Appellant stated that the said
judicial orders held that invocation of shares and partial conversion of
subordinate debt into equity by the Respondent were illegal ... acquire equity due to operation of law
subsequent to invocation of pledged shares and partial conversion of debt into
shares. The Respondent No. 2 submitted
Appellant stated that the said
judicial orders held that invocation of shares and partial conversion of
subordinate debt into equity by the Respondent were illegal ... acquire equity due to operation of law
subsequent to invocation of pledged shares and partial conversion of debt into
shares. The Respondent No. 2 submitted
Appellant stated that the said
judicial orders held that invocation of shares and partial conversion of
subordinate debt into equity by the Respondent were illegal ... acquire equity due to operation of law
subsequent to invocation of pledged shares and partial conversion of debt into
shares. The Respondent No. 2 submitted
shares i.e the Pledge created by the
Appellant over the pledged shares under the SPA and the pledge created
over the NOVA pledged shares ... invocation' as
required under the terms of the Transaction Documents. This notice
constitutes a notice for invocation of collateral pledged shares for the
purpose
quashed."
17. In addition to above, Indiabulls invoked the pledge of shares exercising its authority under the pledge agreement. The borrowers and Kadam filed ... suspended. Indiabulls, however, stated before the Appellate Court that invocation of pledge of shares will be undertaken in a completely transparent manner, on a fair
loan amount. It further provided that even
on the invocation of the pledged shares by the lender, the shares so invoked
shall not become ... value of
shares pledged. It was further opined that if the invoked shares had been
sold promptly at the time of invocation, STCI could have
loan amount. It further provided that even
on the invocation of the pledged shares by the lender, the shares so invoked
shall not become ... value of
shares pledged. It was further opined that if the invoked shares had been
sold promptly at the time of invocation, STCI could have
having received the notice of invocation of pledge dated
05.08.2023, did not come forward to redeem the pledged shares by offering
to pay the entire
seventy three
decimal five nine percent) equity
shares of the Borrower and 66%
(sixty six percent) preference
shares of the Borrower held by the
Promoter ... same proportion as existed
prior to invocation of pledge Le.
51% (fifty one percent) of the total
equity share capital and 51%
(fifty one percent
acting upon the
invocation notice dated 28.09.2024 and from taking any further
action regarding transfer or encumbrance of the pledged shares
of Mantri Infrastructure ... defendant Nos.1 to 3 from enforcing or acting upon
invocation notice dated 28.09.2024. The respondents also filed
applications and order is passed only
