Allowed

Kotak Mahindra Bank Ltd. v. Siddhivinayaka International and Ors.

Bombay HC2 Jul 2024IA/1858/2024

Case brief

AI extract

What is this about?

The Hon'ble Court allowed the applicant's Interim Application to amend the Execution Application and a related Disclosure Interim Application. This was done to correct an inadvertent error in the title regarding the assignee bank (changing from Bajaj Finance to Magma Fincorp). The amendment was ordered to be carried out within three weeks.

What did the court decide?

Interim Application allowed; amendment to be carried out within three weeks to correct the assignee's name in the Execution Application and Disclosure Interim Application.

Kotak Mahindra Bank Ltd. vs Siddhivinayaka International and Ors. — Bombay HC (2024) — LawSathi Research

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24:BHC-OS:1

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Diksha Rane 262. IA 1858-24.doc

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

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INTERIM APPLICATION NO.1858/2024 IN

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EXECUTION APPLICATION NO.1790/2015

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KOTAK MAHINDRA BANK LTD. ..APPLICANT VS. SIDDHIVINAYAKA INTERNATIONAL & ORS. ..RESPONDENTS -----------Adv.Nehal Deshmukh i/b. S. I. Joshi & Co. for applicant.

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CORAM : Rajesh S. Patil, J.

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DATE : July 2, 2024.

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P.C. :

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1. This Interim Application is filed to amend the Execution Application as per the schedule annexed and also to permit the applicant to file additional affidavit in support of the Execution Application.

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2. It is the case of the applicant that by Deed of Assignment dated 31 March 2017, the right, title and interest with underlying security and financial documents, pertaining to the respondents-judgment debtors have been assigned to applicant (Kotak Mahindra Bank Ltd.) by the assignor. Hence, the applicant has become the absolute

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Diksha Rane 262. IA 1858-24.doc

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owner of the said account and are entitled to recover the outstanding dues from the respondents-judgment debtors and also to continue the litigation pending and/or to file fresh litigation against the respondents-judgment debtors.

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3. The amendment for substitution was carried out in terms of the order dated 26 July 2019 and 3 January 2020 in the Execution Application. However, in the rider for amendment, inadvertently it was mentioned that “the Assignee of original Award holder, Bajaj Finance Ltd. having its office at 4^th floor, Bajaj Finserve Corporate office at of Pune Ahmednagar Road, Viman Nagar, Pune – 411 014” in place of “the Assignee of original Award holder, Magma Fincorp Ltd. a Company duly incorporated under the Companies Act, 1956 carrying on business and having its registered office at Magma House, 24, Park Street, Kolkata – 700 016.”

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4. After the applicant realised inadvertent mistake, the present Interim Application is filed to amend/correct the title of the Execution Application and the title of the Interim Application filed for “Disclosure”.

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5. Heard.

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Diksha Rane 262. IA 1858-24.doc

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6. I have gone through the contents of the Interim Application, and I am satisfied that the case is made out to allow this Interim Application. The Interim Application is allowed in terms of prayer clauses (a) and (b).

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7. Amendment to be carried out within a period of three weeks from today.

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8. Interim Application is disposed of.

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(Rajesh S. Patil, J.)

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Signed by: Diksha Rane Designation: PS To Honourable Judge Date: 03/07/2024 14:30:22

Kotak Mahindra Bank Ltd. v. Siddhivinayaka International and Ors.

Case brief

What is this about?

What did the court decide?

Kotak Mahindra Bank Ltd. v. Siddhivinayaka International and Ors.

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Statutes considered

Parties & counsel

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