Persons entitled
- The Industrial and Credit and Investment Corporation of India LTD
Amount secured
Rs 44.75 lacs
Short particulars
The whole of the moveable properties of the company including its moveable plant and machinery, machinery spares, tools and accessories and other moveables both present and future (save and except book debts) whether installed or not whether now lying loose or in cases which are now lying or stored in or about or shall hereafter from time to time during the continuance of the charge be brought, into or upon or be stored or be in or about the company's factories, premises and godowns at telinipara, district hooghly in the state of west bengal or wherever else the same may be or be held by any party to the order of disposition of the company or in the course of transit or on high seas or on order or delivery howsoever and wheresoever in the possession of the company and either by way of substitution or addition. The charge is subject to (I) the prior charges created and/or to be created by the company in favour of the company's bankers on its stocks of raw materials, semi-finished and finished goods, consumable stores and book debts and such other moveables as may be specifically permitted by the mortgagee in writing (hereinafter referred to as "the bankers' goods") to secure the borrowings from time to time for working capital requirements of the company in the ordinary course of its business; (ii) subject to the prior charges in favour of the industrial credit and investment corporation of india limited on specific equipment for the foreign currency loan of £262,468 equivalent to us $523,888 (about rs 43 lacs) sanctioned by that mortgagee, I C I C I and (iii) subject to prior charges created in favour of state bank of india on specific items of machinery purchased under the deferred payment facilities granted by state bank of india to the extent of rs 1.3 lacs. The charge is to rank pari passu with charge created in favour of the industrial credit and investment corporation of india limited the company not to create any charge, mortgage, lien or other encumbrance upon or over the charged property or any part thereof except in favour of the mortgagee but the company may hypothecate by way of first charge in favour of its bankers over the bankers' goods, such charges in favour of such bankers to rank in priority over the charge.