Back
NATIONAL COMPANY LAW APPELLATE TRIBUNAL
Ashok Bhushan, J
Emta Coal Ltd. – Appellant
Versus
L&T Finance Ltd. – Respondent
| Table of Content |
|---|
| 1. corporate debtor contests substitution of assignee. (Para 1 , 3) |
| 2. (Para 4 , 12) |
| 3. compliance with the sarfaesi act supports assignee's prosecution rights. (Para 6 , 10 , 11) |
| 4. judgment validates registered documents presuming adequate stamping. (Para 9 , 14) |
JUDGMENT
(28th May, 2024)
Ashok Bhushan, J.
The Appeal by Corporate Debtor has been filed challenging the order dated 04.04.2024 passed by the Adjudicating Authority (National Company Law Tribunal), Kolkata Bench (Court-II) in IA (IBC) 504/KB/2022 and IA (IBC) 1371/KB/2023. An application under Section 7 was filed by ‘L&T Finance Ltd.’ against the Corporate Debtor claiming the total default of Rs.74,99,25,691/- and date of default as 15.08.2016 on 27.01.2020. During the pendency of Section 7 application, by Assignment Agreement dated 29.03.2022, the debt was assigned to ‘Phoenix Arc Pvt. Ltd.’- Respondent No.2 herein and an IA (IBC) 504/KB/2022 was filed by ‘Phoenix Arc Pvt. Ltd.’ praying for its substitution in place of ‘L&T Finance Ltd.’. Subsequent to filing of the IA (IBC) 504/KB/2022, the Corporate Debtor filed an IA (IBC) 1371/KB/2023 seeking a direction to ‘L&T Finance Ltd.’ to produce the original Assig
An indispensable Tool for Legal Professionals, Endorsed by Various High Court and Judicial Officers
Please visit our Training & Support
Center or Contact Us for assistance
Scan Me!
India’s Legal research and Law Firm App, Download now!
For Daily Legal Updates, Join us on :
Back to top
