https://www.taxtmi.com/caselaws?id=311467 When a maintainability objection based on assignment of debt is brought on record in a Section 7 insolvency proceeding and notice has already been issued, the adjudicating authority must decide that interlocutory application first before admitting the petition. The text relies on Section 5(4) of SARFAESI Act and Order 22 Rule 10 read with Rule 11 CPC to state that acquisition of the financial asset does not abate pending proceedings and may continue by or against the assignee. On those facts, the admission order passed without first disposing of the assignment-based application was held unsustainable, and the matter was remitted for fresh consideration after impleading the assignee. en-us Thu, 16 Feb 2023 00:00:00 +0530 Thu, 28 Dec 2023 08:44:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=311467 When a maintainability objection based on assignment of debt is brought on record in a Section 7 insolvency proceeding and notice has already been issued, the adjudicating authority must decide that interlocutory application first before admitting the petition. The text relies on Section 5(4) of SARFAESI Act and Order 22 Rule 10 read with Rule 11 CPC to state that acquisition of the financial asset does not abate pending proceedings and may continue by or against the assignee. On those facts, the admission order passed without first disposing of the assignment-based application was held unsustainable, and the matter was remitted for fresh consideration after impleading the assignee. Case-Laws Insolvency and Bankruptcy Thu, 16 Feb 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=311467