2022 (12) TMI 663

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....uthority (National Company Law Tribunal), Mumbai Bench, Court-V disposing IA No. 3105 of 2022 in C.P. (IB)/414(MB)2022. The brief facts of the case necessary to be noticed for deciding this Appeal are: 2.1. 'Housing Development Finance Corporation Limited' has sanctioned a loan to the Corporate Debtor on 06.09.2016. The Corporate Debtor was classified as Non-Performing Asset on 30.06.2019. 'Housing Development Finance Corporation Limited' issued a Recall Notice on 03.03.2020 and thereafter 'Housing Development Finance Corporation Limited' on 17.02.2022 filed C.P. (IB)/ 414(MB)2022 under Section 7 of the IBC seeking initiation of Corporate Insolvency Resolution Process against the Corporate Debtor. On 30.03.2022, notices were issued in Se....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....h was permissible on the strength of assignment. He submits that he has placed reliance on the judgment of the NCLT, Bengaluru Bench dated 26.08.2019 where the Bengaluru Bench has taken the view that although the assignment was made during pendency of the proceeding but it is the prerogative of the Applicant to file miscellaneous application to implead proper and necessary party and the State Bank of India who was Applicant having assigned could not prosecute the Application and the assignee also cannot substitute itself as Applicant. 4. Learned Counsel for the Respondents refuting the submissions of the Learned Counsel for the Appellant submits that by virtue of assignment which happened after filing of the Application by 'Housing Devel....