Allowed

Pegasus Assets Reconstruction Pvt. Ltd. v. M/S. Radiance Properties (I) Private Limited and Anr.

Bombay HC17 Jan 2024IA/988/2019

Case brief

AI extract

What is this about?

The Court allowed an interim application for substitution of the applicant in a Civil Revision Application following the assignment of the debt to the assignee. The Court dispensed with reverification and permitted service of the amended application.

What did the court decide?

Interim application allowed; amendment to Civil Revision Application permitted within one week; service of amended application permitted within two weeks; reverification dispensed with.

Pegasus Assets Reconstruction Pvt. Ltd. Vs M/S. Radiance… — Arbitration | Bombay HC (2024)

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p12.ia.988.19.doc

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Ajay

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IN THE HIGH COURT OF JUDICATURE AT BOMBAY CIVIL APPELLATE JURISDICTION

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INTERIM APPLICATION NO. 988 OF 2019

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IN

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CIVIL REVISION APPLICATION NO. 20 OF 2017

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Pegasus Assets Reconstruction Ltd. ..Applicant
IN THE MATTER OF:
The Abhyudaya Co-operative Bank..Applicant
Versus
M/s. Radiance Properties (I) Pvt. Ltd. and Anr...Respondents

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Mr. Amit Tungare a/w. Mr. Rishikesh Chindarkar, Advocates for Applicant.

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CORAM :MILIND N. JADHAV, J.

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DATE:JANUARY 17, 2024.

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P.C.:

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1. Not on Board. Mentioned. Taken on Board.

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2. Heard Mr. Tungare, learned Advocate for Applicant.

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3. Present Interim Application seeks substitution of the name of

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the Applicant in place of the original Revision Applicant i.e. Abhyudaya
Co-operative Bank Limited. It is averred in the Application that the
debt which is subject matter of Civil Revision Application has been
purchased by the Applicant and the same has been assigned to the
Applicant – Company by the Revision Applicant - Abhyudaya Co-
operative Bank Limited. No details are given in paragraph No.4 of the
Interim Application. However the statement made by Mr. Tungare,
learned Advocate is noted and accepted by the Court.

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p12.ia.988.19.doc

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4. For the reasons mentioned in the Interim Application, there can be no impediment in allowing the Interim Application since the Civil Revision Application will not be prosecuted by the assignee of the debt.

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5. In that view of the matter, Interim Application stands allowed in terms of prayer clause (a). Applicant is permitted to carry out the amendment in the Civil Revision Application in accordance with law to do so within a period of one week from today. Reverification stands dispensed with.

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6. Pursuant to carrying out the amendment, Applicant is permitted to serve a fresh copy of the amended Civil Revision Application on the Respondents within a period of two weeks from today.

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7. With the above directions, Interim Application is allowed and

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disposed.

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8. List the Civil Revision Application on Board on 07^th February,

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2024.

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9. Interim Application No.988 of 2019 is disposed.

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[ MILIND N. JADHAV, J. ]

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Ajay

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Digitally signed by AJAY AJAY TRAMBAK TRAMBAK UGALMUGALE UGALMUGALE Date: 2024.01.17 19:29:46 +0530

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Pegasus Assets Reconstruction Pvt. Ltd. v. M/S. Radiance Properties (I) Private Limited and Anr.

Case brief

What is this about?

What did the court decide?

Pegasus Assets Reconstruction Pvt. Ltd. v. M/S. Radiance Properties (I) Private Limited and Anr.

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Parties & counsel

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