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NATIONAL COMPANY LAW APPELLATE TRIBUNAL
Ashok Bhushan, J
JM Financial Asset Reconstruction Company Ltd. – Appellant
Versus
Howrah Mills Company Ltd – Respondent
| Table of Content |
|---|
| 1. financial creditor's appeal against rejection of insolvency application. (Para 1 , 2) |
| 2. arguments on the validity of the assignment agreement. (Para 4 , 5) |
| 3. court's finding on debtor's obligation despite assignment. (Para 22 , 23 , 24) |
JUDGMENT
(12th July, 2024)
Ashok Bhushan, J.
1. This Appeal by the Financial Creditor has been filed challenging the order dated 25.01.2024 passed by the Adjudicating Authority (National Company Law Tribunal), Court No.II, Kolkata rejecting Section 7 application filed by the Appellant- Financial Creditor. Aggrieved by the order rejecting Section 7 application, the Financial Creditor has filed this Appeal.
2. Brief facts of the case necessary to be noticed for deciding this appeal are:-
2.1. Federal Bank had advanced various loans to Howrah Mills Company Limited (Corporate Debtor) in the year 2013 amounting to Rs.40.38 Crores. Federal Bank declared the loan accounts of the Corporate Debtor as Non- Performing Asset (NPA) on 30.12.2015. Federal Bank assigned the loans given to the Corporate Debtor with all right, title and security interest in favour of the Appellant vide a Registered Assignment Agreement dated 30.03.2016. Due to conti
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