TMI Blog2019 (10) TMI 419X X X X Extracts X X X X X X X X Extracts X X X X ..... red to M/s. Poddar Projects Limited, therefore no right has remained vested with this Applicant to proceed any further against this Corporate Debtor save and except proceeding against the M/s. Poddar Projects Limited to whom this debt was further assigned. Application dismissed. - MA/298/2019 In TCP/126/IB/CB 2017 - - - Dated:- 19-7-2019 - MR B.S.V. PRAKASH KUMAR, MEMBER (JUDICIAL) For The Applicant : Ms. Abitha Banu, Advocate For The Respondent : Shri V. Nagarajan, Liquidator ORDER Per : B.S.V. PRAKASH KUMAR, MEMBER (JUDICIAL) It is an application filed by the Asset Reconstruction Company (India) Limited (Applicant) assailing the reject ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ling the orders passed by the DRT and DRAT stating that since the investor (M/s. Poddar Projects Limited) failed to perform its obligations, the applicant canvassed before the Honorable High Court that its status in respect to the debt assigned by the Banks shall be restored, so that it could proceed against the Corporate Debtor. On being examined, the Honorable High Court on 09.07.2018 dismissed the Writ Petition 5121 of 2017 making observation in Para 19, which are follows: The fifty respondents also submitted that the claim of the petitioner company that the Agreement of Assignment does not in any way preclude the rights of the petitioner as secured creditor cannot be accepted. The petitioner cannot have two simultaneous ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... favor of M/s. Poddar Projects Limited, I am of the view that the Liquidator has rightly rejected the claim of this Applicant, because the reason for rejection of the claim is since the Hon ble DRT, Hon ble DRAT, Hon ble High Court of Madras and Hon ble Supreme Court of India held that this Applicant will not have any locus to proceed against the Corporate Debtor for the right of assignment conferred upon by this Applicant by the two banks aforementioned has already been transferred to M/s. Poddar Projects Limited, therefore no right has remained vested with this Applicant to proceed any further against this Corporate Debtor save and except proceeding against the M/s. Poddar Projects Limited to whom this debt was further assigned. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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