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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
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The Insolvency and Bankruptcy Code stands to be one of the most
direly needed legislation in the wake of the increasing corporate
culture in India. The code makes both individual and corporate
insolvency process comprehensive yet simpler. The code has a very
vast scope and is applicable to the entire range starting from a
farmer to a billionaire businessman, from startups to
well-established gigantic corporate hubs. Corporate defaults run at
micro levels. Even at a micro level of the individual such failures
may very well occur. Due to an unfortunate yet inevitable