Declaration of Sunil Kumar Patel in Support of

Debtor’s Response to Motion for Relief from Stay

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Joyce W. Lindauer

State Bar No. 21555700

Joyce W. Lindauer Attorney, PLLC

1412 Main Street, Suite 500

Dallas, Texas 75202

Telephone: (972) 503-4033

Facsimile: (972) 503-4034

PROPOSED ATTORNEYS FOR DEBTOR

UNITED STATES BANKRUPTCY COURT

NORTHERN DISTRICT OF TEXAS

DALLAS DIVISION

IN RE: § 

§

MILAN SAI JOINT VENTURE, LLC § CASE NO. 24-33560-mvl

§

Debtor. § CHAPTER 11

DECLARATION OF SUNIL KUMAR PATEL IN SUPPORT OF

DEBTOR’S RESPONSE TO MOTION FOR RELIEF FROM STAY

1. My name is Sunil Kumar Patel. I am over the age of 18 years, of sound mind, and 

am competent and otherwise qualified to make this Affidavit. I have personal knowledge of the 

matters stated herein and they are all true and correct to the best of my knowledge.

2. I am the managing member of Milan Sai Joint Venture, LLC, debtor in the above 

titled and numbered case (“Debtor”). I am an authorized representative of the Debtor. This 

Declaration is made in support of the Debtor’s Response to the Motion for Relief from Stay filed 

by Gregory S. Milligan as receiver (“Receiver”) for Pride of Austin High Yield Fund I, LLC 

(“POA”) (Dkt. No. 24, the “Motion”).

3. Contrary to the Motion, the Debtor did not file this case solely to halt the foreclosure 

sale scheduled by the Receiver. Although the pending sale was a factor, the primary reason the 

case was filed was to provide the Debtor with a “breathing spell” in which to reorganize under 

Chapter 11. 

Case 24-33560-mvl11 Doc 49 Filed 12/06/24 Entered 12/06/24 11:51:41 Desc Main

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Declaration of Sunil Kumar Patel in Support of

Debtor’s Response to Motion for Relief from Stay

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4. The Debtor’s real property and improvements (the “Property”) are operated by the 

Debtor as an income-producing venture that produces a positive operating cash flow. The Property 

will form the basis of an effective plan of reorganization which the Debtor will file within 90 days

after commencement of this case. If necessary, the owners of the Debtor may contribute new 

capital to the Debtor to support the plan.

5. The Debtor will continue to operate according to the budget approved by the Court 

on November 14, 2024, and commencing on January 1, 2025, will pay the Receiver the contractual 

non-default rate of interest of 7.5% per annum, or $13,500.00 per month, from its operating cash 

flow to protect against any diminution in the value of the Property during this case.

6. The Debtor disputes the amounts being claimed as due and owing by the Receiver 

and in particular the “default interest” which allegedly dates back more than 4 years before the 

filing of the bankruptcy case. 

7. The Debtor also challenges whether the Receiver holds the loan documents against 

the Debtor and whether all notices of default were provided to the Debtor as required by the loan 

documents. The Debtor has served discovery on the Receiver to obtain all his documents under 

the belief that the Receiver does not actually hold the loan. 

8. The maturity date of the Loan expired more than 4 years before the filing of this 

case making the Loan potentially unsecured and the Deed of Trust unenforceable. Based on these 

facts there is no reason to lift the stay. 

9. I declare under penalty of perjury that the statements contained herein and in the 

Debtor’s Objection are within my personal knowledge and are true and correct.

Executed this ___________ day of December, 2024.

Sunil Kumar Patel

5th

Case 24-33560-mvl11 Doc 49 Filed 12/06/24 Entered 12/06/24 11:51:41 Desc Main

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