IFIN") from acting on its Event of Default ("EoD") notice of
23rd July 2019. The second prayer is for a temporary injunction ... 10089-2020.DOC
restraining IFIN from acting in furtherance of a pledge invocation
notice of 20th August 2020.
3. The background to the Petition
mortgage of the Property. The invocation of pledge in respect of the
Pledged Shares and the invocation of security interests in the Property ... that
it had invoked the pledge of the Pledged Shares in terms of the Sale
Notice. The invocation of pledge cannot be made on multiple
event of default notice dated 23 rd July, 2019, pledge Invocation
Notice dated 20th August, 2020 and all ancillary/ incidental
correspondence issued in furtherance thereof
event of default notice dated 23 rd July, 2019, pledge Invocation
Notice dated 20th August, 2020 and all ancillary/ incidental
correspondence issued in furtherance thereof
such invocation would be open to challenge before
the Court.
15.4 On 16.04.2021, Indiabulls issued "Notice for Sale of Pledged
Shares" (hereinafter ... interfere in this aspect. The Court further noted that a notice of invocation
of pledge (Sale Notice) had been issued by Indiabulls to the Pledgors
Schedule to the Pledge Agreements.
6
(ii) The Pledge Agreements, namely the Exclusive Pledge
Agreement and the Pari Passu Pledge Agreement are
contracts independent ... Exclusive Pledge Agreement and the Pari Passu Pledge
Agreement for invocation and sale of shares pledged to IFIN
under the Pledge Agreements dated 27th March
between
the parties is pending before the Single Judge, the invocation of
pledge would obviously be open to be challenged before the Single
Judge ... pledgee can invoke the pledge "subject to the provisions of
the pledge document". Thus, in terms of the Pledge Agreement herein,
Indiabulls
respondent and, had
not mentioned the Pledge Agreement. Although it is correct that the notice
dated 14.04.2021 issued by the petitioner invoking the arbitration clause ... however, the subject of the notice
clearly indicates that it was a notice for invocation of arbitration under the
Pledge Agreement dated 06.04.2018. The extract
disputes that have arisen under the Pledge
Agreement dated 13th December, 2019. The notice of invocation was issued
on 15th February, 2021. The Respondent
disputes that have arisen under the Pledge
Agreement dated 26th December, 2019. The notice of invocation was issued
on 15th February, 2021. The Respondent
