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M/s. Bharath International Manufacturing & Trading Private Ltd. & Others v/s M/s. Asset Reconstruction Company (India) Ltd.


Company & Directors' Information:- INTERNATIONAL ASSET RECONSTRUCTION COMPANY PRIVATE LIMITED [Active] CIN = U74999DL2002PTC117357

Company & Directors' Information:- R K MANUFACTURING CO LTD [Active] CIN = L27209WB1984PLC037758

Company & Directors' Information:- R K MANUFACTURING CO LTD [Active] CIN = L27209GJ1984PLC098951

Company & Directors' Information:- INDIA MANUFACTURING CORPORATION PRIVATE LIMITED [Active] CIN = U24100DL2010PTC198947

Company & Directors' Information:- A & A INTERNATIONAL TRADING PRIVATE LIMITED [Active] CIN = U52590TN2009PTC072930

Company & Directors' Information:- S I A MANUFACTURING PRIVATE LIMITED [Active] CIN = U74120UP2013PTC057004

Company & Directors' Information:- S K M MANUFACTURING PRIVATE LIMITED [Active] CIN = U17200DL2011PTC223768

Company & Directors' Information:- A. S. INDIA LIMITED [Active] CIN = U70100MP2009PLC022300

Company & Directors' Information:- S T S MANUFACTURING PRIVATE LIMITED [Active] CIN = U28112TZ2006PTC012940

Company & Directors' Information:- S & H MANUFACTURING & TRADING PRIVATE LIMITED [Active] CIN = U25192WB1999PTC088902

Company & Directors' Information:- A S P MANUFACTURING COMPANY PVT LTD [Active] CIN = U27109WB1991PTC051461

Company & Directors' Information:- V. S. MANUFACTURING AND TRADING COMPANY PRIVATE LIMITED [Active] CIN = U21098UP2010PTC042787

Company & Directors' Information:- A K MANUFACTURING PVT LTD [Active] CIN = U51909MN1988PTC003110

Company & Directors' Information:- THE INDIA COMPANY PRIVATE LIMITED [Active] CIN = U74999TN1919PTC000911

Company & Directors' Information:- I T A C (INDIA) MANUFACTURING CO LTD [Dissolved] CIN = L51109WB1982PLC034689

Company & Directors' Information:- BHARATH INTERNATIONAL MANUFACTURING AND TRADING PRIVATE LIMITED [Active] CIN = U25209TN2011PTC079430

Company & Directors' Information:- J D MANUFACTURING CO PVT LTD [Active] CIN = U51909WB1996PTC079825

Company & Directors' Information:- A S P MANUFACTURING COMPANY PVT LTD [Not available for efiling] CIN = U36900WB1991PTC005146

Company & Directors' Information:- B R D MANUFACTURING PRIVATE LIMITED [Active] CIN = U51109WB1997PTC085188

Company & Directors' Information:- R J S MANUFACTURING PRIVATE LIMITED [Active] CIN = U27104DL1997PTC090521

Company & Directors' Information:- B U MANUFACTURING PVT LTD [Active] CIN = U51109WB1982PTC035271

Company & Directors' Information:- M M MANUFACTURING PVT LTD [Active] CIN = U26922WB1993PTC059837

Company & Directors' Information:- J. C. MANUFACTURING INDIA PRIVATE LIMITED [Active] CIN = U21099WB2020PTC236821

Company & Directors' Information:- S B MANUFACTURING PRIVATE LIMITED [Strike Off] CIN = U31506WB1999PTC088567

Company & Directors' Information:- B & E MANUFACTURING AND TRADING PVT LTD [Strike Off] CIN = U31909WB1996PTC080130

Company & Directors' Information:- K. V. J. MANUFACTURING INDIA PRIVATE LIMITED [Active] CIN = U29308DL2017PTC320213

Company & Directors' Information:- A T E MANUFACTURING CO PRIVATE LIMITED [Amalgamated] CIN = U28999GJ1973PTC002296

Company & Directors' Information:- INDIA CORPORATION PRIVATE LIMITED [Active] CIN = U65990MH1941PTC003461

Company & Directors' Information:- J P MANUFACTURING AND CO PVT LTD [Strike Off] CIN = U51226WB1982PTC034927

Company & Directors' Information:- D. K. MANUFACTURING (INDIA) LIMITED [Strike Off] CIN = U37200WB2011PLC170403

Company & Directors' Information:- S M MANUFACTURING COMPANY PRIVATE LIMITED [Active] CIN = U34300HR1997PTC057824

Company & Directors' Information:- P P A MANUFACTURING AND TRADING PRIVATE LIMITED [Strike Off] CIN = U24248OR2003PTC007424

Company & Directors' Information:- G K MANUFACTURING PRIVATE LIMITED [Strike Off] CIN = U34300PB2012PTC036073

Company & Directors' Information:- P & B MANUFACTURING PRIVATE LIMITED [Active] CIN = U29254TN2010PTC076696

Company & Directors' Information:- J. Y. MANUFACTURING & TRADING PRIVATE LIMITED [Active] CIN = U25209KA2011PTC058828

Company & Directors' Information:- B. V. H. MANUFACTURING INDIA PRIVATE LIMITED [Active] CIN = U74999GJ2018FTC100633

Company & Directors' Information:- INTERNATIONAL TRADING CORPORATION (INDIA) PRIVATE LIMITED [Active] CIN = U51909MH2011PTC223516

Company & Directors' Information:- R A MANUFACTURING COMPANY PRIVATE LIMITED [Strike Off] CIN = U36900HR2012PTC047669

Company & Directors' Information:- ASSET TRADING CORPN PVT LTD [Strike Off] CIN = U17120MH1949PTC007115

Company & Directors' Information:- M S J INTERNATIONAL TRADING PRIVATE LIMITED [Active] CIN = U52602MH2016PTC282757

Company & Directors' Information:- A K R MANUFACTURING PRIVATE LIMITED [Active] CIN = U19200RJ2012PTC041177

Company & Directors' Information:- S. S. INTERNATIONAL TRADING COMPANY PRIVATE LIMITED [Strike Off] CIN = U36931MH2013PTC244905

Company & Directors' Information:- M & R INTERNATIONAL TRADING PRIVATE LIMITED [Strike Off] CIN = U51909DL2015PTC279604

Company & Directors' Information:- R N INTERNATIONAL TRADING PRIVATE LIMITED [Strike Off] CIN = U74999DL2013PTC256044

Company & Directors' Information:- C N C MANUFACTURING PRIVATE LIMITED [Strike Off] CIN = U64204DL2015PTC281449

    C.R.P.No. 450 of 2015 & M.P.No. 1 of 2015

    Decided On, 06 February 2015

    At, High Court of Judicature at Madras

    By, THE HONOURABLE MR. JUSTICE SATISH K. AGNIHOTRI & THE HONOURABLE MR. JUSTICE M. VENUGOPAL

    For the Petitioners: V. Bhiman for M/s. Sampathkumar & Asso., Advocates. For the Respondent: ------



Judgment Text

(Prayer: This civil revision petition is preferred under Article 227 of the Constitution of India against the order dated 5.1.2015 passed in I.A.No.283 of 2014 in O.A.No.50 of 2013 on the file of the Debts Recovery Tribunal-II, Chennai and to set aside the said order.)

Satish K. Agnihotri, J.

1. Challenging the legality and validity of the order dated 05.01.2015 passed in I.A.No.283 of 2014 in O.A.No.50 of 2013 by the Debts Recovery Tribunal-II (for short 'The Tribunal'), Chennai, the petitioners have come up with this petition.

2. The sole respondent filed an application, being I.A. on the file of the Tribunal, seeking transposing of the respondent in place of State Bank of India to continue the proceedings in the pending O.A. The application was predicated on the fact that the State Bank of India had assigned loans, its right, interest in and the loans and secured properties including the subject matter of the dispute to the respondent herein/ petitioner therein under Deed Assignment dated 18.7.2014 executed between them. Thus, the respondent herein be permitted to be transposed / substituted in place of the original applicant / State Bank of India.

3. The Tribunal, examining the facts of the case, came to the conclusion that the transposition of the respondent herein in place of the State Bank of India was not proper. However, the respondent herein was permitted to be impleaded as second applicant in the O.A. along with the State Bank of India/ original secured creditor and the applicant.

4. The petitioners herein were the respondents before the Tribunal being the borrower. The learned counsel appearing for the petitioners herein would submit that the Tribunal failed to appreciate that the State Bank of India was the secured creditor and as such, in its place, no other institution including the respondent herein can be impleaded as applicant.

5. We have examined the contention of the learned counsel for the petitioners and also perused the pleadings and documents appended thereto.

6. There is no dispute that the original secured creditor have sold the secured assets under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (For short 'SARFAESI Act') to the respondent herein, who sought transposition in place of the original secured creditor, i.e., State Bank of India. The Presiding Officer, while declining to transpose the respondent herein in lieu of the State Bank of India/original secured creditor, permitted the respondent to be impleaded as second applicant. We are of the view that the direction of the Tribunal to permit the respondent herein to be impleaded as second applicant is perfectly proper and in accordance with the constitutional scheme. If the respondent herein has stepped into the shoes of the original secured creditor, the respondent has full right to pursue t

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he remedy and proceed with the pending case. 7. For the reasons mentioned hereinabove, we do not find any error or irregularity in the order of the Tribunal sought to be impugned before us. Accordingly, this civil revision petition is dismissed. No costs. Consequently connected miscellaneous petition is closed.
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