Mumbai: An affiliate of the US-headquartered private equity major KKR has filed a petition in the Bombay High Court asking to be heard first should one of their portfolio firms SARE Homes approach it for relief.KKR India Asset Finance filed a caveat petition earlier this month and law firm AZB - Partners are advising the investors in the dispute.KKR also filed a similar plea against other investors of SARE, Altico India Capital as well as Kuwait-based Wafra Capital Partners.
In November 2016, SARE Homes raised Rs 435 crore (around $63.5million) from Altico Capital and KKR for a township project in National Capital Region (NCR).
SARE Homes is promoted by London-based Duet group, a global asset and real estate management firm.
It started its operation sometime in 2006.Under Section 148(A) of the Civil Procedure Code (CPC), if SARE Homes or any of its subsidiaries wishes to approach the Bombay High Court to seek any relief against KKR or Alticos entities, they will have to give 48 hours advance notice to them to ensure the caveator is heard before any order is passed, said Sandeep Singhi, managing partner of corporate and dispute resolution firm Singhi - Co.
The caveat petition has been filed to avoid any ex parte order in case SARE Home approaches the Bombay High Court, said another lawyer.The caveat petitions have been filed against SARE Realty Singapore, Impact Sare Magnum Township, SARE (Cyprus) SPV, SARE Shelters Project, Avon Infracon and Ramprastha Sare Landholding among others."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 colenders 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.