Edelweiss Asset Reconstruction Company Ltd v. The Inspector General Of Registration

IN THE HIGH COURT OF JUDICATURE AT MADRAS

DATED : 11.06.2025

CORAM

THE HONOURABLE MR.JUSTICE MOHAMMED SHAFFIQ Edelweiss Asset Reconstruction Company Limited, Trustee of The EARC Trust-SC 493, Represented by its Authorized Signatory, Mr.Arvind Kumar Jha, Having its register office at Edelweiss House, Off C.S.T.Road, Kalina, Mumbai - 400 098.

... Petitioner(s) Vs.

1.The Inspector General of Registration, Office of the Inspector General of Registration, No.100, Santhome High Road, Chennai - 600 028.

2.The Sub Registrar, O/o.The Sub Registrar Office, Thiruvallur Joint-I, 201, J N Road, Taluk Office Compound, Thiruvallur - 602 001.

... Respondent(s) Prayer: Writ Petition filed under Article 226 of the Constitution of India, praying to issue a Writ of Mandamus, directing the 2nd respondent to register, release and handover the Assignment Agreement dated 24.12.2024 executed between the Petitioner and Centrum Housing 1/10

Finance Limited, bearing No.P/Tiruvallur Joint 1/529/2024 within a time -frame to be fixed by this Hon'ble Court.

For Petitioner(s) : Ms.B.Sharmila For Respondent(s) : Ms.Bakkiyalakshmi for R1 & R2 Government Advocate

ORDER

By consent of learned counsel on both sides, this writ petition is taken up for final disposal at the admission stage itself. 2.The present writ petition is filed praying for a writ of mandamus to direct the 2nd respondent to register, release and handover the Assignment Agreement dated 24.12.2024 executed between petitioner company and Centrum Housing Finance Limited, bearing No.P/Tiruvallur Joint 1/529/2024 within a time frame to be fixed by this Court.

3.Petitioner herein, Edelweiss Asset Reconstruction Company Limited, is a company registered under the companies Act, 1956 (hereinafter referred to as "Assignee") and registered as an Asset Reconstruction Company in terms of Section 3 of SARFAESI Act, 2002. 2/10

Petitioner is acting in its capacity as trustee of EARC Trust - SC 493 for the benefit of the holders of security receipts issued by the trustee thereunder.

4.Centrum Housing Finance Limited, a public limited company registered under the companies Act, 2013, (hereinafter referred to as the "Assignor"), is engaged in the business of extending finance facilities to its customers upon execution of financing documents. 5.The Assignor approached the Assignee and expressed its willingness to assign certain loans which were disbursed under financial facilities along with all its rights, title and interest in the financing documents along with underlying security interests, pledges and/or guarantees in respect of such loans, to and in favour of the Assignee, pursuant to the terms and subject to the conditions as envisaged under Section 5(1)(b) of SARFAESI Act.

6.The Assignment Agreement was executed between the Assignee and Assignor on 24.12.2024 with an intention to assign certain debts along with underlying securities in favour of Assignee and submitted the 3/10

above agreement before the Sub Registrar of Tiruvallur Joint 1 on 24.12.2024, for registration.

7.It is submitted that the Assignment Agreement dated 24.12.2024 has been kept pending since then. The properties covered under the said Assignment Agreement dated 24.12.2024 falls within the limits of the following Sub Registration Office, Registration District and Zones: S.No.

Sub Registrar Office Registration District Zone Thiruvallur Joint I X 17 Schedules Thiruvallur Thiruvallur Gudiyatham X 2 Schedules Vellore Vellore Vellore X 3 Schedules Vellore Vellore Manapparai X 3 Schedules Trichy Trichy Alangudi X 3 Schedules Pudukottai Tanjore Perambakkam X 4 Schedules Kanchipuram Kanchipuram Thiruvalangadu X 4 Schedules Kanchipuram Thiruvallur Elumalai X 1 Schedule Periyakulam Madurai Musiri X 1 Schedule Trichy Trichy Jollarpettai X 1 Schedule Vellore Vellore Kanchipuram Joint II X 1 Schedule Kanchipuram Kanchipuram Chettikulam X 1 Schedule Perambalur Trichy Pammal X 2 Schedules Chennai South Chennai Manavalanagar X 2 Schedules Thiruvallur Thiruvallur Redhills X 2 Schedules Chennai North Chennai Kariyapatti X 1 Schedule Virudhunagar Ramanathapuram Pallikonda X 2 Schedules Vellore Vellore Pullambadi X 1 Schedule Ariyalur Trichy 4/10

S.No.

Sub Registrar Office Registration District Zone Thuraiyur X 1 Schedule Ariyalur Trichy Thiruverambur X 5 Schedules Trichy Trichy Ambasamuthiram X 1 Schedule Cheranmahadevi Tirunelveli Pochampalli X 1 Schedule Krishnagiri Salem Ambur X 7 Schedules Vellore Vellore Tiruthani X 4 Schedules Thiruvallur Thiruvallur R.K.

S.No.

Sub Registrar Office Registration District Zone Krishnagiri Joint II X 1 Schedule Vellore Vellore Manachanallur X 1 Schedule Trichy Trichy Purasaiwalkam X 1 Schedule Chennai Central Chennai Chennai Central Joint II, Thousand Lights X 1 Schedule Chennai Central Chennai Tirupur Joint - II X 1 Schedule Vellore Vellore Madurai South Joint - I X 1 Madurai Madurai K.

8.The 2nd respondent has kept the document pending and has issued memorandum to all the Sub Registrars mentioned in the table above, seeking issuance of "No Objection Certificate" from the concerned Sub Registrars in respect of the properties covered under the aforesaid Assignment Agreement.

9.It is submitted by the learned Government Advocate for the respondents that it is only because "No Objection Certificates" is yet to be obtained from some Sub Registrars mentioned in the above table, document is kept pending for consideration.

10.It is further submitted that once "No Objection Certificates" are obtained from the remaining Sub Registrars wherever it has not been obtained till date, assignment agreement would be registered and released if it is otherwise in order within a period of 12 weeks from the date of receipt of uploading, which was agreed to by the learned counsel for the petitioner.

11.Recording the same, this writ petition is disposed of. It is 7/10

made clear that this Court has not expressed any views with regard to the merits of the case and it is open to the concerned respondent to consider the case on its own merits and in accordance with law. No costs. 11.06.2025 Index : Yes/ No Speaking (or) Non Speaking Order pam 8/10

To 1.The Inspector General of Registration, Office of the Inspector General of Registration, No.100, Santhome High Road, Chennai - 600 028.

2.The Sub Registrar, O/o.The Sub Registrar Office, Thiruvallur Joint-I, 201, J N Road, Taluk Office Compound, Thiruvallur - 602 001.

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MOHAMMED SHAFFIQ, J.

pam 11.06.2025 10/10