INDIAN OVERSEAS BANK vs OCEANIC BIO HARVEST LTD., on 6 February 2026

ORDER

1. This application is filed by the proposed applicant praying to permit the substitution of the proposed applicant in the place of Indian Overseas Bank, original applicant in the OA and continue to prosecute / pursue the above OA.

2. It is stated that the above OA is filed by the original applicant, Indian Overseas Bank for recovery of a sum of Rs.98,57,56,314/- together with further interest @15.25% per annum from 14.07.2014 with monthly rests till actual and final realization. It is also stated that the OA was allowed as prayed for vide final order dated 21.09.2015 and pursuant to the same DRC No.610/2016 dated 21.10.2016 was issued for a sum of Rs.118,04,18,706.01p together with future interest and costs. It is further stated that the Indian Overseas Bank, the original applicant has assigned the financial asset of the Respondent No.1 herein together with the underlying security interest create there for and its rights, interest therein in favour of the proposed applicant vide

Assignment Agreement dated 11.06.2025 registered as Doc. No.3437/2025 on the file of Sub Registrar Office, Sembanarkoil and as such the proposed applicant herein is legally entitled to demand, receive and recover the dues from the Respondent Nos. 1 to 5 in its own name and right and to prosecute / defend the present OA. It is stated that the proposed applicant may therefore be allowed to substitute itself as applicant in place of Indian Overseas Bank and continue to pursue the OA as well as the Recovery Proceedings emanating therefrom. It is also stated that unless the application is allowed the proposed applicant will be put to great hardship and irreparable loss, on the contrary, no harm or prejudice will be caused to the Respondents / Defendants if the same is allowed.

3. Despite notice by the Proposed Applicant on the above MA to the Respondents / Defendants there is no representation for Respondents / Defendants.

4. In terms of Section 5(5) of the SARFAESI Act, 2002, the assignee of a financial asset is entitled to exercise all rights of the secured creditor and to continue the proceedings initiated by the assignor. The Assignment Agreement placed on record establishes the right of the proposed applicant to step into the shoes of the original applicant and to prosecute the OA and the recovery proceedings.

5. Despite service of notice, there is no representation on behalf of the respondents and the averments made in the application remain uncontroverted.

6. Accordingly, the following:

ORDER

(a) MA No.110 of 2025 is allowed.

(b) The proposed applicant is permitted to substitute itself in place of Indian Overseas Bank as applicant in the OA and in DRC No.610/2016. The OA and DRC shall be amended to reflect the proposed applicant as the applicant/secured creditor.

(c) The proposed applicant shall be entitled to continue all proceedings arising therefrom.

(d) Proposed applicant is directed to make necessary amendments in OA and file amended OA. Thereafter, Registry is directed to issue amended DRC.

(e) No order as to costs. Sd/- (SHARANG DHAR UPADHYAY) PRESIDING OFFICER DRT-II CHENNAI (Dictated to PS, who typed in the system directly, corrected, signed and pronounced by me in Open Court, on this 6th day of February, 2026)