Code of Civil Procedure , seeking injunction of the
invocation of pledge.
2. Heard Sri. C.K.Nandakumar, learned Senior Counsel
appearing for the petitioners ... order on I.A.Nos.1 and 2 to stay the invocation of
pledge and all consequent actions on the score that the
Court
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
officer process. It is emphatically contended
that the decision to invoke the pledged shares was not
pursuant to the circular of the RBI dated ... circular of
12.02.2018 has nothing to do with the invocation of pledge
2
IBC
3
NCLT
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WA No. 3680 of 2019
under the pledge
entry of
creation of the pledge.
(5) If the depository does not create the pledge, it
shall send along with the reasons an intimation ... Subject to the provisions of the pledge
document, the pledgee may invoke the pledge
and on such invocation, the depository shall
register the pledgee
acting upon the
invocation notice dated 28.09.2024 and from taking any further
action regarding transfer or encumbrance of the pledged shares
of Mantri Infrastructure ... from enforcing
any security under the Bond Trust Deed and Pledge Agreements,
until final adjudication of the rights of the parties by the Trial
Court
thereafter
-6-
defendant No.1 invoked the pledge agreement by
invocation notice dated 28.09.2024 and sought for
transfer of the shares vide sale notice dated ... acting upon the invocation
notices dated 28.09.2024 and from undertaking any
further proceedings related to the transfer or encumbrance
of the pledged shares of plaintiffs
DIRECT RESPONDENTS TO CONDUCT THE BIDDING
PROCESS FOR THE PLEDGED SHARES STIPULATED IN
THE INVOCATION NOTICE AT ANNEX-G IN A FAIR AN
RESONABLE MANNER
sale and therefore, user potential of STB is a
precondition for the invocation of this sub-clause. Section
2 enacts dictionary clause of the Act. Substantive ... goods (other than by way of a
mortgage, hypothecation, charge or pledge) by
one person to another in the course of trade or
business
sale and therefore, user potential of STB is a
precondition for the invocation of this sub-clause. Section
2 enacts dictionary clause of the Act. Substantive ... goods (other than by way of a
mortgage, hypothecation, charge or pledge) by
one person to another in the course of trade or
business
sale and therefore, user potential of STB is a
precondition for the invocation of this sub-clause. Section
2 enacts dictionary clause of the Act. Substantive ... goods (other than by way of a
mortgage, hypothecation, charge or pledge) by
one person to another in the course of trade or
business
