The case involves two applications, I.A. (IB) No. 1582/KB/2023 and I.A. (IB) No. 1583/KB/2023, filed under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, read with Rule 11 of the National Company Law Tribunal Rules, 2016. These applications are related to Company Petition (IB) No. 91/KB/2022 and Company Petition (IB) No. 94/KB/2022, respectively. The applications seek the substitution of CFM Asset Reconstruction Private Limited in place of Indian Bank, pursuant to a registered deed of assignment dated 14.08.2023.
Indian Bank, the original financial creditor, initiated corporate insolvency resolution processes against Motijug Agencies Limited and Anirudh Kanoi. Subsequently, Indian Bank assigned its financial assets to CFM Asset Reconstruction Private Limited via a registered deed of assignment dated 14.08.2023. CFM Asset Reconstruction Private Limited then filed applications (I.A. (IB) No. 1582/KB/2023 and I.A. (IB) No. 1583/KB/2023) seeking to be substituted in place of Indian Bank in the ongoing Company Petition (IB) No. 91/KB/2022 and Company Petition (IB) No. 94/KB/2022. The corporate debtors opposed the substitution, arguing that the assignment agreement was invalid, that the assignee could only take over assets and not liabilities, and that the substitution would
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Execution of a registered deed of assignment…
Date of pronouncement of the order by the NCLT…
The case involves two applications, I.A. (IB) No. 1582/KB/2023 and I.A. (IB) No. 1583/KB/2023, filed under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, read with Rule 11 of the National Company Law Tribunal Rules, 2016. These applications are related to Company Petition (IB) No. 91/KB/2022 and Company Petition (IB) No. 94/KB/2022, respectively. The applications seek the substitution of CFM Asset Reconstruction Private Limited in place of Indian Bank, pursuant to a registered deed of assignment dated 14.08.2023.
Indian Bank, the original financial creditor, initiated corporate insolvency resolution processes against Motijug Agencies Limited and Anirudh Kanoi. Subsequently, Indian Bank assigned its financial assets to CFM Asset Reconstruction Private Limited via a registered deed of assignment dated 14.08.2023. CFM Asset Reconstruction Private Limited then filed applications (I.A. (IB) No. 1582/KB/2023 and I.A. (IB) No. 1583/KB/2023) seeking to be substituted in place of Indian Bank in the ongoing Company Petition (IB) No. 91/KB/2022 and Company Petition (IB) No. 94/KB/2022. The corporate debtors opposed the substitution, arguing that the assignment agreement was invalid, that the assignee could only take over assets and not liabilities, and that the substitution would
…Execution of a registered deed of assignment…
Date of pronouncement of the order by the NCLT…