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
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 ... under Regulation 58(8) of the Depositories
Regulations, on the invocation of the pledge, the depository is
liable to register the pledgee as beneficial owner
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
trust
benefciaries claim is that IndusInd Bank could never have invoked
the pledge or made any alleged appropriation because these shares
was always subject ... invoked a pledge of these shares. Puran
Associates & Chowdry Associates that it could not have efected any
such pledge invocation or consequent appropriation
This court noted that the plaintiff as pledgeE/pawnee, on
invocation of pledge and on transfer of the pledged shares from the account ... defence of the defendants, that the plaintiff as pledge/pawnee,
on invocation of pledge-and on transfer of the pledged shares
from the account
indeed an
invocation of a pledge. Whether or not there is a realization
pursuant to that pledge invocation is entirely immaterial. The
Petitioner cannot possibly
PPGCL informed UPPCL about Pledge Invocation letters by
lenders and lenders proposing to undertake a Competitive Bidding
Process for selection of a new entity ... shares holding by
the existing promoter but it was invocation of pledge rights by
the Banks and therefore, the clause 2.7.4.1 was not strictly
applicable
Adjudicating Authority has failed to
appreciate the fact that the invocation of pledged shares could not have
taken place before the default. Repayment clause ... with 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
case of transfer of securities pursuant to invocation of pledge, duty shall be collected from the pledgee on the market value of the securities
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 ... present. The Corporation Bank
proposed to recover the outstanding debts through
invocation of pledge held by consortium over 73.71%
shares of the company. The consortium
