Gujarat Industrial Investment ... vs Sterling Holiday Resorts (India) ... on 4 August, 2006
The High Court of Gauhati in Union Bank of India v. Debendra Nath Roy Choudhury AIR 1992 Gau. 88, held that in case of default by the pawnor, the pawnee has the right to sue upon the debt and retain the goods as collateral security, or, to sell goods after reasonable notice of the intended sale to pawnor. By virtue of Sections 176 and 177 of the Indian Contract Act and these decisions, the applicant has no right to deal with the pledged shares, consequent upon the filing of the civil suit in O.S. No. 577 of 1999 on the file of City Civil Court, Ahmedabad.