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SANJEEV NARULA
Shipra Leasing Private Limited – Appellant
Versus
Indiabulls Housing Finance Limited – Respondent
| Table of Content |
|---|
| 1. overview of case facts and context. (Para 3 , 4) |
| 2. arguments for the petitioners against the event of default. (Para 5) |
| 3. respondent's counterarguments on event of default and impairment. (Para 6) |
| 4. court analysis on event of default considerations. (Para 8 , 9 , 10 , 11 , 12) |
| 5. court evaluation of share valuation and pledge execution. (Para 28 , 29 , 30 , 31 , 32) |
| 6. conclusion on negligence and final orders. (Para 33 , 34 , 35 , 36) |
Judgment
Sanjeev Narula, J. (Oral). - I.A. 6276/2021 (u/S 151 of the CPC, 1908 for revival of the cavtioned petition) in O.M.P.(I) (COMM.) 113/2021
I.A. 6278/2021 (u/S 151 of the CPC, 1908 for revival of the captioned petition) in O.M.P.(I) (COMM.) 114/2021
I.A. 6274/2021 ((u/S 151 of the CPC, 1908 for revival of the captioned petition) in O.M.P.(I) (COMM.) 115/2021
I.A. 6268/2021 (u/S 151 of the CPC, 1908 for revival of the captioned petition) in O.M.P.(I) (COMM.) 116/20211.
1. For the grounds and reasons stated therein, the applications are allowed and the above mentioned petitions are revived.
2. The applications are disposed of.
O.M
The invocation of pledge had become final and any dispute regarding the value of the shares could be adjudicated by the Arbitral Tribunal. The agreement to accept the consideration for the Property i....
A pledgee has the unfettered right to invoke the pledge and sell pledged shares upon default, governed by the Indian Contract Act, regardless of prevailing economic conditions.
Interim relief under Section 9 requires showing real apprehension of irreparable loss; mere speculation does not justify injunctions against debtor actions.
24. Point of Law : One notice in contradistinction to giving a shorter period in another notice for shares of the same company that are pledged with the defendant does not stand to reason and is acco....
Sale of pledged shares by creditor during CIRP moratorium violates Section 14 despite possession transfer on invocation; ownership remains with debtor. Sold listed shares unrestorable; debt reduces b....
The judgment emphasizes the requirement of reasonable notice for the sale of pledged goods and highlights the impact of the Depositories Act on the rights of redemption against third parties.
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