# In the matter of Boss Profiles Limited MA-298-2019 in TCP-126-IB-CB-2017

> NCLT judgment dated 2019-07-19. Citation: TCN-2019-NCLT-02406. The case involves an application filed by Asset Reconstruction Company (India) Limited…

- **Court:** NCLT
- **Order date:** 19 Jul 2019
- **Citation:** TCN-2019-NCLT-02406
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/boss-profiles-limited-ma-298-2019-in-tcp-126-ib-cb-2017-708da82c

## Summary

### Background

The case involves an application filed by Asset Reconstruction Company (India) Limited (Applicant) against the rejection of its claim by the Liquidator in the matter of M/s. Boss Profiles Limited. Initially, M/s. Boss Profiles Limited owed ₹42,08,86,784 to Bank of India and Indian Overseas Bank as of 2009-03-31. Indian Overseas Bank and Bank of India assigned their debts to the Applicant in 2008. Subsequently, the Applicant entered into an agreement with M/s. Poddar Projects Limited for the takeover of this debt. However, since full payment from Poddar Projects Limited did not materialize, the Applicant approached DRT-I for substitution, which was dismissed. The Applicant then approached DRAT, which also dismissed the appeal. The Applicant then filed a Writ Petition

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## Facts

M/s. Boss Profiles Limited initially owed ₹42,08,86,784 to Bank of India and Indian Overseas Bank as of 2009-03-31. Indian Overseas Bank assigned its debt to Asset Reconstruction Company (India) Limited (Applicant) on 2008-03-19, and Bank of India assigned its debt to the Applicant on 2008-03-31. The Applicant then entered into an agreement with M/s. Poddar Projects Limited on 2009-07-29 for the takeover of this debt. Since full payment from Poddar Projects Limited did not materialize, the Applicant approached DRT-I on 2013-04-11 for substitution, which was dismissed. DRAT also dismissed the appeal on 2017-01-06. The High Court of Madras dismissed the Writ Petition filed by the Applicant on 2018-07-09. The Supreme Court of India also dismissed the appeal. The Applicant

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## Issues and analysis

### Issue 1: Whether the Liquidator was justified in rejecting the claim of the Applicant, Asset Reconstruction …

**Ratio:** The legal principle applied is that an assignee cannot claim rights that have already

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**Reasoning:** The NCLT reasoned that the Liquidator was correct in rejecting the Applicant's claim

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**Interpretation:** This issue involves the interpretation of assignment agreements and the

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**Application:** The ratio and reasoning apply to the specific facts because the Applicant had

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## Parties

- **Judges:** B.S.V. Prakash…
- **Appellants:** M/s. ASSET…
- **Respondents:** M/s. Boss…; V. Nagarajan,…

## Timeline

- **2009-03-31 — Initial…**: M/s. Boss Profiles Limited owed ₹42,08,86,784…
- **2008-03-19 — Debt Assi…**: Indian Overseas Bank assigned its debt to…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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