Asset Reconstruction Company (India) Limied, v. M/S. Sanghi Polyesters Limited (In Liquidation)

HON'BLE SRI JUSTICE S.V.BHATT COMPANY APPLICATION No.105 OF 2016 IN COMPANY PETITION No.42 OF 2010 ORDER:

The applicant prays for coming on record by subsisting and/or representing respondent Nos.5 and 11 i.e., Indian Overseas Bank and IDBI Bank Limited respectively as the secured creditor of respondent No.1.

The applicant in assertion of assignment of debt in its favour relies upon assignment deeds dated 28.03.2014 and 12.02.2015. Learned counsel appearing for the applicant and Mr.M.Anil Kumar, counsel for Official Liquidator, for the limited purpose of considering the application, have brought to my attention the relevant clauses dealing with the assignment of debt.

I am satisfied that with the execution of the deeds referred to above, the applicant is a proper and necessary party. The prayer is accepted. The application is allowed and the applicant is impleaded as respondent No.20 in C.P.No.42 of 2010.

____________ S.V.BHATT, J Dt.08.03.2016 Lrkm