AI Structured Summary
Not yet generated for this judgment
Judgment
I.A. No.986/2026 (application for substitution appellant)
The present application is filed under Section 5(5) of the SARFAESI Act for substitution of Phoenix ARC Limited which is stated to have taken over the debt from ICICI Bank Limited. The copy of the assignment agreement dated 28.03.2024 is also placed n record. After considering all facts, Phoenix ARC Limited is substituted in place of the appellant ICICI Bank Limited. The application stands disposed of.
ICICI Bank Limited (now represented by Phoenix ARC Limited) filed O.A. bearing no.4469/2017 titled as ICICI Bank V. S.P.J. Textiles Limited & others, which was ordered to be dismissed in default due to non-appearance of the appellant because of ongoing lawyers' strike vide order dated 08.08.2023 passed by DRT-II, Chandigarh.
Ms. Usha Singh, Advocate for the appellant stated that none could appear on behalf of the appellant due to ongoing strike by the lawyers and prayed for restoration of the O.A. bearing no.4469/2017.
It is reflecting from the impugned order dated 08.08.2023 that none was present on behalf of the appellant due the ongoing lawyers’ strike. After going through the record and all facts, the impugned order dated 08.08.2023 is set aside and the O.A. bearing no.4469/2017 is ordered to be restored to its original number for trial in accordance with law. All concerned parties are directed to appear before the DRT on 24.08.2026 for further direction.