# In the matter of Luxora Infrastructure Pvt. Ltd. T.C.P. No. 420-(MAH)-2017

> NCLT judgment dated 2017-11-14. Citation: TCN-2017-NCLT-00207. The case involves a petition filed under Section 7 of the Insolvency and Bankruptcy Code, 2016,…

- **Court:** NCLT
- **Order date:** 14 Nov 2017
- **Citation:** TCN-2017-NCLT-00207
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/luxora-infrastructure-pvt-ltd-tcp-no-420-mah-2017-9efb5f6e

## Summary

### Background

The case involves a petition filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, regarding a debt of Rs. 109,22,84,085/- against Luxora Infrastructure Pvt. Ltd. The petitioner, IFCI Limited, later assigned the debt to Edelweiss ARC through a Deed of Assignment dated February 15, 2017. Edelweiss ARC then moved to withdraw the petition, stating that the Corporate Resolution Process should be kept in abeyance and requesting permission to withdraw the Company Petition with the liberty to file proper proceedings as per law.

## Facts

IFCI Limited filed a petition against Luxora Infrastructure Pvt. Ltd. under Section 7 of the Insolvency and Bankruptcy Code, 2016, claiming a debt of Rs. 109,22,84,085/-. Subsequently, IFCI Limited executed a Deed of Assignment dated February 15, 2017, assigning the debt to Edelweiss ARC. Edelweiss ARC, as the assignee, is registered as an Asset Reconstruction Company under Section 3 of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act, 2002). Edelweiss ARC then filed an application to withdraw the petition, stating that the Corporate Resolution Process should be kept in abeyance. The assignment of the debt effectively transferred all rights, title, and interest in the debt to Edelweiss ARC, including

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## Issues and analysis

### Issue 1: Whether the assignment of debt from IFCI Limited …

**Ratio:** The principle of assignment allows for the transfer of rights and obligations from one

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**Reasoning:** The court acknowledged the declaration of the petitioner that the debt in question had

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**Interpretation:** The assignment of debt is interpreted as a transfer of all rights, title, and

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**Application:** In this case, the assignment was deemed valid, allowing Edelweiss ARC to step

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## Parties

- **Judges:** M.K. Sh…; Bhaskara Pantula…
- **Appellants:** IFCI Li…
- **Respondents:** Luxora Infrastruct…

## Timeline

- **2017-02-15 — Deed of Ass…**: IFCI Limited executed a Deed of Assignment,…
- **2017-07-14 — Form No. 1…**: The Petitioner filed Form No. 1 under…

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