Asset Reconstruction Company (India) Limited, v. M/S Pec Electrical Private Limited (In Liquidation)

THE HON'BLE SRI JUSTICE C.V.NAGARJUNA REDDY COMPANY APPLICATION No.1236 of 2015 in C.P.No.57 of 2012 08.09.2015 Between:

M/s.Asset Reconstruction Company (India) Ltd., Mumbai ...Applicant And M/s.PEC Electrical Private Ltd., (in liqn.) and another

...Respondents

Counsel for the applicant: Mr.N.Ashwini Kumar for Mr.P.Sriharsha Reddy Counsel for respondent No.1: Mr.M.Anil Kumar for Official Liquidator Counsel for respondent No.2: -- The Court made the following:

ORDER:

This application is filed by the applicant to substitute itself for non-applicant No.2 - State Bank of India.

The applicant claimed that non-applicant No.2 is the secured creditor of the company in liquidation (respondent No.1) and that it entered into an assignment agreement, dated 18.07.2014, with non-applicant No.2 for the consideration mentioned therein, whereupon non-applicant No.2 sold, assigned, transferred and released the loan with the underlying security interests including the original charge and all the modification thereto and all its rights, title and interests in the loan to the applicant under Section 5 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002.

The Official Liquidator has submitted his report, wherein he has not disputed the claim of the applicant relating to the assignment of the loan to it by non-applicant No.2.

In the light of the above facts, this Company Application is ordered.

__________________________ (C.V.NAGARJUNA REDDY, J) 08th September, 2015 GHN