Allowed

Magma Fincorp Limited v. Logic Transwaer India Pvt. Ltd. and 2 Ors. and Kotak Mahindra Bank Ltd. (Applicant)

Bombay HC25 Oct 2021CHS/592/2018

Case brief

AI extract

What is this about?

The bank moved this court to be substituted as the claimant-decree holder in several execution applications following an assignment of receivables to it via a deed of assignment dated March 31, 2017. The court granted the substitution.

What did the court decide?

Chamber Summonses made absolute granting substitution. Amendments to be carried out within six weeks. All summonses disposed of.

Magma Fincorp Limited Vs Logic Transwaer India Pvt… — Execution and Attachment | Bombay HC (2021)

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IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION

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CHAMBER SUMMONS NO.585 OF 2018 IN EXECUTION APPLICATION (L) NO.1584 OF 2014 CHAMBER SUMMONS NO.586 OF 2018 IN EXECUTION APPLICATION NO.945 OF 2015 CHAMBER SUMMONS NO.592 OF 2018 IN EXECUTION APPLICATION NO.437 OF 2015 CHAMBER SUMMONS NO.594 OF 2018 IN EXECUTION APPLICATION NO.1349 OF 2015 CHAMBER SUMMONS NO.599 OF 2018 IN EXECUTION APPLICATION NO.7 OF 2016 CHAMBER SUMMONS NO.606 OF 2018 IN EXECUTION APPLICATION NO.1413 OF 2015 CHAMBER SUMMONS NO.653 OF 2018 IN EXECUTION APPLICATION NO.900 OF 2014 CHAMBER SUMMONS NO.1160 OF 2018 IN EXECUTION APPLICATION NO.1459 OF 2016 CHAMBER SUMMONS NO.1327 OF 2018 IN EXECUTION APPLICATION NO.1350 OF 2014 CHAMBER SUMMONS NO.153 OF 2019 IN EXECUTION APPLICATION NO.2888 OF 2015 CHAMBER SUMMONS NO.156 OF 2019 IN EXECUTION APPLICATION NO.564 OF 2014 CHAMBER SUMMONS NO.160 OF 2019 IN EXECUTION APPLICATION NO.2900 OF 2015 CHAMBER SUMMONS NO.162 OF 2019 IN EXECUTION APPLICATION NO.2163 OF 2016 CHAMBER SUMMONS NO.163 OF 2019 IN EXECUTION APPLICATION NO.2894 OF 2015

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Kotak Mahindra Bank Ltd. .. Applicant-Prop. Claimant In the matter between Magma Fincorp Ltd. .. Org. Claimant-Decree Holder Vs. Planet Worldwide Pvt. Ltd. and Ors. .. Respondents-Judg. Debtors Dynamic Yarns Pvt. Ltd. and Ors. .. Respondents-Judg. Debtors Logic Transware India Pvt. Ltd. and Ors. .. Respondents-Judg. Debtors V.V. Roadline and Ors. .. Respondents-Judg. Debtors JMD Pharma and Ors. .. Respondents-Judg. Debtors Sebastian Marshall D’Souza and Ors. .. Respondents-Judg. Debtors Baba Mungipa Steel Industries Pvt. Ltd. and Ors. .. Respondents-Judg. Debtors Orchid Diamond Studio Pvt. Ltd. and Ors. .. Respondents-Judg. Debtors Arya Diamond Jewellery (I) Pvt. Ltd. and Ors. .. Respondents-Judg. Debtors Ahan Apparel Pvt. Ltd. and Ors. .. Respondents-Judg. Debtors Royal Belts and Ors. .. Respondents-Judg. Debtors Unibios Laboratories Ltd. and Ors. .. Respondents-Judg. Debtors Trimurti Cargo Movers Pvt. Ltd. and Ors. .. Respondents-Judg. Debtors Jewel Melange and Ors. .. Respondents-Judg. Debtors

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13 to 26-CHS-585-2018-GROUP.doc Dixit

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Ms. Jyoti Sanap, i/by V. Deshpande & Co., for the Applicant-Proposed Claimant.

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CORAM : A. K. MENON, J. DATE : 25TH OCTOBER, 2021.

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P.C. :

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In these Chamber Summonses, the applicant-bank seeks to be substituted in place of the original claimant-decree holder and proceed with execution of numerous awards. It is stated that by a common Deed of Assignment of Receivables dated 31st March 2017, the applicant-bank has

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taken over the receivables by way of assignment such that it is now entitled to execute the awards against the respondents-judgment debtors.

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In view of the above, I pass the following order :-

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(i) Chamber Summonses are made absolute in terms of prayer clauses (a) and (b).

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(ii) Amendment to be carried out within a period of six weeks from today.

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(iii) All the above Chamber Summonses are disposed in the above terms.

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SNEHAABHAY Digitally signedby SNEHAABHAY DIXITDate: 13 to 26-CHS-585-2018-GROUP.doc DIXIT 2021.10.2516:48:16 +0530 Dixit

Magma Fincorp Limited v. Logic Transwaer India Pvt. Ltd. and 2 Ors. and Kotak Mahindra Bank Ltd. (Applicant)

Case brief

What is this about?

What did the court decide?

Magma Fincorp Limited v. Logic Transwaer India Pvt. Ltd. and 2 Ors. and Kotak Mahindra Bank Ltd. (Applicant)

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Parties & counsel

Coram

Case details

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