The borrower defaulted in repaying the loan and Citi Financial instituted arbitration against the borrower, eventually resulting in an award in favour of Citi Financial on July 21, 2010. Thereafter, by way of a Deed of Assignment dated July 18, 2012, Citi Financial transferred, assigned and released the entire amount payable by the borrower to Citi Financial in favour of the Petitioner – Kotak Mahindra Bank Ltd. ( Kotak ).