Section 7 Application Admission Valid Despite Unregistered Assignment; Asset Reconstruction Company Deemed Lender u/s 5(2.

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Full Text of the Document

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....Initiation of CIRP - Whether the Assignment Agreement being unregistered document could not have been relied by the Adjudicating Authority for admitting Section 7 application? - when acquisition of assets by Asset Reconstruction Company is made as per Section 5(1), deeming provision contained in Sub-section (2) of Section 5 shall come into play and the Asset Reconstruction Company shall be deemed to be Lender for all purposes. - AT....