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Supreme Court- Pledgee Not A Financial Creditor Under The Insolvency & Bankruptcy Code - Litigation, Mediation & Arbitration

Supreme Court- Pledgee Not A Financial Creditor Under The Insolvency & Bankruptcy Code - Litigation, Mediation & Arbitration
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Third Party Security: Pledgees Not Financial Creditors - Finance and Banking

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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