https://www.taxtmi.com/caselaws?id=431546 A legally assigned financial debt carries the assignee's right to continue a pending section 7 insolvency application, because assignment does not abate proceedings relating to the financial asset. Section 5(7) of the Insolvency and Bankruptcy Code includes a person to whom a debt has been legally assigned or transferred within the meaning of financial creditor, while section 5(4) of the SARFAESI Act and Order XXII Rule 10 of the Code of Civil Procedure support continuance of proceedings on devolution of interest. The assignee was therefore entitled to be substituted and pursue the pending insolvency proceeding. en-us Tue, 13 Dec 2022 00:00:00 +0530 Thu, 15 Dec 2022 10:26:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=431546 A legally assigned financial debt carries the assignee's right to continue a pending section 7 insolvency application, because assignment does not abate proceedings relating to the financial asset. Section 5(7) of the Insolvency and Bankruptcy Code includes a person to whom a debt has been legally assigned or transferred within the meaning of financial creditor, while section 5(4) of the SARFAESI Act and Order XXII Rule 10 of the Code of Civil Procedure support continuance of proceedings on devolution of interest. The assignee was therefore entitled to be substituted and pursue the pending insolvency proceeding. Case-Laws Insolvency and Bankruptcy Tue, 13 Dec 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=431546