Re: Flat/Shop Owners of Vikrant Building, Kurla (West), Mumbai

Sub: Loan Availed by M/s Konshila Developers Pvt Ltd from Abhyudaya Coop Bank Ltd subsequently assigned to Pegasus Assets Reconstruction Pvt Ltd

 

With reference to the captioned subject, we, the members of Vikrant Building, Kurla (West), Mumbai as per the list of the Annexure A for ready reference, have to state as under,

Konshila infrastructures Pvt Ltd availed of certain credit facilities over Rs.9.00 Crores (Rupees nine Crores), against the mortgage of the following properties

i) Open 5 Land Plots at Village Vihoor, Alibaug, Murud Sasav Road, Tal Murud, Raigad.

ii) Two Flats at Sector-20, Nerul, Navi Mumbai.

iii) 13 Shops and 38 Flats in Building to be constructed of Kurla LIG Vikrant CHS Ltd., Vinobha Bhave Nagar, Kurla (w), Mumbai – 400 070.

We, the members have paid the sale consideration as enumerated in the Annexure to the Builders (Mr. Mangesh Sangle and Subodh Gite) and subsequently the Agreement of sale has been registered with the Sub Registrar of Assurances.

However, the Builder (Mr. Mangesh Sangle and Subodh Gite) did not make the payments of the outstanding dues to the Bank and the Account turned Non-Performing Asset. The Debt along with underlying securities were assigned by Abhyudaya Coop Bank Ltd to Pegasus Assets Reconstruction Pvt Ltd by Assignment Agreement dated 30^th June 2007 and registered with the Sub Registrar of Assurances.

Pegasus initiated its recovery proceedings and has obtained Order dated 7^th February 2020 from the Additional Chief Metropolitan Magistrate, Esplanade, Mumbai and appointed the Assistant Registrar to take over possession of the mortgaged Flats and to hand over the same to the Authorized Officer of Pegasus (Major shareholder Mr. Rakesh Jhunjhunwala)

It is pertinent to note that the flats have been registered from August,2014 to October,2020 by the Builder (Mr. Mangesh Sangle and Subodh Gite) with the Sub Registrar Office, during the loan account being in operation with Abhyudaya Coop Bank and even subsequently when the loan account with underlying securities have been assigned in favor of Pegasus (Major shareholder Mr. Rakesh Jhunjhunwala)

Furthermore, both the Bank and Pegasus (Major shareholder Mr. Rakesh Jhunjhunwala) have not taken any action to recover their outstanding dues from the said Builder (Mr. Mangesh Sangle and Subodh Gite).

Pegasus has now sought to enforce the mortgaged security under the provisions of SARFAESI Act,2002and are now proceeding to take physical possession of the said mortgaged flats, the entire monies of the Agreement of which has been already paid to the Builder (Mr. Mangesh Sangle and Subodh Gite)

Pegasus (Major shareholder Mr. Rakesh Jhunjhunwala) is not willing to enforce the security against the other Valuable Mortgaged immovable properties. Pegasus ( in this scenario is not taking any sympathetic grounds and wants to evict all the mortgaged flat owners for no rhyme or reason as the Agreement for sale consideration is already deposited with the Borrower builder (Mr. Mangesh Sangle and Subodh Gite).

We therefore request your indulgence on Humanity grounds to save the shelter of thirty-eight flat (38) owners and thirteen shop (13) owners with our members such as Senior Citizens, Ladies and children’s futures are at risk.

An early revert in the matter will be highly appreciated.

MEMBERS OF VIKRANT BUILDING C-WING & SHOPS,
KURLA (WEST)
MUMBAI