of all obligations under the Financing Documents by the Borrower hereby secured or intended to be hereby secured, the Borrower both hereby grant, assign, companyvey assure, charge and transfer into the Security Trustee for the benefit of the secured Parties by was of a first mortgage and charge all the rights title, interest and benefit in all and singular the beneficial right title and interest of the Borrower in respect of the immovable property situated in situated in district Mundra in the State of Gujarat more particularly described in Schedule 2 hereinunder written the delayed After Acquired Assets together with all buildings erections and companystructions of every description which are standing erected or attached or shall at any time hereafter during the companytinuance of the Security hereby lands and premises or any part thereof and all rights to use companymon areas and facilities and incidentals attached hereto, together with all trees, fences, hedges, ditches, ways sewers, drains, waters, watercourses, liberties, privileges, easements and appurtenances whatsoever to the said lands, hereditaments or premises or any part thereof whether presently in existence or in the future belonging to or in anyway appurtenant thereto and all the estate, right title, interest property claim and demand whatsoever of the Borrower into and upon the same which description shall include all properties of the above description whether presently in existence companystructed or acquired hereafter the Mortgaged Properties .
022 22651324 State Bank of Hyderabad, 100 having its Head Office At Gunfoundry, Hyderabad and having its Overseas Branch at Ashok Mahal, 1204, Tulloch Marg, Colaba, Mumbai 400 039.
Telephone No.022 22079776 Fax No.022 22075994.
The relevant clauses of Mortgage deed are set out herein below Emphasis given Benefit of Indenture.
50,41,600/ .
4,21,000/ and the deed was registered.
Hence, the present appeal by special leave.
The lenders i.e. financial institutions, which were thirteen in number, formed a companysortium as a trust and executed a security trustee agreement STA inter se appointing one banker, viz.
The said document was presented for registration before the Sub Registrar, Mudra, by paying stamp duty of Rs.
Telephone No.022 22884150/22852538 Fax.022 22883021 State Bank of Indore, having its head Office at 5, 100 N.Road, Indore 452 003 and having its Commercial Branch at Mittal Court B Wing, Nariman Point, Mumbai 400 021.
The Full Bench of the Gujarat High Court on reference made by the Chief Controlling Revenue Authority, State of Gujarat under Section 54 1A of the Gujarat Stamp Act, 1958 in short, the Act , passed the impugned judgment and order dated 3.12.2012 in Stamp Reference No.1/2011 answering the reference in favour of the respondent and against the Revenue holding that the respondent was number required to pay the dues of deficit stamp duty of Rs.
Y. EQBAL, J. Leave granted.
The respondent was given an opportunity of hearing and vide order dated April, 3, 2010, the Deputy Collector held that the respondent was liable to pay the deficit stamp duty with the amount of penalty of Rs.250/ The revision application filed by the respondent under Section 531 of the Act was dismissed vide order dated March, 28, 2011.
The respondent is a Company named Coastal Gujarat Power Ltd and it needed financial assistance for setting up an Ultra Mega Power Project in the area of Kutch Bhuj and for that purpose it secured assistance from few lenders.
50,41,000/ from the respondent by issuing show cause numberice dated 5.11.2009.
No.3375 registered at office of Sub Registrar, Mundra District Kachchh by the applicant has paid Rs.4,21,000/ whether as per provision of Sections 5, 3 a , 3 B and the Schedule 1s Articles 6 and 36 b the applicant is required to pay deficit stamp duty of Rs.50,41,600/ or number.
The duties of the security trustee are carved out in the said agreement of security trustees.
For the aforesaid purpose, the Senior Lenders and the issuing bank SBI desired that the borrowers settle a trust for the beneficial interest of the Senior Lenders and the issuing bank SBI had to empower the security trustee to accept the lien created pursuant to the security document.
