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List of Financial Creditors (Form C) May 8, 2021
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Ajit Gyanchand Jain
Insolvency Professional
RP – SARE Gurugram Private Limited
Address: 204, Wall Street- 1, Opp. Orient Club, Near Gujarat College, Ellis Bridge,
Ahmedabad-380 006, Gujarat, India
E-mail id: [email protected]
M/s SARE Gurugram Private Limited (In CIRP)
Registered Office: E-7/12, LGF, Malviya Nagar New Delhi South Delhi-110017.
CIN: U70109DL2006PTC152635
1st Constitution was filed on 05.04.2021.
2nd Constitution was filed on 13.04.2021.
3rd Constitution was filed on 07.05.2021.
All the claims received till 12 midnight on 15th April,2021 have been considered. As
per CIRP Regulations, claim can be submitted till 7th June 2021. Thus, the claims
received after 15th April, 2021 will be verified in due course, accordingly.
The claims admitted are based on the claims made by the creditors to the extent verified
from the documents provided and information available with the Corporate Debtor. The
same may be revised based on the accounts of the Corporate Debtor or any other
additional documents / evidence / information / events etc.
In case of any clarification or for change in the claim amount etc. please send mail to
The Resolution Professional has received claims from the following financial creditors;
S.No Code Name of Creditors
Claim
Submitted
(Amount in Rs.)
Claim Provisionally
Admitted
(Amount in Rs.)
1 FC0000001 Alchemist Asset Reconstruction
Company Limited
3,33,19,84,211
3,33,19,84,211
2 FC0000002 Bank of India
5,98,44,130
5,98,44,130
3 FC0000003 Assets Care and Reconstruction
Enterprise Limited
5,67,88,44,757
5,67,88,44,757
4 FC0000004 IIFL Home Finance Limited
20,27,77,717
-
5 FC0000005 IDBI Bank Limited
1,89,62,966
-
Total
9,29,24,13,781
9,07,06,73,098
ANNEXURE-1
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Assets Care and Reconstruction Enterprise Limited
The following securities were assigned to the Applicant at the time of execution of the Assignment
Agreement:
1. Mortgage over a — 6.7 million sq. ft. project along with development
rights (Sare Crescent Park Project) being developed in Gurugram,
Haryana by Corporate Debtor and hypothecation of the receivable
thereunder;
2. Pledge of 100% of shares of SARE Gurugram by SARE Realty Projects
Pvt. Ltd.;
3. Corporate guarantee from SARE Realty Projects Pvt. Ltd.;
4. Pledge of 100% of shares of Ramprastha SARE Landholding Company
Two Private Limited and Ramprastha SARE Landholding Company
Five Private Limited ("Landholding Companies");
5. Corporate guarantees from the Landholding Companies;
6. First ranking charge over the DSRA and the DSRA Amount (1NR 4.86
crores undisbursed out of Altico 220 cr NCDs);
7. Demand Promissory Note by Corporate Debtor;
8. First ranking charge by way of mortgage on project land & unsold
units and hypothecation on all existing and future project receivables
of SARE Meadowville project located in Kolathur, off GST road,
Chennai.
The following Security documents were executed in favour of Axis
Trusteeship Services Limited (Security Trustee/Debenture Trustee): -
a) Memorandum of Entry dated 9 December 2015 in respect of creation of
a mortgage by deposit of title deeds over rights, title and interest in the
properties mortgaged by Ramprastha SARE Landholding Company Two
Pvt. Ltd. and Ramprastha SARE Landholding Company Five Pvt. Ltd.
b) Declaration cum undertaking dated 10 December 2015 in relation to
the creation of a first ranking mortgage by way of deposit of title deeds
in respect of properties mortgaged by Ramprastha SARE Landholding
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Company Two Pvt. Ltd. and Ramprastha SARE Landholding Company
Five Pvt. Ltd.
c) Deed of Hypothecation dated 4 December 2015 executed by Corporate
Debtor, Ramprastha SARE Landholding Company Five Pvt. Ltd. and
Ramprastha SARE Landholding Company Two Pvt. Ltd. creating a first
ranking pari passu charge on the moneys, receivables, cash in hand in
the Escrow account, a first ranking pari passu charge over KKR-
Debenture DSRA, a first and exclusive charge over Issue Proceeds
account and over all monies lying in credit of the issue proceeds
account.
d) Corporate Guarantee dated 4 December 2015 issued by Ramprastha
SARE Landholding Company Two Pvt. Ltd.
e) Corporate Guarantee dated 4 December 2015 issued by Ramprastha
SARE Landholding Company Five Pvt. Ltd.
f) Corporate Guarantee dated 4 December 2015 issued by SARE Realty
Projects Pvt. Ltd.
g) Pledge Agreement dated 4 December 2015 creating first pari passu
pledge of 100% equity shares of the Corporate Debtor.
h) Memorandum of Entry 9 December 2015 recording creation of mortgage
by deposit of title deeds of properties owned by the Corporate Debtor.
i) Declaration cum undertaking dated 10 December 2015 in relation to
the creation of a first ranking mortgage by way of deposit of title deeds
in respect of properties mortgaged by Corporate Debtor.
j) Memorandum of Entry dated 25 November 2016 in respect of creation
of a mortgage by deposit of title deeds over rights, title and interest in
the properties mortgaged by Corporate Debtor, Ramprastha SARE
Landholding Company Two Pvt. Ltd. and Ramprastha SARE
Landholding Company Five Pvt. Ltd.
k) Declaration cum undertaking dated 25 November 2016 in relation to
the creation of a first ranking mortgage by way of deposit of title deeds
in respect of properties mortgaged by the Corporate Debtor.
l) Declaration cum undertaking dated 25 November 2016 in relation to
the creation of a first ranking mortgage by way of deposit of title deeds
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in respect of properties mortgaged by Ramprastha SARE Landholding
Company Two Pvt. Ltd.
m) Declaration cum undertaking dated 25 November 2016 in relation to
the creation of a first ranking mortgage by way of deposit of title deeds
in respect of properties mortgaged by Ramprastha SARE Landholding
Company Five Pvt. Ltd.
n) Unattested Share Pledge Agreement dated 2 March 2017 executed by
SARE Realty Projects Pvt. Ltd. and Manoj Thakur creating 1st pan
passu charge over equity shares of Corporate Debtor.
o) Share Pledge Agreement dated 24 November 2016 creating Pt ranking
pari passu pledge over 100% issued and fully paid-up shares of
Ramprastha SARE Landholding Company Two Pvt. Ltd. and
Ramprastha SARE Landholding Company Five Pvt. Ltd.
p) Demand Promissory Note dated 24 November 2016 issued by Corporate
Debtor.
q) Corporate Guarantee dated 24 November 2016 issued by Ramprastha
SARE Landholding Company Two Pvt. Ltd. and Ramprastha SARE
Landholding Company Five Pvt. Ltd.
r) Corporate Guarantee dated 2 March 2017 issued by SARE Realty
Projects Pvt. Ltd.
s) Memorandum of Hypothecation dated 24 November 2016 by Corporate
Debtor, Ramprastha SARE Landholding Company Five Pvt. Ltd. and
Ramprastha SARE Landholding Company Two Pvt. Ltd. creating a first
ranking pari passu charge on project receivables.
t) Memorandum of Entry dated 14 May 2018 in respect of creation of a
mortgage by deposit of title deeds over rights, title and interest in the
properties mortgaged by Corporate Debtor.
u) Declaration cum undertaking dated 14 May 2018 in relation to the
creation of a first ranking mortgage by way of deposit of title deeds in
respect of properties mortgaged by the Corporate Debtor.
v) Memorandum of Entry dated 14 May 2018 in respect of creation of a
mortgage by deposit of title deeds over rights, title and interest in the
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properties mortgaged by Ramprastha SARE Landholding Company Two
Pvt. Ltd. and Ramprastha SARE Landholding Company Five Pvt. Ltd.
w) Declaration cum undertaking dated 14 May 2018 in relation to the
creation of a first ranking mortgage by way of deposit of title deeds in
respect of properties mortgaged by Ramprastha SARE Landholding
Company Two Pvt. Ltd.
x) Declaration cum undertaking dated 14 May 2018 in relation to the
creation of a first ranking mortgage by way of deposit of title deeds in
respect of properties mortgaged by Ramprastha SARE Landholding
Company Five Pvt. Ltd.
y) Unattested Share Pledge Agreement dated 14 May 2018 creating 1st
pari passu charge on shares held by Corporate Debtor and Ramprastha
SARE Landholding Company Five Pvt. Ltd. in Ramprastha SARE
Landholding Company Two Pvt. Ltd. and on shares held by Corporate
Debtor and Ramprastha SARE Landholding Company Two Pvt. Ltd. in
Ramprastha SARE Landholding Company Five Pvt. Ltd.
z) Unattested Share Pledge Agreement dated 14 May 2018 creating 1st
pari passu charge on shares held by SARE Realty Projects Pvt. Ltd. and
Manoj Thakur in Corporate Debtor.
aa) Demand Promissory Note dated 14 May 2018 issued by the Corporate
Debtor.
bb) Non disposal Undertaking dated 14 May 2018 issued by SARE Realty
Singapore Pte Ltd. and SARE Realty Projects Pvt. Ltd. with respect to
FCDs and land held at Amritsar.
cc) Non disposal Undertaking dated 14 May 2018 issued by SARE Cyprus
Ltd. with respect to FCDs and land held at Indore.
dd) Non disposal Undertaking dated 14 May 2018 issued by SARE (Cyprus)
SPV (No. 4) Ltd. and SARE (Cyprus) SPV (No. 11) Ltd. with respect to
equity shares, FCDs and land at Panvel.
ee) Phase-2 undertaking dated 14 May 2018 issued by the Corporate
Debtor.
ff) FCD Undertaking dated 25 June 2018 issued by SARE Realty Singapore
Pte Ltd. and Corporate Debtor.
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gg) Undertaking dated 25 May 2018 issued by Sare Realty Projects Pvt. Ltd.
with respect to the Non disposal undertakings executed by SARE Realty
Singapore Pte Ltd., SARE Cyprus Ltd., SARE (Cyprus) SPV (No. 4) Ltd.
and SARE (Cyprus) SPV (No. 11) Ltd.
hh) Simple mortgage deed dated 8 June 2018 executed by SARE Realty
Projects Pvt. Ltd.
ii) Memorandum of Hypothecation dated 14 May 2018 executed by SARE
Realty Projects Pvt. Ltd. and Corporate Debtor creating a charge on
receivables and Project Accounts.
jj) Share Pledge Agreement dated 14 May 2018 executed by SARE (Cyprus)
SPV (No. 4) Ltd. and SARE Realty Projects Pvt. Ltd.
kk) Share Pledge Agreement dated 14 May 2018 executed by SARE Realty
Singapore Pte Ltd.
ll) Deed of Guarantee dated 14 May 2018 executed by SARE Realty
Projects Pvt. Ltd.
mm) Deed of Guarantee dated 14 May 2018 executed by Ramprastha SARE
Landholding Company Two Pvt. Ltd.
nn) Deed of Guarantee dated 14 May 2018 executed by Ramprastha SARE
Landholding Company Five Pvt. Ltd.
oo) Deed of Hypothecation dated 14 May 2018 executed by Corporate
Debtor, Ramprastha SARE Landholding Company Two Pvt. Ltd. and
Ramprastha SARE Landholding Company Five Pvt. Ltd.
