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The Tax Publishers Insolvency And Bankruptcy Code, 2016 Assignment Agreement Duly Executed Not to Render an Assignment of Right, Whether Illegal The learned author discusses the matter of Edelweiss Asset Reconstruction Company Ltd Vs. Synergies Dooray Automotive Ltd & Ors (2019) TAXPUB CL 65 (NCLAT) highlighting the law that whenever any legal document is duly registered and executed, be it the assignment agreement, all the rights of assignor get transferred to the assignee and it cannot be held illegal. Pragya Lalwani 1. Facts of the case CIRP was initiated against the Synergies-Dooray Automotive Limited(corporate debtor). After the submission of the resolution plans, a number of applications were preferred by the Edelweiss Asset Reconstruction Company Ltd. (appellant) under section 60(5)(c), though all were rejected. A 'resolution plan' submitted by Synergies Castings Ltd. ('SCL') was approved by the 'Committee of Creditors' with 91.06 per cent vote and also by the Adjudicating Authority in terms of section 31(1) of the Insolvency and Bankruptcy Code, 2019. SUBSCRIBE FOR FULL CONTENT

The Tax Publishers

Insolvency And Bankruptcy Code, 2016

Assignment Agreement Duly Executed Not to Render an Assignment of Right, Whether Illegal

The learned author discusses the matter of Edelweiss Asset Reconstruction Company Ltd Vs. Synergies Dooray Automotive Ltd & Ors (2019) TAXPUB CL 65 (NCLAT) highlighting the law that whenever any legal document is duly registered and executed, be it the assignment agreement, all the rights of assignor get transferred to the assignee and it cannot be held illegal.

Pragya Lalwani

1. Facts of the case

CIRP was initiated against the Synergies-Dooray Automotive Limited(corporate debtor). After the submission of the resolution plans, a number of applications were preferred by the Edelweiss Asset Reconstruction Company Ltd. (appellant) under section 60(5)(c), though all were rejected. A 'resolution plan' submitted by Synergies Castings Ltd. ('SCL') was approved by the 'Committee of Creditors' with 91.06 per cent vote and also by the Adjudicating Authority in terms of section 31(1) of the Insolvency and Bankruptcy Code, 2019.