Invent Assets Securitisation and Econstruction Pvt. Ltd. vs Piramal Capital and Housing Finance Limited — Bombay HC (2025) — LawSathi Research

Invent Assets Securitisation and Econstruction Pvt. Ltd. vs Piramal Capital and Housing Finance Limited — Bombay HC (2025) — LawSathi Research

What the court decided

AI extract

Outcome

Interim Application allowed and disposed: substitution of the Assignor's name (Piramal Capital And Housing Finance Ltd.) by the Proposed Applicant's name (Invent Assets Securitisation and Reconstruction Pvt. Ltd.) in Execution Application No. 82 of 2023 in terms of prayer clause (a); amendments to be carried out within two weeks; amended proceedings to be served on the Respondent within two weeks thereafter, with affidavit of service.

Issue for consideration

Whether the name of the Proposed Applicant (Invent Assets Securitisation and Reconstruction Pvt. Ltd.), to whom the Judgment Debtor's account stands assigned, should be substituted for that of the Assignor (Piramal Capital And Housing Finance Ltd.) as Applicant in Execution Application No. 82 of 2023.

Court's answer

The Court held that the Interim Application be allowed in terms of prayer clause (a), i.e., the names of the Assignor are to be substituted by the name of the Proposed Applicant in Execution Application No. 82 of 2023, in terms of the amended memo of parties annexed as Exhibit C.

Ratio / Principle

Amendments are to be carried out within a period of two weeks, and the amended proceedings are to be served upon the Respondent within two weeks thereafter, with an appropriate affidavit of service to be filed.

Detailed headnote1 paragraphs

Bombay High Court (Abhay Ahuja, J.) — Interim Application No. 77 of 2025 in Execution Application No. 82 of 2023 allowed. On the basis of an assignment agreement dated 7th October, 2024, whereby the account of the Judgment Debtor (Bikram Chintaharan Sen, Borrower) was assigned to Invent Assets Securitisation and Reconstruction Pvt. Ltd., the Court permitted substitution of the Assignor (Piramal Capital And Housing Finance Ltd.) by the Proposed Applicant in the pending Execution Application, in terms of prayer clause (a) and the amended memo of parties annexed as Exhibit C. Amendments to be carried out within two weeks; amended proceedings to be served on the Respondent within two weeks thereafter, with affidavit of service. Order corrected as per speaking to minutes of the order dated 10th October, 2025.

IA 77-25 in EXA 82-23-corrected.doc

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

INTERIM APPLICATION NO. 77 OF 2025 IN EXECUTION APPLICATION NO. 82 OF 2023

Invent Assets Securitisation and Reconstruction Pvt.Ltd. ...Applicant In the matter between Piramal Capital And Housing Finance Ltd. ...Applicant V/s. Bikram Chintaharan Sen (Borrower) ...Respondent

Ms. Aditi Biswas i/b Vidhii Partners, Advocate for the Applicant. Mr. A. S. Pal with Mr. Janmesh Vora i/b Mehta and Pandamsey for the Respondent.

P.C. :

This Interim Application seeks substitution of the name of the Applicant in the Execution Application by the name of the Applicant in the Interim Application.

Ms. Biswas, learned Counsel appears for the Applicant and submits that by a assignment agreement dated 7^th October, 2024, the account of the Judgment Debtor has been assigned to the Applicant and that, therefore, this Court may allow the Application.

This order is corrected as per speaking to minutes of the order dated 10^th October, 2025. Nikita Gadgil 1/2

IA 77-25 in EXA 82-23-corrected.doc

Having heard the learned Counsel and having perused the Application, with her assistance, this Court is of the view that the Interim Application be allowed in terms of prayer Clause (a), which reads thus:-

“(a) Allow this application and substitute the names of the Assignor by the name of the Proposed Applicant in the Execution Application No. 82 of 2023 pending before this Hon’ble Court, in terms of the amended memo of parties annexed as Exhibit C hereto.”

Let the amendments be carried out within a period of two weeks.

Let the amended proceedings be served upon the Respondent within a period of two weeks thereafter and an appropriate affidavit of service be filed in this regards.

The Interim Application is allowed and disposed as above.

(ABHAY AHUJA, J.)

Digitally
signed by
NIKITA
NIKITA YOGESH
YOGESH GADGIL
GADGIL Date:
2025.10.11
12:42:18
+0530

This order is corrected as per speaking to minutes of the order dated 10^th October, 2025. Nikita Gadgil 2/2