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LEGAL NOTICE

02.04.2018

M/S AVANTHA HOLDINGS LIMITED


THROUGH ITS DIRECTORS,
THAPAR HOUSE, 124 JANPATH
NEW DELHI-110001

ALSO AT:
GAUTAM THAPAR,
DIRECTOR, M/S AVANTHA HOLDINGS LIMITED,
THAPAR HOUSE, 124 JANPATH
NEW DELHI-110001

ALSO AT:
BHUTHALINGAM HARIHARAN
DIRECTOR, M/S AVANTHA HOLDINGS LIMITED,
THAPAR HOUSE, 124 JANPATH
NEW DELHI-110001

ALSO AT:
RAMNI NIRULA
DIRECTOR, M/S AVANTHA HOLDINGS LIMITED,
THAPAR HOUSE, 124 JANPATH
NEW DELHI-110001

ALSO AT:
SURENDRA KUMAR KHANDELWAL
DIRECTOR, M/S AVANTHA HOLDINGS LIMITED,
THAPAR HOUSE, 124 JANPATH
NEW DELHI-110001

ALSO AT:
RAJEEV KHANNA
DIRECTOR, M/S AVANTHA HOLDINGS LIMITED,
THAPAR HOUSE, 124 JANPATH
NEW DELHI-110001

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RAD & PARTNERS


C-623, New Friends Colony, New Delhi
Tel.: +91 11-41060739 Email: contact@radnpartners.com
ALSO AT:
RAJENDRA KUMAR MANGAL
DIRECTOR, M/S AVANTHA HOLDINGS LIMITED,
THAPAR HOUSE, 124 JANPATH
NEW DELHI-110001

ALSO AT:
KRISHNAN BRAHMADESHAM VENKATASUBRAMANIAN
DIRECTOR, M/S AVANTHA HOLDINGS LIMITED,
THAPAR HOUSE, 124 JANPATH
NEW DELHI-110001

ALSO AT:
JATINDER CHEEMA
DIRECTOR, M/S AVANTHA HOLDINGS LIMITED,
THAPAR HOUSE, 124 JANPATH
NEW DELHI-110001

ALSO AT:
SONIA NIRANJAN DAS
DIRECTOR, M/S AVANTHA HOLDINGS LIMITED,
THAPAR HOUSE, 124 JANPATH
NEW DELHI-110001

Subject: Legal Notice recalling the loan as against Loan Account


Number 5580226522, extended by Housing Development
Finance Limited.

Sir/Ma’am,

We are writing this present notice on behalf and on the instructions of M/s
Housing Development Financial Corporation Limited having its registered
office at Ramon House, H.T. Parekh Marg,169, Backbay Reclamation,
Churchgate, Mumbai 4000 020, and having its Northern Regional office at
the Capital Court, Munirka, Olof Palme Marg, New Delhi 110067,
(hereinafter referred to as “Our Client”).In reference to the default of
payments by you with regards to the Master Facility Agreement dated
12th January, 2016 entered into between you and Our Client, we serve
upon you all with the following:

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RAD & PARTNERS


C-623, New Friends Colony, New Delhi
Tel.: +91 11-41060739 Email: contact@radnpartners.com
1. That you, the Noticee, approached Our Client for obtaining a
loan for short term business requirements and general
corporate purposes of your company.

2. That Our Client, on the request of the Noticee disbursed a


sum of Rs. 74,25,00,000/- (Rupees Seventy Four Crores
and Twenty Five Lacs Only) as financial assistance.

3. That a Loan Account No. 5580226522 was allotted to you for


future correspondence and reference.

4. That you executed all necessary documents for availing the


Loan.

5. That, on 6th January 2016, on receiving the request and


relying upon the correctness of the information provided by
you, the Noticee, Our Client issued an in-principle Offer letter
sanctioning the said loan providing broad terms and
conditions. Relevant portions of the said letter are reproduced
hereunder:

“... 4 (a) Interest Payments: The interest on


the outstanding principal of the said loan shall
be payable at the applicable interest rate on
monthly on or before the end of every month.
The interest payable on the loan will be
adjusted by HDFC out of the loan
disbursement by way of interest capitalization.
(b) Principal Repayment: You shall repay
the entire disbursed loan, including the
capitalized interest/fee, along with interest
accrued thereon by way of a bullet payment
on June 30, 2017.”

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RAD & PARTNERS


C-623, New Friends Colony, New Delhi
Tel.: +91 11-41060739 Email: contact@radnpartners.com
6. That the repayment of the loan amount was due on 30th June
2017 and the Noticee has been in default theresince and this
has resulted in mounting of huge arrears in the Noticee’s
account.
7. That even after timely and repeated requests made by Our
Client on several occasions regarding default in your account,
you have failed to settled your dues.

8. That Our Client brought to your notice on 22.08.2017 that your


account is still showing outstanding of both principal and
interest totaling to Rs. 74,06,23,241/- as on 21.08.2017.

9. That with the aforesaid intimation, details regarding the


outstanding was shared with you, the Noticee with request for
repayment not later than 7 days from the date of notice failing
which Our Client was to initiate legal actions against you. That
till date no effort to repay the said loan has been taken by you,
the Noticee.

10. That as per the loan statement maintained by Our Client, the
outstanding amount due from you as per the terms and
conditions of the said agreement is as follows(in INR):

Principal O/s as on 31.03.2018 72,05,44,894/-

Interest O/s as on date 31.03.2018 106,134,781

Additional Interest on delayed interest 7,200,943/-

Additional Interest on delayed Principal 27,020,434/-

Total O/s as on 31.03.2018 86,09,01,052/-

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RAD & PARTNERS


C-623, New Friends Colony, New Delhi
Tel.: +91 11-41060739 Email: contact@radnpartners.com
It appears that the Noticee has been willfully and purposely defaulting in loan
repayment and every attempt made by the Our Client has been falling on the
deaf ears of the Noticee. That your ignorance to the requests made by Our
Client highlights your malafide intent to stall the payments and you, the
Noticee are unjustly enriching yourself with the loan amount disbursed to
you by Our Client.
Every effort of Our Client to harmoniously settling the payments have failed
and Our Client is constrained to send you the present legal notice,
contravention of which will cause you to face serious legal actions.
That on behalf of Our Client, it is demanded that full payment of the
outstanding amount i.e. 86,09,01,052/- (Rupees Eighty Six crore Nine Lakh
One Thousand and Fifty Two Only) be made within 7 days from the date of
this letter. If the Loan Repayment is not made by the time specified above,
we reserve the right to commence appropriate legal proceedings under (but
not limited to) Insolvency and Bankruptcy Code, 2016 to recover the debt
without further notice to you and this letter may be tendered in court as
evidence of your failure to pay. Legal action may result in you having to pay
legal costs, interest and could impact on your credit history.

Your prompt and positive response would be highly appreciated in this


regard and will be in favor of both of us. This letter is issued without
prejudice to right and remedies that Our Client have as per law.

FOR HDFC:

DEEPAK JAIN
Advocate
LL.M (Comm’l Laws, P.U.)
LL.M (I.E.L, Warwick, U.K)
PIL (Harvard)

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RAD & PARTNERS


C-623, New Friends Colony, New Delhi
Tel.: +91 11-41060739 Email: contact@radnpartners.com

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