Gujarat High Court
Kotak Mahindra Bank Ltd vs Official Liquidator Of Aps Star ... on 27 January, 2016
Author: Abhilasha Kumari
Bench: Abhilasha Kumari
O/COMA/29/2016 ORDER
IN THE HIGH COURT OF GUJARAT AT AHMEDABAD
COMPANY APPLICATION NO. 29 of 2016
In OFFICIAL LIQUDATOR REPORT NO. 71 of 2014
In OFFICIAL LIQUDATOR REPORT NO. 6 of 2013
In COMPANY PETITION NO. 190 of 2003
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KOTAK MAHINDRA BANK LTD.....Applicant(s)
Versus
OFFICIAL LIQUIDATOR OF APS STAR INDUSTRIES LIMITED (IN
LIQN.)....Respondent(s)
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Appearance:
MRS SANGEETA N PAHWA FOR THAKKAR AND PAHWA, ADVOCATES,
ADVOCATE for the Applicant(s) No. 1
MS AMEE YAJNIK, ADVOCATE for OFFICIAL LIQUIDATOR for the
Respondent(s) No. 1
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CORAM: HONOURABLE SMT. JUSTICE ABHILASHA
KUMARI
Date : 27/01/2016
ORAL ORDER
1. This Judges' Summons have been taken out by Kotak Mahindra Bank Limited, with the following prayers :
"(A) That this Hon'ble Court be pleased to substitute the applicant in place of ICICI Bank as secured creditor of the Company in Liquidation, in the interest of justice; (B) That this Hon'ble Court be pleased to grant such other and further reliefs as may be deemed fit and proper by this Hon'ble Court, in the interest of justice;"
2. In the affidavit in support of the Judges' Page 1 of 3 HC-NIC Page 1 of 3 Created On Thu Jan 28 01:50:08 IST 2016 O/COMA/29/2016 ORDER Summons, it is stated that ICICI Bank was the original lender of APS Star Industries Limited (the company in liquidation) along with the other lenders. By a Deed of Assignment dated 31.03.2006, ICICI Bank has assigned the present loan account/debts together with the right/title/security interest and financial documents, with underlying securities in favour of the applicant. By virtue thereof, the applicant has become the sole owner of the said debt and is entitled to the outstanding dues in the account and to pursue any legal proceedings in place of and instead of ICICI Bank.
3. Heard Mrs.Sangeeta N. Pahwa, learned advocate for the applicant and Ms.Amee Yajnik, learned advocate for the Official Liquidator.
4. Ms.Pahwa, learned advocate for the applicant has drawn the attention of the Court to a judgment dated 28.01.2015, passed by this Court in Company Application No.489/2006 and allied matters, whereby the applications for substitution in the case of the same Company in liquidation have been allowed by this Page 2 of 3 HC-NIC Page 2 of 3 Created On Thu Jan 28 01:50:08 IST 2016 O/COMA/29/2016 ORDER Court.
5. Ms.Amee Yajnik, learned advocate for the Official Liquidator has no objection to the prayer for substitution, as made by the applicant.
6. In view of the submissions advanced and as the issue regarding substitution has already been concluded by the Supreme Court, the prayers made in the Judges Summons for substitution of the applicant in place of ICICI Bank in Official Liquidator Report No.71/2014, is allowed. The necessary amendment in the causetitle be made within a week.
7. The Judges' Summons are disposed of, accordingly.
(SMT. ABHILASHA KUMARI, J.) Gaurav+ Page 3 of 3 HC-NIC Page 3 of 3 Created On Thu Jan 28 01:50:08 IST 2016