Allowed

Integro Finserv Private Limited v. L and T Finance Limited and 3 Ors.

Bombay HC5 Dec 2024IA/3112/2024

Case brief

AI extract

What is this about?

The Court.allowed the substitution of Integro Finserv Private Limited as the Claimant/Decree Holder in connected execution applications, replacing the original holder L & T Finance Limited based on deeds of assignment under the SARFAESI Act. Amendments were directed within four weeks.

What did the court decide?

The Applicant be substituted as Claimant/Decree Holder; amendments to execution applications allowed.

Integro Finserv Private Limited vs L and T… — Contract and Commercial Disputes | Bombay HC (2024)

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901 to 905.doc

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

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INTERIM APPLICATION NO. 4382 OF 2022 IN

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EXECUTION APPLICATION NO. 1205 OF 2015

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Integro Finserv Private Limited ...Applicant V/s. L and T Finance Limited ...Respondent

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WITH INTERIM APPLICATION (L) NO. 15510 OF 2022

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IN EXECUTION APPLICATION NO. 2304 OF 2015 WITH INTERIM APPLICATION NO. 2759 OF 2024 IN EXECUTION APPLICATION NO. 2835 OF 2015 WITH INTERIM APPLICATION NO. 3112 OF 2024 IN EXECUTION APPLICATION NO. 1595 OF 2015 WITH INTERIM APPLICATION NO. 3256 OF 2024 IN

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EXECUTION APPLICATION NO. 1859 OF 2015

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Ms. Riya Pichaya with Ms. Isha Pasal i/b D. S. Law, Advocate for the Applicant.

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Digitally signed by NIKITA NIKITA YOGESH YOGESH GADGIL GADGIL Date: 2024.12.05 17:15:12 +0530

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P.C. :

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CORAM : ABHAY AHUJA, J. DATE : 5^th DECEMBER, 2024

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These Interim Applications seek substitution of the Applicant in

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place and instead of L & T Finance Limited who was the original

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Claimant/Decree Holder.

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Nikita Gadgil 1/3

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901 to 905.doc

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Ms. Pichaya, learned Counsel appears for the Applicant and submits that vide Deed of Assignment dated 26^th June, 2019 under the Securitization and Reconstruction of Financial Assets and Enforcement of Securities Interest Act, 2002 (“SARFAESI”), L & T Finance Limited had assigned the entire outstanding loans/debts against the various borrowers viz. the Respondents in these applications alongwith further interest on all receivables including the underlying security interest and all the right, title and interest of the L & T Finance Limited in favour of CFM Asset Reconstruction Private Limited. Thereafter, vide Deed of Assignment dated 16th February, 2022, CFM Asset Reconstruction Private Limited has made a similar assignment in favour of the Applicant and therefore, the Applicant has stepped into the shoes of original Decree Holder and has become lender to the respective Respondents. Learned Counsel, therefore, submits that the Applicant be allowed to substitute its name in place of the original Claimant/Decree Holder in the Execution Applications as well as the connected Chamber Summons and/or the Interim Applications.

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Having heard the learned counsel and having perused the Applications, this Court is of the view that the Applications be allowed in terms of prayer clauses (a) and (b) which read thus :

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Nikita Gadgil 2/3

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901 to 905.doc

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“(a) That the Applicant be substituted as Claimant/Decree Holder in place and instead of L & T Finance Limited, the Original Claimant/ Decree Holder.

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(b) That the Applicant be allowed to carry out the amendment to the Execution Application and all other proceedings as per Schedule-I annexed hereto.”

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Let the amendments be carried out within a period of four weeks. Let copy of the amended applications be served upon the Respondents and appropriate affidavits of service be filed by the next date.

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The Applications accordingly stand allowed and disposed as above.

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(ABHAY AHUJA, J.)

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Nikita Gadgil 3/3

Integro Finserv Private Limited v. L and T Finance Limited and 3 Ors.

Case brief

What is this about?

What did the court decide?

Integro Finserv Private Limited v. L and T Finance Limited and 3 Ors.

Case brief

What is this about?

What did the court decide?

What the court decided

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