Ifci Venture Capital Funds Ltd. versus M/s Minwool Rock Fibers Ltd.

Debts Recovery Tribunal-Il, Delhi

TA 167212023 IFCI VENTURE CAPTTAL FUNDS LTD Vs M/S MINwooT ROCK FIBERS LTD

29.t0.2025

Item no.14

Present: Mr. Bhavishya,^proxy counsel for Mr. Nitin Dahiya, Counsel for applicant FI

Matter is taken through Video conferencing/Hybrid mode.

The Ld. counset for the applicant FI has filed the assignment deed vide dy. no.1LL3slzoz5 and has submitted that the debt has been assigned by the applicant FI to the Econo Tech seryices h/t. Ltd. and now the applicant has nothing to do with the debt. It is further submitted that the assignee is not a financial institution as defined under provisions of the RDB Act and therefore, the assignee cannot proceed against the defendant under section 19 of the RDB Act. Therefore, it is prayed that TA may be dismissed.

From perusal of the documents it is clear that the IFCI Venture capita! Funds Ltd. has filed this TA against the defendants and during pendenry of the present rA, has assigned the debt to Econo Tech seruices h/t. Ltd. As per his own statement the assignee is not an Asset Reconstruction company or Financial Institution and has no right to proceed under the section 19 of the RDB Act. Therefore, the assignee has no right to proceed with the present rA. In the light of the above the TA is liable to be dismissed as prayed by the Ld. counsel for the applicant FI.

ORDER

The T4/67212023 is dismissed.

File be consigned to record room.

c

r#' s9; (susHrl rut'nn RASToGI) PRESIDING OFFICER DRT-II, Delhi

Ifci Venture Capital Funds Ltd. v. M/s Minwool Rock Fibers Ltd.