Disposed

Hdfc Bank Limited v. phoenix Arc Private limited

DRT9 Apr 2026APPEAL/6/2025

Case brief

AI extract

What is this about?

The DRT Chennai disposed of an appeal filed by HDFC Bank Ltd as infructuous. The court held that since the appellant had assigned the debt to the respondent during the appeal's pendency, no matter remained for adjudication.

What did the court decide?

Appeal No.06/2025 declared infructuous and disposed of. All pending IAs closed.

Hdfc Bank Limited versus phoenix Arc Private limited — Company and Corporate | DRT (2026)

Appeal No.06/2025

09.04.2026

IN THE DEBTS RECOVERY TRIBUNAL-III, CHENNAI

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Dated this the 09^th day of April, 2026

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Present: SMT. S.V. GOWRAMMA Presiding Officer

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APPEAL NO.6 OF 2025 in TRC.NO.744 OF 2024

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O.A.NO.353 OF 2019 (DRT-II Chennai)

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HDFC Bank Ltd Rep by its authorised officer 2^nd floors. ITC centre No.760, Anna Salai Chennai 600 002 ....Appellant

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-Vs-

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Phoenix ARC Private Limited, 3^rd floor, Wallaco Tower 139-140/B/1, Crossing of Sahar Road and Western express Highway Vile, Parle (East), Mumbai-400 057 .....Respondent

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Counsels on record / appeared:

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Counsel for Appellant : M/s K.J. Parthasarathy Counsel for Respondent : M/s Abitha Banu

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:- ORDER -:

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The present Appeal has been filed praying to set aside the order

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passed by the Recovery Officer in the TRC No.744 of 2023 (RC no.21 of 2021 – DRT-II, Chennai) in OA No.353 of 2019 (DRT-II, Chennai) dated 11.11.2024.

Appeal No.06/2025

09.04.2026

The respondent institution had entered appearance and filed their preliminary counter to the Appeal.

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During the pendency of Appeal, a memo was filed by Appellant submitting therein that the above appeal had been filed against the order dated 11.11.2024 by the Recovery officer of this Hon’ble Tribunal attaching the mortgaged property/ secured asset of the appellant pertaining to the borrower Jahath Ramji in the subject TRC No.744 of 2024. The loan account of the borrower/mortgagor Jahath Ramji had been assigned to the Respondent-phoenix ARC (P) Ltd under Deed of assignment dated 30.03.2025. Hence nothing survives for adjudication in the above appeal before this Tribunal and hence prayed for passing necessary orders.

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The respondent institution had also filed memo submitting therein that during the pendency of the Appeal, the appellant has assigned the loans disbursed under the financial documents together with all the right, title, interest in the financing documents and any underlying security interest, pledges or guarantees in respect of the loans in favour of the respondent vide Assignment Deed dated 27.03.2025 registered at Sub-Registrar, Mumbai. In view of the provisions of the SARFAESI Act and the covenants of this agreement, the appellant has now stepped into the shoes of the respondent and is deemed as a lender and entitled to the financial assets or any part thereof free from all encumbrances and to receive all amounts due and take all such other actions and to initiate, continue, enforce and /or

Appeal No.06/2025

09.04.2026

defend al legal proceedings of any nature(civil/criminal) as may be required for the purpose recovery of the loans against the parties mentioned in the Assignment agreement. Hence the respondent prayed to take the memo on record and pass necessary orders.

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Memos filed by both parties are taken on record.

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As the appellant institution had assigned the subject debt of their borrower to the respondent ARC herein, nothing survives for adjudication in the present Appeal.

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Accordingly, the Appeal No.06/2025 stands disposed as infructuous. All pending IAs, if any also stands closed. There shall be no order as to costs.

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Sd/-

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(S.V. GOWRAMMA) PRESIDING OFFICER, DRT-III, CHENNAI

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(Dictated to PS, transcribed by her, corrected, signed and pronounced by me on this the 09^th day of April, 2026)

Hdfc Bank Limited v. phoenix Arc Private limited

Case brief

What is this about?

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Hdfc Bank Limited v. phoenix Arc Private limited

Case brief

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