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2015 (3) TMI 90 - HC - Companies LawMatter of Substitution - Assignment of debts - Activity permissible under the Banking regulations Act,1949 - Held that:- Having heard learned Senior Advocates for the parties and having gone through the entire records of the case, we are of the opinion that the issue of substitution has already been considered and concluded by the Apex Court in ICICI Bank Limited [2010 (9) TMI 236 - SUPREME COURT OF INDIA] as observed in the foregoing paragraphs. Therefore, so far as the other issues which are kept open by the Apex Court and for which the matters are remanded to this Court, considering the interests of both the sides, we remand the matter to the learned Company Judge and deem it fit to keep the matter open at large before the learned Company Judge permitting the parties to raise contentions after completing pleadings. The issues other than substitution shall be allowed to be raised before the learned Company Judge. The learned Company Judge shall decide the issues afresh keeping in mind the pleadings and recent law developed on the subject. It is made clear that the issues, if at all raised by either side shall be decided by the learned Company Judge along with final hearing of the Company Petition. - Appeals are partly allowed.
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