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
claim of the
Appellant on the ground that on invocation of the Pledged
Shares, the Appellant had become beneficiary owner of the
Pledged Shares ... Pledged Shares on
17.06.2019 and perfected its title to the Pledged Shares by registering itself
as beneficial owner in respect of the Pledged Shares
were pledged in favour of Financial Creditor. On
19.09.2022, a Share Pledge Agreement was entered into
pursuant to MoU. On 29.11.2022, a pledge invocation notice ... sole discretion of
Financial Creditor to invoke the shares and pledge invocation was noticed
on 29.11.2022 and thereafter shares were realized and the amount, which
hereinafter referred to as "Bill") on account of
invocation of pledge which was arbitrary levied since
no charge for "Invocation of Pledge ... basis and rationale of
levying such arbitrary charge on invocation of pledge,
which was not provided to the Company Yet in view of
Company
hereinafter referred to as "Bill") on account of
invocation of pledge which was arbitrary levied since
no charge for "Invocation of Pledge ... basis and rationale of
levying such arbitrary charge on invocation of pledge,
which was not provided to the Company Yet in view of
Company
Tribunal has already been initiated on the basis of invocation of the
Guarantee and Pledge Shares, hence, the liability is imminent and claim ... payment has been made by the Appellant(s) (Promoter
Guarantors) towards invocation of Securities cannot be a ground for
rejection of the claim
payable by the Corporate Debtor as consideration
for transfer of the pledged shares of the Appellants.
The Corporate Debtor-SIESL having defaulted, the loan account ... outstanding liability.
Respondent No.1 further sent an email containing notice of
invocation of personal guarantee on 17.11.2019 demanding from
PG to pay their outstanding
payable by the Corporate Debtor as consideration
for transfer of the pledged shares of the Appellants.
The Corporate Debtor-SIESL having defaulted, the loan account ... outstanding liability.
Respondent No.1 further sent an email containing notice of
invocation of personal guarantee on 17.11.2019 demanding from
PG to pay their outstanding
Manoj Gaur vs Jaypee Infratech Limited on 21 February, 2024
Author: Ashok Bhushan
Bench: Ashok
Jaiprakash Associates Limited vs Jaypee Infratech Ltd. & Ors on 21 February, 2024
Author: Ashok
