Allowed

M S Uttam Foma Techno-Cast Private Limited v. Idbi Bank and Ors.

DRAT6 Dec 2023MISC APPLICATION/44/2020

Case brief

AI extract

What is this about?

The Debts Recovery Appellate Tribunal allowed an intervention application filed by ICICI Bank Limited, now the assignee of a secured creditor, seeking to be impleaded despite the underlying appeal having been previously disposed of before its assignment.

What did the court decide?

Intervention application allowed; appellant directed to amend pleadings to bring assignee into party array within two weeks.

M S Uttam Foma Techno-Cast Private Limited versus Idbi Bank and Ors. — DRAT (2023) — LawSathi Research

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BEFORE THE DEBTS RECOVERY APPELLATE TRIBUNAL, AT: MUMBAI Present: Mr Justice Ashok Menon, Chairperson M.A. No. 44/2020 In

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Misc. Appeal No. 91/2011

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Between M/s Uttam Foma Techno Cast Pvt. Ltd. … Appellant/s V/s.

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IDBI Bank Ltd. & Ors. …Respondent/s Mr Fraser Alexander along with Mr Sameer Shaikh, i/b M/s Consulta Juris, Advocate for Appellant.

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Mr Huda Qureshi, i/b M/s K. K. Associates, Advocate for Respondent No.1

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Mr Sidharth Samantarey along with Mr Vinod Kothari& Mr Priyansh Jain, i/b M/s Apex Law Partners, Advocate for Intervener (IARC)

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-: Order dated: 06 /12/2023:-

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Misc. Application No. 44 of 2020 is an intervention application filed in Misc. Appeal No. 91 of 2011 which arises from the Appeal No. 10 of 2009 which was disposed of by the Ld. Presiding Officer, Debts Recovery Tribunal, Pune (D.R.T.). The intervener is claiming right through ICICI Bank Limited by way of assignment and this assignment took place after the disposal of the appeal. Therefore, it seeks intervention to be made a party because their interest is also involved as the assignee of one of the secured creditors. Hence, the application for intervention.

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The Ld. Counsel appearing for the Appellant submits that the Appellant was not a party to the appeal filed before the D.R.T. Still, it is relevant to note that the intervener’s predecessor ICICI Bank Limited is a party to the appeal filed as Appeal No. 10 of 2009 and therefore, the assignment after the disposal of the appeal would

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create interest in favour of the assignee, and being an interested party, needs to intervene. Hence, the application for intervention filed as M.A. No. 44 of 2020 is allowed.

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The Appellant is directed to carry out necessary amendments to bring the intervener into the party array within two weeks. 4. The parties' contentions are kept open for consideration in appeal.

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Post on 20.12.2023 before the Registrar for carrying out amendment.

Sd/-

Chairperson

mks-22

M S Uttam Foma Techno-Cast Private Limited v. Idbi Bank and Ors.

Case brief

What is this about?

What did the court decide?

M S Uttam Foma Techno-Cast Private Limited v. Idbi Bank and Ors.

Case brief

What is this about?

What did the court decide?

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