Integro Finserv Private Limited vs L And T Finance Limited(Mp) And Kamala ...
2024 Latest Caselaw 209 Bom

Bombay High Court

Integro Finserv Private Limited vs L And T Finance Limited(Mp) And Kamala ... on 4 January, 2024

Author: R.I. Chagla

Bench: R.I. Chagla

2024:BHC-OS:238



                                                                                 51-ia-25-2023.doc

            jsn
                               IN THE HIGH COURT OF JUDICATURE AT BOMBAY
                                   ORDINARY ORIGINAL CIVIL JURISDICTION

                                       INTERIM APPLICATION NO.25 OF 2023
                                                        IN
                                   EXECUTION APPLICATION NO.2575 OF 2015


                   Integro Finserv Private Ltd.                           ...Applicant
                         In the matter between
                   L & T Finance Ltd.                                     ...Ori.
                                                                          Claimants/
                                                                          Decree Holder

                           Versus

                   Kamala Kannan G and Anr.                               ...Respondents /
                                                                          Judg. Debtors.

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

                                                    CORAM : R.I. CHAGLA J.

                                                     DATE         : 4TH JANUARY, 2024.

                   ORDER :

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.

51-ia-25-2023.doc

2. The Execution Application was originally filed by L & T

Finance Ltd. against the Judgment Debtors. Thereafter by a Deed of

Assignment dated 26th June, 2019 under the provisions of the

Securitization and Reconstruction of Financial Assets and

Enforcement of Securities Act, 2002 (SARFAESI Act), the entire

outstanding loans / debt against the borrowers together with the

future interest as agreed on all receivables including the underlying

security interest created thereof and all the rights, title, interest of the

Assignor was assigned in favour of CFM Asset Reconstruction Pvt.

Ltd., an Asset Reconstruction Company. Accordingly, CFM Asset

Reconstruction Pvt. Ltd. was allowed to come in the place of L & T

Finance Ltd. in the above Execution Application.

3. An additional Affidavit in Support of the Application

dated 30th August, 2023 has been filed which places on record the

further Deed of Assignment dated 16th February, 2022 by which the

erstwhile Assignee i.e. CFM Asset Reconstruction, has assigned its

debt in favour of the present Applicant, which includes the entire

outstanding loans / debts against the borrowers as well as all the

rights, title and interest of the Assignor.

51-ia-25-2023.doc

4. In view of the aforementioned Deeds of Assignment, I

deem it appropriate to allow the Interim Application, in terms of

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

5. The necessary amendment shall be carried out within a

period of two weeks from today.

6. Re-verification is dispensed with.

[ R.I. CHAGLA J. ]