Clause 2.6.2 of the Share Pledge
Agreement, in furtherance of pledged invocation the
Corporate Debtor transferred 3912402331 shares owned
by IPC L, in the Demat ... effecting sale, Regulation 58 provides for notice
post invocation and on which invocation beneficial
ownership of pledged shares changes from that of the
pledgor
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 ... that the implementation of Scenario II was
envisaged by way of invocation of pledge in favour of various consortium
lenders, and exercise of the conversion
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 ... that the implementation of Scenario II was
envisaged by way of invocation of pledge in favour of various consortium
lenders, and exercise of the conversion
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 ... that the implementation of Scenario II was
envisaged by way of invocation of pledge in favour of various consortium
lenders, and exercise of the conversion
Petitioner and its supporters is based on illegal invocation of the pledged
shares. They claimed that the shareholding of the Petitioner is zero. The
Petitioner ... findings arrived by this Tribunal
(1) There is no valid invocation of pledge of shares and
transfer of shares do not take place
asked the corporate
guarantor to make payment within two business days. Pledge
invocation dated 12th June, 2020 was challenged in Hon'ble High
Court ... thereby invoking the
pledged shares under the
Share Pledge Agreement to
recover the amounts due
and payable by Essel.
iv. Invocation of Corporate
Guarantee Notice
default is deemed to have been repaid in view of the invocation of pledge of
shares and conversion of 'Compulsorily Convertible Debentures ... Pledge Agreement and on 31st August, 2017, the
Debenture Trustee invoked the pledge of the shares in its favour
in terms of the Share Pledge
that respondent No.2 has
acted upon by reversing the share pledge invocation transactions.
However, the fact remains that since 2005 Respondent
were pledged in favour of Appellant in 2014 itself and
that, subsequently, vide the impugned 2016 Pledge Agreement, the CD
pledged the remaining 15% shares ... make any
reference to the Alleged 2014 Pledge Agreement either in the pledge
invocation letter or in its Claim Dorm and only relied upon
Pledge Deed. 'MHPL'
has alleged that the value of the 'Pledged Shares' at the time of creation of
pledge ... claim had been satisfied as on
the insolvency commencement date by invocation of pledge.
14. The Appellant challenged the aforesaid decision before the Adjudicating
Authority
