KKR, private equity major, an affiliate to US headquarters has filed a petition in Bombay High Court seeking to be heard first before one of their portfolio forms SARE homes approach it for relief.
A caveat petition was filed by KKR India asset finance and also law firm AZB and partners are advising the investor in the dispute.
A similar plea has been filed by KKR against other investors of SARE, Altico India capital and Kuwait West Africa capital partners. Earlier in November 2016 SARE homes raised rupees 435 crore from Altico capital and KKR for a township project in national capital region (NCR) also SERA group is promoted by London-based do it grow a global asset and real estate management firm. Its work was started in year 2006.
Sandeep Singhi managing partner of corporate and dispute resolution firm Singhi & corporate stated, " If under section 148 (A) of CPC, SARE homes or any of its subsidiary approached the Bombay High Court to seek any kind of relief against KKR for Altico's entities it is mandatory that it will have the give 48 hours advance notice to them to ensure the caveator is heard before any order is passed. Also other lawyer stated, "The caveat petition has been filed to avoid any ex-parte order in case SARE home approaches the Bombay High Court."
KKR v cabinet petition against SARE Realty, Singapore impact SERA Magnum township SERA Cyprus SPV, SERA shelter project, Avon infracon and ramprastha sare landholdings.
"The caveat filed by KKR India Asset Finance is for asking them to be heard before any orders are passed in connection with the current Delhi High Court proceedings. KKR and Altico were co-lenders to SARE Homes and therefore are aligned in the court proceedings. Caveat is a procedural step which one would expect a responsible lender to file to remain in knowledge of developments in the court proceedings,” Altico Capital India said in its response to ET's query.
Courtesy/By: Renu Kathale
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20 Jun 2019
