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
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
contention, it was
stated on behalf of Indiabulls that "the invocation of pledge of shares will
be undertaken in a completely transparent manner ... between the parties was
pending before the learned Single Judge, the invocation of pledge would
"obviously be open to challenge before the Court
10089-2020.DOC
restraining IFIN from acting in furtherance of a pledge invocation
notice of 20th August 2020.
3. The background to the Petition ... crores
to Champion Agro World. This facility was secured by a pledge of
52,86,679 shares -- 60.7% of the share capital of Champion Agro
Schedule to the Pledge Agreements.
6
(ii) The Pledge Agreements, namely the Exclusive Pledge
Agreement and the Pari Passu Pledge Agreement are
contracts independent ... under Clause 6.2 (b) of
the Exclusive Pledge Agreement and the Pari Passu Pledge
Agreement for invocation and sale of shares pledged to IFIN
under
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
facie finding
and provide some reason as to why the invocation of the pledge deserved to
Signature Not Verified
Digitally Signed By:AWANISH
CHANDRA MISHRA ... counsels for the appellant have submitted
before us that the invocation of the pledge of shares will be undertaken in a
completely transparent manner
respondent
No.1 and, therefore, from the date of invocation of the said pledge, the
respondent No.1 became entitled to deal with the said ... October 2012. On 5 October 2012, soon after the invocation of the
pledge, the first respondent passed a Board resolution requesting
the second and third
loan advanced thereunder.
4. The impugned invocation of shares has apparently been effected
on the basis of a Pledge Agreement dated 27th May, 2021, whereunder ... Date:13.08.2021
15:54:01
basis of the aforesaid Pledge Agreement.
6. The impugned invocation has admittedly taken place in the
context of a loan
