Single judge allowed interim application for substitution of assignee in commercial execution proceedings under SARFAESI Act based on assignment agreement.
Interim application made absolute; substitution of applicant ordered.
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(13)IA-4941-2022.doc
rajshree
Digitally signed by RAJSHREE RAJSHREE KISHOR KISHOR MORE MORE Date: 2023.12.05 10:24:57 +0530
IN THE HIGH COURT OF JUDICATURE AT BOMBAY
ORDINARY ORIGINAL CIVIL JURISDICTION
INTERIM APPLICATION NO.4941 OF 2022
IN
COMMERCIAL EXECUTION APPLICATION (L) NO.1832 OF 2019
| Phoenix ARC Private Limited | ] | .. | Applicant |
|---|---|---|---|
| IN THE MATTER OF : | |||
| L & T Finance Ltd. | ] | .. | Award Holder/ Judgment Creditor |
| vs. | |||
| Cosmas Pharmcls Ltd.&Ors. | ] | .. | Judgment Debtors/ Respondents |
Mr.Mustafa Bohra and Radhika Nair i/b M/s.Solomon & CO. for the Applicant-proposed Judgment Creditor.
CORAM : BHARATI DANGRE, J
DATE : 4th December, 2023.
P.C.
1] By the present Interim Application, the Judgment Creditor seek substitution of its assignee in the Commercial Execution Application (L) No.1832/2019.
2] Perused the Application and heard the learned counsel for the Applicant.
The applicant has placed on record the Assignment Agreement dated 29.03.2022 entered between L & T Finance Limited and the
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(13)IA-4941-2022.doc
Substituted Applicant Phoenix ARC, a securitization and reconstruction Company registered under Section 3 of the SARFAESI Act and under the said Agreement, the assignee is entrusted with all the rights available to it and the terms of assignment as well as the Assigner’s Representations and Warranties are set out in the said Assignment Agreement.
In the wake of above agreement, it has become necessary to implead the Phoenix ARC as a party in place of L & T Finance Ltd., the Decree Holder/Judgment Creditor for effective execution of the Award.
3] In the wake of the above, the Interim Application is made absolute in terms in pryaer clause (a) to (c).
Necessary amendment to be carried as per the schedule, within a period of one week from today.
Reverification is dispensed with.
[BHARATI DANGRE, J]
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Phoenix ARC Private Limited
Cosmas Pharmcls Ltd.
Bharati Dangre
As recorded by the court registry
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