Appalled By UP Police Arresting Interim Resolution Professional, Supreme Court Issues Show-Cause Notice To Officer livelaw.in - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from livelaw.in Daily Mail and Mail on Sunday newspapers.
Read more about SC appalled over arrest of court-appointed Interim Resolution Professional on Business Standard. Anuj Jain was appointed by the top court under the Insolvency and Bankruptcy Code (IBC) and was entrusted with the task to ensure functioning of Jaypee Infratch
The division bench of Justice AM Khanwilkar and Justice Dinesh Maheshwari while granting bail also observed that the police officer dealing with the case was not familiar with the provisions of the privilege of interim resolution appointed by the Court, in terms of Section 233 of the Insolvency and Bankruptcy Code.
Supreme Court- Pledgee Not A Financial Creditor Under The Insolvency & Bankruptcy Code - Litigation, Mediation & Arbitration mondaq.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from mondaq.com Daily Mail and Mail on Sunday newspapers.
Lender” /
“
Facility”).
In addition to the security provided by the Borrower under the
Facility Agreement, Doshion Veolia Water Solutions Private Limited
(“
Corporate Debtor”), being the group
company of the Borrower, pledged its shareholding (40,160 shares)
in Gondwana Engineers Limited (“
GEL”)
by executing a pledge agreement in Lender s favour dated
10
th January 2012 (“
Pledge
Agreement”). The Corporate Debtor also executed a
non-disposal undertaking (“
NDU”) in
favour of L&T, thereby undertaking not to dispose of its 100%
shareholding in GEL
In 2013, the Lender assigned all its rights, title and security
interest in the Facility in favour of Phoenix ARC Private Limited
(“
Appellant”).
Thereafter, the Borrower failed to repay the Facility under the