2003 (3) TMI 568

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..... Core Healthcare Ltd., disclosing a total duty liability of Rs. 27.89 Crores (approximately). The said applications were made on 11-2-2000 and 22-8-2000 respectively. 2. A hearing to review the payment of installments to be paid by the applicant, M/s. Core Healthcare Ltd., as per the Interim Order of the Commission dated 2-12-2002 was held on 12-3-2003. 3. The applicant, M/s. Core Healthcare Ltd. was represented by Shri Uday Joshi, Advocate, Shri Jatin R. Jalundhwala, General Manager (Finance & Legal), Shri Kamlesh J. Shah, Manager (Finance) and Shri Rakesh S. Shah, Authorised Representative. 4. The ld. Advocate submitted that the applicant vide its letter dated 11-3-2003 has submitted that the Commission had given ....

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.... creditors i.e. ICICI Bank in this case, within 60 days of the notice, the secured creditor may take recourse to one or more of the measures to recover their debt in terms of the said Act. 7. As per Section 13(6) of the Securitisation Act, once the right is exercised by the secured creditors, the pledged assets shall vest in the transferee i.e. secured creditors. All rights in or in relation to the secured asset shall stand transferred as if the transfer had been made by the owner (the applicant) of the secured assets. The buyer (secured creditors in this case) cannot get a title better than what the original owner had. In other words, the transferee gets the assets saddled with all the liabilities which the original owner had. The ....

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....n will emerge and that the dues owed by the applicant will be paid to the Commission. 11. The Revenue was represented by Shri Sunil Shrivastava, Appraiser, Commissioner of Customs (Export Promotion) Mumbai. 12. The Revenue submitted that since the applicants are not adhering to the order of the Commission, the case may be sent back to the Revenue for further appropriate action. 13. The Commission has gone through the records and heard the submissions made by the ld. Advocate and the Revenue. 14. The Commission finds that the presumption of the applicant that in the event of ICICI bank taking over the assets of the applicant, they will also have to take over the liabilities of the applicants does not seem to b....