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ALLAHABAD HIGH COURT
N/A, N/A
M/s. Chopra Fabricators and Manufacturers Pvt. Ltd. – Appellant
Versus
M/s. Kotak Mahindra Bank Ltd. – Respondent
| Table of Content |
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| 1. understanding initial debt assignment and implications. (Para 2 , 4 , 9) |
| 2. evaluating objections regarding the assignment validity and relevant laws. (Para 5 , 6 , 8 , 10 , 12 , 20 , 23) |
| 3. final ruling supports the assignment as legitimate banking practice. (Para 18 , 21 , 26) |
1. Sri. P. K. Jain, learned Senior Advocate assisted by Sri. Raj Kumar Tiwari appear for the applicant M/s. Chopra Fabricators and Manufacturers Pvt. Ltd. Sri. Om Prakash Mishra, appears for the petitioner - M/s. Kotak Mahindra Bank Ltd.
2. On 23.10.2009 the matter was directed to be listed for hearing on the question of maintainability of the company petition, in that, whether the debts of M/s. Chopra Fabricators and Manufacturers Pvt. Ltd (hereinafter referred to as - the company) could be validly assigned by State Bank of India to the petitioner - M/s. Kotak Mahindra Bank Ltd. and on the basis of such assignment, a winding up petition can be filed.
3. An interim order was passed by the court on 23.10.2009 restraining respondent company and its Directors, Officers or Agents from transferring, alienating and or creating any third party interest on the mortgaged assets.
4. The applicant - re
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