M/s.Lic Housing Finance Ltd., v. M/s.Riverside Infrastructure
Case brief
What is this about?
The Single Judge allowed an application to implead an Asset Reconstruction Company in a winding-up petition. The court directed the sale of company assets via the SARFAESI Act to realize dues for creditors, closing the winding-up petition.
What did the court decide?
Impleadment of Edelweiss Asset Reconstruction Company Limited ordered and the winding up petition closed with a direction to sell assets under SARFAESI.
What the court decided
1
IN THE HIGH COURT OF JUDICATURE AT MADRAS
DATED : 19.01.2016
CORAM:
THE HONOURABLE MR. JUSTICE S.MANIKUMAR
C.P.No.127 of 2015 and Comp.A.No.1248 of 2015
C.P.No.127 of 2015
M/s. LIC Housing Finance Ltd., Rep. by its Area Manager, "Harrington Chambers", Block No.C, No.30/1A, Abdul Razack, 1st Street, Saidapet, Chennai - 600 015.
.... Petitioner
...Vs....
M/s.Riverside Infrastructure (India) Pvt. Ltd., 4/318, MARG Axis, Futura Building, 5th Floor, Rajiv Gandhi Salai, Kottivakkam, Chennai - 600 0041
.... Respondent
Issues for consideration
2 issues framed by the court
Whether Edelweiss Asset Reconstruction Company Limited should be impleaded as the proper respondent regarding the assigned debt.
Whether the winding up petition should be considered given the parties' consensus on asset realization under SARFAESI.
Parties & counsel
- petitioner
M/s. LIC Housing Finance Ltd.
- respondent
M/s.Riverside Infrastructure (India) Pvt. Ltd.
- intervenor
Edelweiss Asset Reconstruction Company Limited
Coram
Case details
As recorded by the court registry
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