Debts Recovery Tribunals and Appellate Tribunals
ASREC ( INDIA) LIMITED vs M/S.MARUTI AGRO INDUSTRIES on 2 September 2021
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Bx-09
02.09.2021
M.A.No.01/2020
Present : Mr.Kulin Shah, Ld. Counsel for the Applicant /Financial Institution appeared through virtual hearing via Microsoft Teams Software.
Today, this matter has come up for hearing.
Ld. Counsel for the Applicant/ Financial Institution has placed on record Service Pursis at Exh.A/08 along with proof of service through paper publication in 'Divya Bhaskar' on 30.01.2020. The same is taken on record.
Despite service of notice through RPAD on 16.01.2020 and paper publication on 30.01.2020, none appeared on behalf of party Respondents.
The Assignee being the proposed Applicant of the State Bank of Bikaner & Jaipur, has filed the present Misc. Application No.1 of 2020 in O.A.No. 358 of 2014 decided on 28.03.2016 for substitution of its name in the Recovery Proceedings.
I have heard the Ld. Counsel for the Applicant/ Financial Institution and also gone through the records. Applicant has filed the copy of the assignment deed and being assignee, has filed this application for its substitution.
Assignee has stepped into the shoes of creditor bank upon assignment, so its presence is very much required for further proceedings. Further, proposed applicant has also filed the copy of Assignment Agreement dtd: 28.09.2016 regarding assignment of debts & securities in the name of M/s.ASREC (India) Ltd., a Company incorporated under the Companies Act, 1956 and registered as a Securitisation and Asset Reconstruction Company.
Accordingly, the Misc. Application is allowed. M/s.ASREC (India) Ltd, is allowed to be substituted for Applicant, State Bank of Bikaner & Jaipur.
Despite service, none has put appearance on behalf of Respondents, so to proceed with the matter, I have no other option, but to proceed the said Respondents as ex-parte. Moreover, the said amendment has not changed the nature of Recovery Certificate and liabilities of Respondents in any manner.
Registry is directed to incorporate amendment accordingly. Misc. Application is disposed off. The Ld. Recovery Officer is directed to proceed further in accordance with law.
Let the file be consigned to records.
(LAXMAN MADNANI) I/C.PRESIDING OFFICER DRT-I, AHMEDABAD