2019 (10) TMI 419

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....6/IB/CB 2017 - -<br>Insolvency & Bankruptcy<br>MR B.S.V. PRAKASH KUMAR, MEMBER (JUDICIAL) For The Applicant : Ms. Abitha Banu, Advocate For The Respondent : Shri V. Nagarajan, Liquidator ORDER Per : B.S.V. PRAKASH KUMAR, MEMBER (JUDICIAL) It is an application filed by the Asset Reconstruction Company (India) Limited (Applicant) assailing the rejection of the claim of this Applicant ....

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....fore it, wherein the Hon'ble DRT-I, Chennai dismissed the substitution sought by this Applicant holding that this Applicant has no locus to make its claim against this Corporate Debtor for it has already assigned the debt to the investor M/s. Poddar Projects Limited. Assailing the order of DRT-I, when this Applicant had approached the Hon'ble DRAT, Chennai for setting aside of the order passed by ....

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....he Agreement of Assignment does not in any way preclude the rights of the petitioner as secured creditor cannot be accepted. The petitioner cannot have two simultaneous recoveries, one from M/s. PPL and another, as the secured creditor. The fifth respondent further submitted that the petitioner company had to work out the remedy only in terms of the agreement with M/s. PPL and they cannot claim an....

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....against the Corporate Debtor, as if it is entitled to make a claim basing on the earlier Assignment Agreements dated 19.03.2008 and 31.03.2008. 6. Looking at the Claim Petition and the orders of the Hon'ble High Court of Madras, the Liquidator rejected the Applicant's claim basing on the order passed by the Hon'ble Court of Madras. 7. On examining various orders passed by various Fora and As....