{"id":200019,"date":"2018-08-10T12:57:41","date_gmt":"2018-08-10T07:27:41","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=200019"},"modified":"2018-08-30T15:42:06","modified_gmt":"2018-08-30T10:12:06","slug":"induction-of-the-assignee-in-committee-of-creditors-quashed-holding-him-to-be-a-related-party-nclat","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2018\/08\/10\/induction-of-the-assignee-in-committee-of-creditors-quashed-holding-him-to-be-a-related-party-nclat\/","title":{"rendered":"Induction of the \u2018assignee\u2019 in committee of creditors quashed holding him to be a \u2018related party\u2019: NCLAT"},"content":{"rendered":"

National Company Law Appellate Tribunal (NCLAT): <\/strong>A two-member bench comprising of Justice S.J. Mukhopadhaya, Chairperson and Justice Bansi Lal Bhat, Member (Judicial) dismissed an appeal filed against the order of the National Company Law Tribunal, Mumbai.<\/p>\n

The directors of Fortune Pharma (P) Ltd., Corporate Debtor, had executed a\u00a0 personal<\/em> guarantee <\/em>in favour of State Bank of India, Financial Creditor. Subsequently, the Bank enforced Securitization and Reconstruction of Financial Assets and Enforcement of Securities Interest Act, 2002 and the company was directed to hand over possession of the factory premises to the Bank. Thereafter, the company filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016 which was allowed. Subsequently, the director of the company assigned his debt in favour of the appellant. The appellant was inducted as member of the committee of creditors <\/em>by the Resolution Professional. This was objected to by the Bank, contending that the appellant was a related party<\/em>. The NCLT upheld the objection of the Bank. Aggrieved thus, the appellant filed the instant appeal.<\/p>\n

The Appellate Tribunal, at the outset, observed that the assignor<\/em> was a director of the Corporate Debtor, therefore, he was a related party<\/em> under Section 5(24) of the Code. Further, a debt assignment<\/em> is a transfer of debt with all the rights and liabilities associated with it. The assignor <\/em>assigns its debt in favour of the assignee<\/em>, who steps in the shoes of the assignor<\/em>. The assignee <\/em>thereby takes over the right and also takes over the disadvantages by virtue of such assignment. Accordingly, the director being a related party<\/em>, with assignment of debt, the disadvantage also goes to the appellant. For the aforesaid reasons, it was held that the issue was rightly decided by the NCLT. The appeal was dismissed sans merit. [Pankaj Yadav v. State Bank of India, 2018 SCC OnLine NCLAT 389<\/b><\/a>, dated 07-08-2018]<\/p>\n","protected":false},"excerpt":{"rendered":"

National Company Law Appellate Tribunal (NCLAT): A two-member bench comprising of Justice S.J. Mukhopadhaya, Chairperson and Justice Bansi Lal Bhat, Member (Judicial) <\/p>\n","protected":false},"author":8808,"featured_media":153604,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3,11],"tags":[31386,31383,31382,31387,31384,31385],"class_list":["post-200019","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-casebriefs","category-tribunals_commissions_regulatorybodies","tag-assignment","tag-creditors","tag-induction-of-the-assignee","tag-insolvency-and-bankruptcy-code-2016","tag-personal-guarantee","tag-securitization-and-reconstruction-of-financial-assets-and-enforcement-of-securities-interest-act-2002"],"yoast_head":"\nInduction of the \u2018assignee\u2019 in committee of creditors quashed holding him to be a \u2018related party\u2019: NCLAT | SCC Times<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.scconline.com\/blog\/post\/2018\/08\/10\/induction-of-the-assignee-in-committee-of-creditors-quashed-holding-him-to-be-a-related-party-nclat\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Induction of the \u2018assignee\u2019 in committee of creditors quashed holding him to be a \u2018related party\u2019: NCLAT\" \/>\n<meta property=\"og:description\" content=\"National Company Law Appellate Tribunal (NCLAT): A two-member bench comprising of Justice S.J. 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The appeal was filed by the appellant Bank (Financial Creditor) against the order passed\u2026","rel":"","context":"In "Case Briefs"","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":289137,"url":"https:\/\/www.scconline.com\/blog\/post\/2023\/04\/10\/nclt-approved-resolution-plan-nclat-allocation-meager-amount-no-ground-challenge-plan-appeal-dismissed-legal-research-news-scc-blog\/","url_meta":{"origin":200019,"position":2},"title":"\u201cLaw will take its own course\u201d; NCLAT refuses to interfere with NCLT’s order approving Resolution Plan","author":"Ritu","date":"April 10, 2023","format":false,"excerpt":"NCLAT held that that the allocation of meagre amount in Resolution Plan to Creditors can be questioned when the plan value earmarked for them is less than the liquidation value but same is not the case in instant matter.","rel":"","context":"In "Case Briefs"","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"National Company Law Appellate Tribunal","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/02\/MicrosoftTeams-image-458.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/02\/MicrosoftTeams-image-458.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/02\/MicrosoftTeams-image-458.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/02\/MicrosoftTeams-image-458.png?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":316846,"url":"https:\/\/www.scconline.com\/blog\/post\/2024\/03\/13\/secured-creditor-has-right-to-choose-method-of-debt-realisation-not-obligated-to-rely-solely-on-liquidation-proceedings-nclat-scc-times\/","url_meta":{"origin":200019,"position":3},"title":"NCLAT rules on Secured Creditor\u2019s right to choose method of debt realisation","author":"Ritu","date":"March 13, 2024","format":false,"excerpt":"NCLAT stated that since the IBC overrides the SARFAESI Act, the Liquidator ought not to prefer a petition, based on the SARFAESI Act, and therefore Liquidator\u2019s decision to classify the appellant as an unsecured financial creditor was illegal and invalid.","rel":"","context":"In "Case Briefs"","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"National Company Law Appellate Tribunal","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/03\/resolution-plan.webp?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/03\/resolution-plan.webp?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/03\/resolution-plan.webp?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/03\/resolution-plan.webp?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":223740,"url":"https:\/\/www.scconline.com\/blog\/post\/2020\/01\/01\/ker-hc-court-entertains-art-226-petition-for-last-and-final-indulgence-where-alternate-remedy-under-sarfaesi-act-available\/","url_meta":{"origin":200019,"position":4},"title":"Ker HC | Court entertains Art. 226 petition for last and final indulgence where alternate remedy under SARFAESI Act available","author":"Bhumika Indulia","date":"January 1, 2020","format":false,"excerpt":"Kerala High Court: Raja Vijayaraghavan V., J., disposed of this writ petition filed under Article 226 of the Constitution of India. The petitioner here is the accused in the suit filed under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002. 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