TMI Blog2021 (5) TMI 780X X X X Extracts X X X X X X X X Extracts X X X X ..... /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 Ind ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rprise Ltd. (hereinafter referred to as 'Applicant') is an asset reconstruction Company, registered as such, pursuant to Section 3 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Securities Interest Act, 2002. (3) It is stated that during the pendency of the instant Petition, particular loan assets of the Respondent No. 1/Financial Creditor, including the right title and interest over the Facility have been assigned to the Applicant (in its capacity as the trustee of India Real Estate 2021 Trust) herein by virtue of an assignment agreement dated 04th March 2021 ('Assignment Agreement') with effect from 10th March 2021. In terms of the Assignment Agreement, the Applicant is the full and ab ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... arable loss if the irreparable loss if the application is not allowed. 3. The Respondent No. 1 has filed Memorandum dated 22.04.2021, by inter alia stating as follows: (1) It is stated that by virtue of an Assignment Agreement dated 04th March 2021 ('Assignment Agreement') entered into between the Applicant and the Financial Creditor/Respondent No. 1, the Financial Debt which is the subject matter of the present proceedings U/s 7 of the IBC, 2016 has been assigned to the Applicant (in its capacity as trustee of India Real Estate 2021 Trust). This Assignment, including all rights, title and interests over the underlying security interest over the underlying security interest over the term loan issued by the Financial Creditor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... il Navalgund, learned Counsel for the Applicant and Mr. Pradeep Nayak, learned Counsel for the Respondent No. 1 through video conference. We have carefully considered the pleadings of the Parties and the Rules made thereunder. 5. During the course of the proceedings dated 22.03.2021, 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 Responden ..... X X X X Extracts X X X X X X X X Extracts X X X X
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