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TMI Blog2018 (9) TMI 1223X X X X Extracts X X X X X X X X Extracts X X X X ..... person And Mr Bansi Lal Bhat, Member (Judicial) For The Appellants : Mr. Dhaval Deshpande, Advocate For The Respondent : Mr. P. V. Dinesh, Mr. Rajendra Beniwal and Mr. Sindhu T.P., Advocates JUDGMENT SUDHANSU JYOTI MUKHOPADHAYA, J. The appellant, an 'assignee' of Mr. Sudhakar Mulay (Promoter), was inducted by 'Resolution Professional' as a member of the 'Committee of Creditors', which was c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dated 23rd March, 2016 directed the company to hand over possession of the factory premises situated at Aurangabad to 'State Bank of India.' 4. It was at this stage, the company filed an application under Section 10 of the Insolvency & Bankruptcy Code, 2016 ((hereinafter referred to as the 'I&B Code') which was admitted. After filing of the application under Section 10 of the I&B Code, Mr. Sudhak ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n the meaning of Section 5(24) of the I&B Code. 6. The Adjudicating Authority taking into consideration the facts and circumstances of the case observed that meticulous planning was made by the Director of the 'Corporate Debtor' to execute 'Assignment Deed' with the sole intention to bring down the voting power to the 'State Bank of India' which cannot be regarded as a natural business decision. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tor is referred as a 'borrower' and if the debt is in the form of securities, such as bonds, the debtor is referred to as an 'issuer'. Undisputedly, the assignment is the transfer of one's right to recover the debt of another person as a contractual right. Rights of an 'assignee' are no better than those of the 'assignor'. It can be, therefore, held that 'assignor' assigns its debt in favour of th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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