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NATIONAL COMPANY LAW TRIBUNAL, MUMBAI BENCH COURT III

Item No.110 IA(I.B.C)/4689(MB)/2025

In C.P.(IB)/880(MB)/2024

CORAM: MS. LAKSHMI GURUNG, MEMBER (J)

SH. HARIHARAN NEELAKANTA IYER, MEMBER (T) ORDER SHEET OF THE HEARING ON 26.03.2026

(HEARING THROUGH: HYBRID MODE)

NAME OF THE PARTIES : Aditya Birla Finance Limited VS

Merchant Real Estate Pvt Ltd Appearance

For Applicant: Adv. Archit Virmani i/b Optimus Legal (PH)

For Respondent : Adv. Shantanu Ray i/b Meraki Chambers (PH)

SECTION 7 OF THE IBC, 2016 __________________________________________________________________________

ORDER

IA(I.B.C)/4689(MB)/2025 [Sec.60(5)]

1. This application has been filed by Encore Asset Reconstruction Company Private Limited seeking following prayers:

a. Allow the Applicant to carry out the amendment by way of substitution of the Applicant, i.e. Encore Asset Reconstruction Company Private Limited herein as the Applicant and deletion of the Original Applicant (Aditya Birla Finance Ltd) from C.P. (IB) No.

880 of 2024;

b. Pass any other order that this Hon’ble Tribunal may deem fit in the facts and circumstances of this case.

2. Ld. Counsel for the respondent company i.e. the Corporate Debtor (CD)

vehemently opposes the present application on following two grounds:

i. There is delay in filing the present application as vide order dated

13.06.2025 only two weeks’ time was granted to the applicant.

ii. The present proceedings before this Tribunal are not covered under the assignment agreement dated 31.12.2024, as the same

is not mentioned in the Schedule-1 as pending litigation.

3. In response thereto, Ld. Counsel for the applicant has drawn our attention to clause 1.1 and Schedule 1 of the said assignment deed annexed to the application as Exhibit-B. Clause 1.1 refers to the

definition of financing documents and loans as follows:

Financing Documents means all the agreements, deeds and/or documents, executed in favour of the Assignor and/or entered into between the Assignor and any Borrower and/or any third parties, inter alia setting out the terms and conditions on which the Assignor has agreed to provide Financial Assistance to such Borrower, including any writings creating/evidencing a Security Interest, pledge and/or guarantee in favour of the Assignor and any undertakings by any Person, on the basis of which the Assignor disbursed or made available such Financial Assistance. The description of the immovable properties over which Security Interests have been created in favour of the Assignors is as set out

in Schedule 1 annexed thereto

Loans means the aggregate of all Amounts Due and all other monies whatsoever stipulated in or payable, under the Financing Documents, by the Borrowers to the Assignor, including but not limited to past overdues, future payments, interest charges for delayed payments, indemnities and damages or other charges and/or all other monies, if any, received or to be received by the Assignor under the Financing Documents, including the proceeds of any enforcement of the Financing Documents or any Security Interests and/or pledge, created by any Borrower to secure the repayment of the Financial Assistance under the Financial Documents and/or any guarantee issued in relation thereto. The Amount Due in respect of the Loans is provided more particularly in

Schedule 1.

4. Schedule-1 provides the details of the borrower and contains the name of the Corporate Debtor which shows outstanding of Principal Amount of

Rs. 2,09,26,226 and interest of Rs. 1,94,21,753 aggregating to Total Outstanding Amount of Rs. 4,03,47,979. It is submitted that the loan facility was extended to the Corporate Debtor under Account No ABFLVASLAP0000052865 which is the only account mentioned in

Schedule-1.

5. Ld. Counsel for the applicant has then referred to Clause 2.1.1, 2.2.2 &

2.2.5 pertaining to the Assignment which clearly indicate that the Assignor has assigned and transferred the above loan and is left with no

right.

2.1.1. ….. the Assignor as the true,