Allowed

Official Liquidator of v. M/S Ifci Ltd.

Karnataka HC13 Dec 2023CA/272/2018

Case brief

AI extract

What is this about?

The High Court of Karnataka allowed an application for the substitution of Assets Care and Reconstruction Enterprise Limited in place of DBS Bank Limited in a company application regarding debt assignment. The court permitted the amendment of the cause title.

What did the court decide?

The applicant is permitted to be substituted in place of M/s. DBS Bank Limited, Respondent No.13 in C.A. No.366/2015.

Official Liquidator of Vs M/S Ifci Ltd. — Company and Corporate | Karnataka HC (2023)

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1 - NC: 2023:KHC:45874 CA No. 272 of 2018 IN CA No.366 of 2015 IN COP No.32 of 2011

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IN THE HIGH COURT OF KARNATAKA AT BENGALURU DATED THIS THE 13^TH DAY OF DECEMBER, 2023

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BEFORE

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THE HON'BLE MR JUSTICE C.M. POONACHA COMPANY APPLICATION NO. 272 OF 2018

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COMPANY APPLICATION NO.366 OF 2015

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COMPANY PETITION NO.32 OF 2011

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BETWEEN:

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OFFICIAL LIQUIDATOR OF M/S JUPITE BIOSCIENCE LTD (IN LIQN) ATTACHED TO HIGH COURT OF KARNATAKA “CORPORATE BHAVAN”, NO.26-27, 12^TH FLOOR, RAHEJA TOWERS, M G ROAD BENGALURU 560001.

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…APPLICANT

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(BY SRI. NAGARAJ M., ADVOCATE)

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AND:

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Digitally signed by BHARATHI S Location: HIGH COURT OF KARNATAKA

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M/S IFCI LTD PROPOSED SUBSTITUTION IMPLEADING APPLICANT ASSETS CARE & RECONSTRUCTION ENTERPRISE LIMITED

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II FLOOR, MOHAN DEV BLDG, 13, TOLSTOY MARG, NEW DELHI-110001

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…RESPONDENT

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(BY SRI.SHRISHAI NAVALGUND., ADVOCATE FOR OL)

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THIS COMPANY APPLICATION IS FILED UNDER RULE 9 OF THE COMPANY (COURT) RULES, 1959 FOR SUBSTITUTION/IMPLEADMENT OF THE APPLICANT I.E. ASSETS CARE AND RECONSTRUCTION ENTERPRISE LTD. IN PLACE OF DBS BANK LIMITED IN TERMS OF ASSIGNMENT AGREEMENT DATED 29.03.2017 AND ETC.

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THIS APPLICATION, COMING ON FOR ORDERS, THIS DAY, THE COURT MADE THE FOLLOWING:

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NC: 2023:KHC:45874 CA No. 272 of 2018 IN CA No.366 of 2015 IN COP No.32 of 2011

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ORDER

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The present application is filed by the applicant to be substituted in place of Respondent No.13 in C.A. No.366/2015.

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It is averred in the affidavit accompanying the application that the applicant i.e., Assets Care & Reconstruction Enterprise Limited (ACRD) has entered into a Deed of Assignment dated 29.03.2017, with the Respondent No.13M/s.DBS Bank Limited who has assigned its debts in favour of the applicant.

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No objections are filed to the said application.

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In view of the averments made in the application, C.A. No.272/2018 is allowed. The applicant in the said application is permitted to be substituted in place of M/s. DBS Bank Limited who is Respondent No.13 in C.A. No.366/2015.

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Learned counsel for the applicant in C.A. No.366/2015 to amend the cause title and file amended cause title within one week.

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SD/JUDGE

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Official Liquidator of v. M/S Ifci Ltd.

Case brief

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Official Liquidator of v. M/S Ifci Ltd.

Case brief

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