# In the matter of Luxura Infrastructure Private Limited T.C.P. No. 419-I&BC-NCLT-MB-MAH-2017

> NCLT judgment dated 2017-08-14. Citation: TCN-2017-NCLT-00637. The case involves a Transfer Company Petition (TCP 419/MAH/2017) before the National Company…

- **Court:** NCLT
- **Order date:** 14 Aug 2017
- **Citation:** TCN-2017-NCLT-00637
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/luxura-infrastructure-private-limited-tcp-no-419-ibc-nclt-mb-mah-2017-f3db13b4

## Summary

### Background

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.

## Facts

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.

## Issues and analysis

### Issue 1: Whether the Assignee, Edelweiss ARC, should be allowed to substitute its name in the existing …

**Ratio:** When a debt has been assigned, the assignee has the right to initiate fresh proceedings

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**Reasoning:** The court reasoned that since the debt had already been assigned to Edelweiss ARC, it

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**Interpretation:** This interpretation emphasizes the assignee's right to independently pursue

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**Application:** Given that IFCI Limited had assigned the debt to Edelweiss ARC, the court

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## Parties

- **Judges:** M.K. Sh…; Bhaskara Pantula…
- **Appellants:** IFCI Li…
- **Respondents:** LUXURA INFRASTRUCT…
- **Advocates:** Nikhil R…

## Timeline

- **2017-02-15 — Deed of Ass…**: IFCI Limited executed a Deed of Assignment…
- **2017-08-10 — Hearing…**: The case was heard on…

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