Asian Hotels North Ltd vs Yes Bank Ltd & Ors.

ik-31710405 Delhi High Court 23 December 2024 • 25 min read

Judges (1)

Counsel (9)

Dama Seshadri Naidu Counsel Defendant Devika Mohan Counsel Applicant Divya Narayanan Counsel Defendant Harleen Kaur Counsel Defendant Lisa Sankrit Counsel Applicant Madhur Dhingra Counsel Defendant Prakriti Anand Counsel Applicant Sanyam Khetarpal Counsel Applicant Tanmaya Mehta Counsel Applicant

Parties (4)

Asian Hotels (North) Ltd Plaintiff Exclusive Capital Limited Defendant VSJ Investments Pvt. Ltd. Applicant Yes Bank Ltd Defendant

Case Significance

Asian Hotels North Ltd vs Yes Bank Ltd & Ors. is a Delhi High Court decision dated December 23, 2024 (citation: ik-31710405). VSJ Investments Pvt. Ltd., a non-banking financial company, sought substitution as Defendant No. 9 in place of Exclusive Capital Ltd. in a commercial suit filed by Asian Hotels North Ltd against Yes Bank Ltd. The application was filed under Order 1 Rule 10 CPC after VSJ acquired Exclusive Capital's rights through an Inter Creditor Loan (ICL) Agreement. The Court allowed the substitution application, finding the applicant had established a strong case and the defendant's objections regarding b The case was heard by Justice Chandra Dhari Singh.

Summary

VSJ Investments Pvt. Ltd., a non-banking financial company, sought substitution as Defendant No. 9 in place of Exclusive Capital Ltd. in a commercial suit filed by Asian Hotels North Ltd against Yes Bank Ltd. The application was filed under Order 1 Rule 10 CPC after VSJ acquired Exclusive Capital's rights through an Inter Creditor Loan (ICL) Agreement. The Court allowed the substitution application, finding the applicant had established a strong case and the defendant's objections regarding board resolution and former employee actions were afterthoughts.

What was the outcome of Asian Hotels North Ltd vs Yes Bank Ltd & Ors.?

Judgment

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Read on Indian Kanoon

Source: Indian Kanoon (ik-31710405)