learned Single Judge is the defence that on
the invocation of the pledge of shares and transfer to its
account, the appellant was entitled ... shares
of Tulip Telecom Ltd. by the appellant:
Date Shares Rate Value
Cedar Share 27.8.2012 27,000 100.41 Rs. 27,11,070.00
Invocation
Share Pledge Agreement and on 31st August, 2017, the
Debenture Trustee invoked the pledge of the shares in its favour
in terms of the Share ... deemed to have been repaid in view of invocation of pledge shares and the
conversion of 'CCDs' into equity shares.
20. The questions
Adjudicating Authority has failed to
appreciate the fact that the invocation of pledged shares could not have
taken place before the default. Repayment clause ... consequences of invocation the same reads as under:
"3.2.1. Irrespective of anything contained in this
Agreement, on invocation of pledge, the shares comprised
satisfaction of its 'financial debt' by invocation of the 'Pledged Shares'.
11. Pursuant to such letter, the Appellant (PFS) responded ... Appellant as being fully satisfied on
account of invocation of the 'Pledged Shares'. This was confirmed by the
Adjudicating Authority by impugned order
invoked the pledged shares of the
'Corporate Debtor' in satisfaction of the 'Share Pledge
Agreement'. The said shares ... shares.
e. Despite, the obligation of the 'Corporate Debtor' being limited to
the pledged shares, which was discharged on account of their
invocation
entities who applied to
assessee's share capital. In the said background, it was submitted
that invocation of provisions of Section ... entities listed at serial nos. 1 to 4 confirming the
transactions of share capital with assessee company.
5.4 At the same time, the assessee also
creating a mortgage in
respect of its assets. The Company also pledged shares
to the extent of 73.71%. However, it is averred in the
writ ... Bank
proposed to recover the outstanding debts through
invocation of pledge held by consortium over 73.71%
shares of the company. The consortium thereafter,
invoked
that the plaintiff as pledgeE/pawnee, on
invocation of pledge and on transfer of the pledged shares from the account
of the depository participant ... Delhi)
136 to contend that on invocation of the said pledged shares, the plaintiff
was entitled to sell the shares and accordingly liability
DIRECT RESPONDENTS TO CONDUCT THE BIDDING
PROCESS FOR THE PLEDGED SHARES STIPULATED IN
THE INVOCATION NOTICE AT ANNEX-G IN A FAIR AN
RESONABLE MANNER
ARBP 428-18.doc
the learned arbitrator and his estimate of share of profits for the past
three years, cannot be said to be either ... restricted only to
three years of invocation of the arbitration reference. Accordingly,
the actual calculation of the share of profits can be read down
