In Brief
Suzuki Parasrampuria Suitings obtained an assignment of debt from IFCI, a secured creditor of the insolvent Mahendra Petrochemicals Ltd. The assignee sought substitution as a secured creditor under the SARFAESI Act but was rejected because it did not meet statutory eligibility criteria. After rejection, the appellant changed its legal position, claiming it had never sought secured creditor status but only assignment of an actionable claim. The Supreme Court held that a party cannot take contradictory stands in the same case. Once a conscious position is taken and rejected, the party cannot subsequently adopt an entirely different legal theory. The appeal was dismissed on grounds of estoppel and the doctrine against approbating and repudiating.
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