Bombay High Court
CFM Asset Reconstruction Private Limited, ApplicantversusPUJIT RAVIKIRAN AGGARWAL
- Decided
- Disposal
- DISPOSED OFF
Holding
The court disposed the motion, effectively permitting the substitution of CFM for Axis Bank as a creditor.
Summary
The applicant, CFM Asset Reconstruction Private Limited, filed a motion seeking the court’s direction to substitute itself for Axis Bank as a creditor in the insolvency proceedings against Pujit Ravikiran Aggarwal. CFM alleged that Axis Bank had made a claim on 21 June 2022 and that CFM had been assigned that claim, submitting a deed of assignment on 24 March 2026. The Official Assignee, upon request, produced a list of creditors under Section 80 of the Presidency Towns Insolvency Act, 1909, which included CFM at Item No.7, indicating that the claim had been lodged. The court noted that there was no dispute regarding the lodging of the claim and that it would be adjudicated by the Official Assignee. Consequently, the motion was disposed in the terms sought by the applicant.
Issues considered
- Whether CFM Asset Reconstruction Private Limited can be substituted for Axis Bank as a creditor in the insolvency petition.
- Whether the claim lodged by Axis Bank, and subsequently assigned to CFM, is valid under the Presidency Towns Insolvency Act, 1909.
Legislation cited
Subjects
- insolvency
- creditor substitution
- assignment of claim
- Official Assignee
- Section 80
- motion disposal
Judgment
11. NMIS NO. 4 OF 2026.DOCX
ppn
Digitally signed
by PRACHI
IN THE HIGH COURT OF JUDICATURE AT BOMBAY
PRACHI PRANESH
PRANESH NANDIWADEKAR ORDINARY ORIGINAL CIVIL JURISDICTION
NANDIWADEKAR
Date: 2026.07.17
18:05:52 +0530 IN ITS INSOLVENCY JURISDICTION
NOTICE OF MOTION NO. 4 OF 2026
IN
INSOLVENCY PETITION NO. 22 OF 2019
CFM Asset Reconstruction Private Limited ….Applicant
V/s.
Pujit Ravikiran Aggarwal ….Insolvent
ALONGWITH
OFFICIAL ASSIGNEE REPORT NO. 21 OF 2025
IN
INSOLVENCY PETITION NO. 21 OF 2019
The Official Assignee, High Court, Bombay ….Applicant
V/s.
Pujit Ravikiran Aggarwal ….Insolvent/Own Petitioner
ALONGWITH
OFFICIAL ASSIGNEE REPORT NO. 22 OF 2025
IN
INSOLVENCY PETITION NO. 22 OF 2019
The Official Assignee, High Court, Bombay ….Applicant
V/s.
Pujit Ravikiran Aggarwal ….Insolvent/Own Petitioner
ALONG WITH
NOTICE OF MOTION NO. 21 OF 2025
IN
INSOLVENCY PETITION NO. 22 OF 2019
Pujit Ravikiran Aggarwal ….Insolvent
IN THE MATTER BETWEEN
Pujit Ravikiran Aggarwal ….Insolvent
V/s.
The Official Assignee, High Court, Bombay ….Respondent
Page 1 of 3
11. NMIS NO. 4 OF 2026.DOCX
ALONG WITH
OFFICIAL ASSIGNEE REPORT NO. 63 OF 2025
IN
INSOLVENCY PETITION NO. 22 OF 2019
The Official Assignee, High Court, Bombay ….Applicant
V/s.
Pujit Ravikiran Aggarwal ….Insolvent / Own Petitioner
______________________________________________________
Ms. Fereshte Sethna a/w. Ms. Sushmita S. Chauhan, Ms.
Bhagyashree Anklesaria and Ms. Aditi Shrivastava and Ms. Tarang
Saraogi i/b DMD Advocates for the Applicant -CFM Asset
Reconstruction Private Limited, Applicant.
Mr. Gaurang Mehta, Ms. Rhia Mehta and Ms. Shivangi Goel i/b
Rajani Associates for the Insolvent.
Mr. Arsh Misra for Axis Bank.
Mr. Sachin Shankar (Legal), Senior Manager of Axis Bank present.
Ms. C. J. Bhatt, Official Assignee, present, alongwith
Mr. Subodh Patil, Deputy Official Assignee, present.
Ms. R.V. Rane, Insolvency Registrar, present.
______________________________________________________
CORAM : SHRI. JITENDRA JAIN, J.
DATED : 17th JULY, 2026.
PC:-
1. This motion is filed by the applicant seeking a direction to
substitute itself with Axis Bank who had made a claim on 21 June
2022 with the Official Assignee by email
2. The advocate for the applicant had also lodged a claim on
24 March 2026 stating the fact of assignment from Axis Bank with
regard to recovery from Mr. Pujit Aggarwal. Deed of assignment
was also enclosed alongwith this letter.
3. On a request being made by the applicant-CFM, the official
assignee had given list of creditors under Section 80 of the
Presidency Towns Insolvency Act, 1909. In the said list, name of
Page 2 of 3
11. NMIS NO. 4 OF 2026.DOCX
the applicant is appearing at Item No.7. Therefore, now there is no
dispute that the claim has been lodged and same will be further
adjudicated by the official assignee.
4. The claim made by the applicant is on the basis of the
assignment and agreement between the Axis Bank and CFM.
5. Motion is disposed of in above terms.
(Jitendra Jain, J)
Page 3 of 3
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