Rahuul Shah & Anr vs Piramal Capital & Housing Finance Ltd.& ...

IN THE MATTER OF: Rahuul Shah & Anr. ...Appellants Versus Piramal Capital & Housing Finance Ltd. & Ors. ...Respondents

Present: For Appellant : Mr. Raghenth Basant, Mr. Akhil Abraham Roy, Mr. Adithya Korhy Roy, Ms. Hima Bhardwaj, Advocates. For Respondents :

ORDER

(Hybrid Mode)

10.12.2024: Heard counsel for the appellant.

This appeal has filed against the order dated 22.08.2024 passed by

NCLT, Mumbai Bench in IA No. 4075 of 2023. The application was filed by

Omkara Assets Reconstruction Pvt. Ltd. seeking substitution on basis of

Assignment Agreement dated 30.06.2023 which was in respect to Radius

Speed Project Private Limited as borrower. The application for substitution has

been allowed and disposed of.

2. The Ld. Counsel for the appellant challenging the order submits that

appellant has filed intervention application he being 50% share-holder of the

corporate debtor. Application was nor served on the appellant and it was not

heard, whereas in the order it is submitted that respondent have contested the

prayer.

3. We have considered the submission of the counsel for the appellant and

perused the records. While allowing the application Adjudicating Authority has

made following observations:-

"Accordingly, the IA is allowed and disposed of. All other rights of the Respondent with respect to the merits of the petitions will be dealt with at the time of arguments of main CP."

4. The order in substance is only permitting substitution leaving all

questions in respect of merits of the petition to be dealt at the time of an

argument. The liberty given by Adjudicating Authority can also well be availed

by the appellant who claim to be intervener and share-holder. We thus are of

the view that the order amply protect the rights of all concerned on the merits

of the Assignment. In view of the aforesaid, we see no reason to entertain the

appeal with the observations as made above, appeal is dismissed.

[Justice Ashok Bhushan] Chairperson

[Barun Mitra] Member (Technical)

[Arun Baroka] Member (Technical) harleen/NN

Comp. App. (AT) (Ins) No. 2141 of 2024 2 of 2