other words, by the issue of bonus shares pro rata,
which ranked paripassu with the existing shares, the
market price was exactly halved, and divided ... ordinarily be the case
but not when the share do not rank paripassu and we shall
deal with that case separately. When the shares rank
created on
01.06.1994.
13. As there were seven secured creditors who held paripassu
charge on the company's assets including land under acquisition ... from NHAI because it got diverted at source
because of pre-existing paripassu right of banks and financial institutions
created by joint equitable mortgage executed
credit
facilities were secured by equitable mortgage
by way of first paripassu charge on the
property situated at Survey No.95/1, Mouje
Bholav, Taluka
M/S Vatika One India Next Private ... vs Indiabulls Commercial Credit Limited on 19 December
judis
O.P.No.402 of 1998
guarantee. Further, there was a paripassu agreement between the
petitioner/Corporation and 'Tamil Nadu Industrial Investment Corporation ... paripassu agreement, the petitioner-Corporation
received a sum of Rs.1,80,700/- from TIIC towards the sale of plant and
machineries
Property
Act. The borrower company, guarantors and corporate guarantors had
created paripassu charge on entire current assets including stocks,
stocks in trade, receivables, consumable stores
financiers either
under sub-section (4) of Section 29 nor under the paripassu
agreement."
16. Accordingly, it is contended that OSFC "is liable
described in
part B of Schedule 1 shall be a second ranking paripassu security
registered in favour of the security trustee until the full repayment ... described in part B of
schedule 1 shall be the first ranking paripassu charge in favour of the
security trustee.
4. The learned Counsel
