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Issues involved: Application for relief to step into the shoes of ICICI Bank Ltd. as a secured creditor of the Company in liquidation.
Summary: The applicant sought to step into the shoes of ICICI Bank Ltd., a secured creditor of the Company in liquidation. It was acknowledged that ICICI Bank had assigned the debt to the applicant. The Official Liquidator (OL) raised concerns regarding the assignment process, but the Court noted that the scheme of arrangement of the Company was to be considered by stakeholders at a meeting. To ensure the correct representation of secured creditors, the Court allowed the applicant to participate in the meeting as the representative of the debt formerly held by ICICI Bank. In the hearing, it was confirmed that ICICI Bank had assigned the debt to the applicant. The OL raised issues regarding the assignment process, but the Court emphasized the importance of allowing the applicant to participate in the meeting of secured creditors for proper representation. The Court directed that the applicant be permitted to represent the debt formerly held by ICICI Bank at the upcoming meeting of secured creditors.
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