Edelweiss Asset Reconstruction Company Limited 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 482, 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, Mannachanallur, Thiruppanjili Road Mela Kavalkara Street, Mannachanallur - 620 005.

... 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 16.07.2024 executed between the Petitioner and HDB FINANCIAL 1/8

SERVICES LIMITED bearing No.P/150/2024 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 16.07.2024 executed between Petitioner and HDB Financial Services Limited bearing No.P/150/2024 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 SARFEASI Act, 2002. Petitioner is acting in its capacity as trustee of EARC Trust - SC 482 for 2/8

the benefit of the holders of security receipts issued by the trustee thereunder.

4.HDB Financial Services Limited, (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 documents along with all its rights, title and interest in the financing documents and any underlying security interests, pledges and/or guarantees, in respect of such loans, pursuant to the terms and subject to the conditions as envisaged under Section 5(1)(b) of SARFAESI Act, 2002.

6.The Assignment Agreement was executed between the Assignee and Assignor on 16.07.2024 with an intention to assign certain debts along with underlying securities, in favour of Assignee and submitted the above agreement before the Sub Registrar of Manachanallur on 16.07.2024 for registration.

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7.It is submitted that the Assignment Agreement dated 16.07.2024 has been kept pending since then. The properties covered under the said Assignment Agreement dated 16.07.

2024 falls within the limits of the following Sub Registration Office, Registration District and Zones: Sub Registrar Office Registration District Zone Trichy Joint I and II x 3 Schedules Trichy Trichy Trichy Joint I x 1 Schedules Trichy Trichy Thiruverumbur x 1 Schedules Trichy Trichy Thirukovilur x 1 Schedules Villupuram Cuddalore Trichy Joint I x 1 Schedules Trichy Trichy Pudukkottai x 2 Schedules Pudukkottai Trichy Keeramangalam x 2 Schedules Pattukkottai Tanjore Manapparai x 2 Schedules Trichy Trichy Mannachanallur x 2 Schedules Trichy Trichy Kadampuliyur x 1 Schedules Cuddalore Cuddalore Srirangam x 1 Schedules Trichy Trichy Thiruchirapalli Joint III x 1 Schedules Trichy Trichy Lalgudi x 1 Schedules Ariyalur Trichy Pappanadu x 1 Schedules Pattukottai Tanjore Mannargudi x 1 Schedules Thiruvarur Tanjore Karunthatthankudi X 1 Schedules Thanjavur Tanjore Muthupet x 1 Schedules Thiruvarur Tanjore 8.

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 of 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 made clear that this Court has not expressed any views with regard to the 5/8

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 6/8

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, Mannachanallur, Thiruppanjili Road Mela Kavalkara Street, Mannachanallur - 620 005.

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MOHAMMED SHAFFIQ, J.

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