Integro Finserv Private Limited vs L And T Finance Limited And Ors
2023 Latest Caselaw 12745 Bom

Bombay High Court

Integro Finserv Private Limited vs L And T Finance Limited And Ors on 13 December, 2023

Author: Bharati Dangre

Bench: Bharati Dangre

2023:BHC-OS:14705



                                                                                  (43)ia-1751-2023.doc


      rajshree


                             IN THE HIGH COURT OF JUDICATURE AT BOMBAY
                                    ORDINARY ORIGINAL CIVIL JURISDICTION
                                     INTERIM APPLICATION NO.1751 OF 2023
                                                           IN
                                   EXECUTION APPLICATION NO.2265 OF 2015
                    Integro Finserv Pvt. Ltd.                   ]    ..      Applicant
                    IN THE MATTER BETWEEN
                    L & T Finance Ltd.                          ]    ..      Claimant/
                                                                             Decree holder
                           vs.
                    Deepak Mhatre & Anr.                        ]    ..      Respondents/

Judgment Debtors Mr.Yash Dadriwal i/b DS Law for the Applicant.

                                                CORAM : BHARATI DANGRE, J

                                                DATE   :        13th December, 2023.
                    P.C.

                    1]     The present Interim Application is taken out seeking substitution
                    of the Applicant in place of Decree holder,            L & T Finance Ltd., a

Company incorporated under the provisions of Companies Act, 1956.

The Execution Application is filed by L & T Finance Ltd. against the Judgment Debtors and the Application proceed to state that by a Deed of Assignment dated 26.06.2019, under the provisions of the Securitization and Reconstruction of Financial Assets and Enforcement of Securities Act, 2002 ( SARFAESI Act), the L & T Finance Limited has assigned its entire outstanding loans/debt against the borrowers together with the future interest as agreed on all receivables including

(43)ia-1751-2023.doc

the underlying security interest created thereof and all the rights, title, interest of the Assignor in favour of one CFM Asset Reconstruction Pvt. Ltd., an Asset Reconstruction Company.

An additional Affidavit in support of the Application presented on 27.09.2023, has placed on record the said Assignment Deed as well as further Deed of Assignment dated 16.02.2022 by which the erstwhile Assignee i.e. CFM Asset Reconstruction, has assigned its debt in favour of the present Applicant, which include the entire outstanding loans/debts against the borrowers as well as all the rights, title and interest of the Assignee.

The aforesaid Deed of Assignment dated 16.02.0222 is also placed on record.

The additional affidavit which is tendered during the course of hearing is also taken on record.

2] In the wake of aforesaid Deed of Assignment, I deem it appropriate to allow the Interim Application, in terms of prayer clause

(a) and (b) as per the Schedule of Amendment.

The necessary amendment shall be carried out within a period of two weeks from today.

Reverification is dispensed with.

[BHARATI DANGRE, J]