Inclusion of name of applicant in the CoC - related party or not ...
Insolvency and Bankruptcy
November 27, 2020
Inclusion of name of applicant in the CoC - related party or not - the Applicant is stepping into the shoes of the Assignor and thereby takes over the right of the Assignor with the onerous crown, which also includes the disadvantage as found in the Assignment Agreement. Thus, if the Assignor of a debt is a Related Party of the Corporate Debtor, as per the ratio laid down by the Hon'ble NCLAT, the Assignee, who is a third party, is also liable to be held as a Related Party of the Corporate Debtor. - Tri
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