Dlf Limited vs Pnb Housing Finance Limited & Ors on 22 March, 2024 indiankanoon.org - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from indiankanoon.org Daily Mail and Mail on Sunday newspapers.
Construction giants DLF and Shapoorji Pallonji (Chinsha Property) have taken to the Delhi high court (HC) their third partner, Mumbai-based Hubtown (formerly Ackruti), and Punjab National Bank Housing Finance Ltd (PNBHFL) after a default on a Rs800-crore loan resulted in the sale of DLF and Chinsha s stakes to a third party, says a report.
India News: A slum redevelopment project in Mumbai worth Rs 10,000 crore has become the subject of a dispute between three top builders. DLF and Shapoorji Pallonj
A Rs 800-crore loan was secured to get on with construction and the stakes held by all three shareholders was pledged as additional security to PNB Housing Finance. When JHL failed to repay the loan, its account became a Non-Performing Asset in January 2022.
The High Court of Delhi has held that the right of the pledgee to sell the pledged shares for default to repay the loan amount is subservient to the right of the pledgor to redeem such shares under.