JUDGMENT

(28^th 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 Assignment Agreement dated 29.03.2022 and to impound the original agreement. Adjudicating Authority heard the parties on both the applications and by impugned order has allowed the IA (IBC) 504/KB/2022 permitting substitution of ‘Phoenix Arc Pvt. Ltd.’ and dismissed the IA (IBC) 1371