Phoenix Arc Private Limited vs L And T Finance Ltd And 9 Ors
2023 Latest Caselaw 12073 Bom

Bombay High Court

Phoenix Arc Private Limited vs L And T Finance Ltd And 9 Ors on 4 December, 2023

Author: Bharati Dangre

Bench: Bharati Dangre

                                                                            (13)IA-4941-2022.doc


rajshree


                       IN THE HIGH COURT OF JUDICATURE AT BOMBAY
                              ORDINARY ORIGINAL CIVIL JURISDICTION
                               INTERIM APPLICATION NO.4941 OF 2022
                                                     IN
                 COMMERCIAL EXECUTION APPLICATION (L) NO.1832 OF 2019


            Phoenix ARC Private Limited                   ]    ..      Applicant
            IN THE MATTER OF :
            L & T Finance Ltd.                            ]    ..      Award Holder/
                                                                       Judgment Creditor
                    vs.
            Cosmas Pharmcls Ltd.&Ors.                     ]    ..      Judgment Debtors/
                                                                       Respondents

Mr.Mustafa Bohra and Radhika Nair i/b M/s.Solomon & CO. for the Applicant-proposed Judgment Creditor.

                                          CORAM : BHARATI DANGRE, J

                                          DATE   :        4th December, 2023.

            P.C.

            1]      By the present Interim Application, the Judgment Creditor seek

substitution of its assignee in the Commercial Execution Application (L) No.1832/2019.

2] Perused the Application and heard the learned counsel for the Applicant.

The applicant has placed on record the Assignment Agreement dated 29.03.2022 entered between L & T Finance Limited and the

(13)IA-4941-2022.doc

Substituted Applicant Phoenix ARC, a securitization and reconstruction Company registered under Section 3 of the SARFAESI Act and under the said Agreement, the assignee is entrusted with all the rights available to it and the terms of assignment as well as the Assigner's Representations and Warranties are set out in the said Assignment Agreement.

In the wake of above agreement, it has become necessary to implead the Phoenix ARC as a party in place of L & T Finance Ltd., the Decree Holder/Judgment Creditor for effective execution of the Award.

3] In the wake of the above, the Interim Application is made absolute in terms in pryaer clause (a) to (c).

Necessary amendment to be carried as per the schedule, within a period of one week from today.

Reverification is dispensed with.

[BHARATI DANGRE, J]