The case involves a Transfer Company Petition (TCP 419/MAH/2017) before the National Company Law Tribunal (NCLT), Mumbai Bench. The Petitioner, IFCI Limited, sought certain reliefs. During the proceedings, it was brought to the court's attention that the Petitioner had executed a Deed of Assignment dated 15.02.2017, assigning the debt to Edelweiss ARC. The Petitioner then requested to substitute the name of the Assignee in the present Petition. It was also informed that the petition was transferred from the High Court.
IFCI Limited filed a petition before the NCLT, Mumbai Bench. During the proceedings, it was revealed that IFCI Limited had executed a Deed of Assignment on 2017-02-15, transferring the debt to Edelweiss ARC. Subsequently, IFCI Limited requested the court to substitute the name of Edelweiss ARC, the Assignee, in the existing petition. The court was also informed that the petition had been transferred from the High Court. The debt assignment to Edelweiss ARC is a key fact, influencing the court's decision to allow Edelweiss ARC to file a fresh petition under the Insolvency and Bankruptcy Code, 2016, instead of substituting the name in the current petition.
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IFCI Limited executed a…
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The case involves a Transfer Company Petition (TCP 419/MAH/2017) before the National Company Law Tribunal (NCLT), Mumbai Bench. The Petitioner, IFCI Limited, sought certain reliefs. During the proceedings, it was brought to the court's attention that the Petitioner had executed a Deed of Assignment dated 15.02.2017, assigning the debt to Edelweiss ARC. The Petitioner then requested to substitute the name of the Assignee in the present Petition. It was also informed that the petition was transferred from the High Court.
IFCI Limited filed a petition before the NCLT, Mumbai Bench. During the proceedings, it was revealed that IFCI Limited had executed a Deed of Assignment on 2017-02-15, transferring the debt to Edelweiss ARC. Subsequently, IFCI Limited requested the court to substitute the name of Edelweiss ARC, the Assignee, in the existing petition. The court was also informed that the petition had been transferred from the High Court. The debt assignment to Edelweiss ARC is a key fact, influencing the court's decision to allow Edelweiss ARC to file a fresh petition under the Insolvency and Bankruptcy Code, 2016, instead of substituting the name in the current petition.
IFCI Limited executed a…
The case was h…
Sign in to view related legal provisions.