The Tribunal allowed an interim application seeking substitution of the appellant, Bank of Baroda, as rare asset reconstruction limited, based on an assignment agreement dated February 18, 2021.
Rare Asset Reconstruction Limited to be substituted for Bank of Baroda; amendments to be carried out within a week.
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IN THE DEBTS RECOVERY APPELLATE TRIBUNAL AT KOLKATA
Appeal No. 119 of 2018
THE HON’BLE MR. JUSTICE ANIL KUMAR SRIVASTAVA CHAIRPERSON
13.03.2023
Bank of Baroda … Appellant
-Vs-
Mrs. A. Sailaja Reddy & Another … Respondents
Mr. Debasish Chakrabarti with Ms. Sharmistha Pal, Learned Counsel for Appellant
THE APPELLATE TRIBUNAL :
I.A. 218 of 2022
This application is for substitution on the ground that loan has been assigned by Bank of Baroda (earlier Vijaya Bank) to Rare Asset Reconstruction Limited. Assignment Agreement, dated 18th February, 2021, entered into by and between Bank of Baroda and Rare Asset Reconstruction Limited is annexed with the application.
I find the ground sufficient. Accordingly, Rare Asset Reconstruction Limited be substituted in place of Bank of Baroda. Necessary amendment be carried out within a week.
I.A. 218 of 2022 is allowed.
List on 13th June, 2023 for hearing.
(Anil Kumar Srivastava,J) Chairperson
Dated: 13th March, 2023 13/ac
1 issue framed by the court
Whether the appellant Bank of Baroda can be replaced by Rare Asset Reconstruction Limited in light of the assignment agreement.
1 provisions across 1 enactments
Bank of Baroda
Mrs. A. Sailaja Reddy & Another
Anil Kumar Srivastava
As recorded by the court registry
7 orders share this CNR
Judgements on the same questions, provisions and authorities, from every court
