Home Case Index All Cases Insolvency and Bankruptcy Insolvency and Bankruptcy + Tri Insolvency and Bankruptcy - 2021 (5) TMI Tri This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2021 (5) TMI 780 - Tri - Insolvency and BankruptcySeeking replacement of Financial Creditors - Assignment of debt by Financial Creditors to applicant - Applicant seeking to continue prosecuting the instant proceedings against the Respondents/Personal Guarantors, in place of the Respondent No. 1/Financial Creditor etc - Section 60(5)(C) of the IBC, 2016, R/w Rule 11 of the NCLT Rules, 2016 - HELD THAT:- The learned Counsel for the Respondent No. 1/Financial Creditor has submitted that the debt in question has been assigned to the Applicant i.e. Assets Care & Reconstruction Enterprise Ltd. in place of Respondent No. 1/Financial Creditor i.e. M/s. Altico Capital India Ltd. against the Respondent No. 2 and 3/Corporate Debtors i.e. Mr. Vinay K Mehta and Mr. Prateek K Mehta respectively. He has also submitted in his Memorandum dated 22.04.2021 that the Respondent No. 1/Financial Creditor has no objections to the Applicant being substituted in the place of the Respondent No. 1/Financial Creditor. Respondent Nos. 2 and 3 against whom the Petition has been filed u/s. 9 of the Code have no objection. In view of the foregoing the application deserves to be allowed. Application is allowed by substituting the Applicant, namely, M/s. Assets Care and Reconstruction Enterprise Ltd. in place of Respondent No. 1/Financial Creditor, namely, M/s. Altico Capital India Ltd. and also permitting the Applicant to continue prosecuting the instant proceedings against the Respondents/Personal Guarantors, in place of Respondent No. 1/Financial Creditor.
|