2019 (10) TMI 1358

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....y Financial Creditor namely, M/s. CFM Asset Reconstruction Private Limited for initiation of Corporate Insolvency Resolution Process ("CIRP") against the Corporate Debtor namely M/s. Core Indo Ispat Private Limited on the ground the Corporate Debtor defaulted in making repayment of Rs. 25,43,16,355.85 as on 03.12.2018. 2. On perusal of this case, it appears that the Corporate Debtor on 25.08.2014 by executed Master General Terms Agreement, Multi-Facility Loan Agreement, Agreement for Foreign Exchange Transactions Agreement, Agreement for Forward Contract Limited and Deed of Hypothecation in favour of Indus Ind Bank. In addition to the documents executed above, the Promoters-Directors of this debtor company namely, Mr. Ashish K. Nevatia, Mr....

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.... assigned to the Applicant. And the Applicant, to prove that assignment has been made in its favour, has filed Assignment Agreement dated 12.07.2018 reflecting Indus Ind Bank Limited assigning various debts across India to this CFM Asset Reconstruction Private Limited and also another assignment deed dated 14.09.2018 specifically dealing with assigning this debt to this applicant. By virtue of this assignment, this Applicant filed OA/929/2018 against the Corporate Debtor and the Guarantors on 03.12.2018 seeking for a recovery of a sum of Rs. 25,43,16,355.85 before the Hon'ble Debt Recovery Tribunal-II, Chennai. 4. Since this loan was availed by this Corporate Debtor from Indus Ind Bank Limited, the Applicant has shown various dates on ....

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....assigning this specific debt in favour of this assignee. To show that these two assignments are relating to one transaction, in the second Assignment Deed dated 14.09.2018, earlier Assignment deed dated 12.07.2019 has also been mentioned. Either by execution of two Assignment Deeds or by mentioning the applicant has notified earlier Assignment Deed to the corporate debtor, according to our understanding, intimation of assignment in favour of the assignment not being prerequisite to the validity of it, date of intimation to the corporate debtor will not invalidate the assignment. Moreover, no prohibition has been envisaged under law against executing two Assignment Deeds. Besides this, validity of Assignment normally be questioned by the Ass....

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....0.2014 till the date of filing this case on 04.07.2019, we have not found any merit in the argument of the Corporate Debtor counsel saying that this debt is barred by limitation. 10. On hearing the submissions of either side, another point has come up in between saying that Applicant has already filed OA against the Guarantors and the Corporate Debtor before Debt Recovery Tribunal-II, Chennai for the same claim. We are of the view that filing such claim before DRT will not have any bearing on this proceeding initiated under Insolvency and Bankruptcy Code because this point has already been dealt with by Hon'ble Supreme Court of India in between State Bank of India vs. V. Ramakrishnan and Another (2018) 17 SCC 394. 11. In view of the a....