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TMI Blog2015 (3) TMI 283X X X X Extracts X X X X X X X X Extracts X X X X ..... ects ICICI Bank Limited to deposit the said amount in separate fixed deposit, receipt of which to be deposited with the Official Liquidator and for not disbursing the amount in favour of the applicant, being the assignee of ICICI Bank Limited. 2. Mr. Mihir Joshi, learned advocate appearing with Mr. Singhi for M/s. Singhi & Co. for the appellant has drawn our attention to paragraph 7 of the impugned order which reads as under: "7. It appears from the report submitted by the Official Liquidator that the Official Liquidator is having a sum of Rs. 24,24,08,587/- in the company's account as on date. The workers claim subject to verification, at present, is approximately of Rs. 1.71 Cro ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t case, they will refund the same within a period of one week along with the interest that may be determined by the Court. So far as balance amount is concerned, as and when the final ratio is determined and the claims of the workers as well as the Dena Bank and other secured creditors are considered and verified, the same can take care of such claims. The Official Liquidator is permitted to open the dividend account for making the said payment and the said payment is to be made only on furnishing the usual undertaking as stated above. So far as balance amount is concerned, the Official Liquidator is directed to deposit the same in the Fixed Deposit in any Nationalized Bank initially for a period of six months so that there may not be any l ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y clear that the moment ICICI Bank Ltd. transfers the debt with underlying security, the borrower(s) ceases to be the borrower(s) of the bank and becomes the borrower(s) of Kotak Mahindra Bank Ltd (assignee). Thus it is explicitly clear that Kotak Mahindra Bank has become entitled to recover the amount from the borrowers and therefore their prayer for substitution cannot be rejected. 6. 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 as observed in the foregoing paragraphs. Therefore, so far as the other issues which are kept ..... X X X X Extracts X X X X X X X X Extracts X X X X
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