2019 (4) TMI 1721

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....>S.J. Mukhopadhaya Chairperson And A.I.S. Cheema Member(Judicial) For Appellant: - Mr. Rajshekhar Rao, Mr. Pai Amit and Mr. Karthik Sundar, Advocates. For Respondent: - Ms. Ami Jain, Advocate for R.P. Mr. S.R. Jariwala, C.A for CoC. ORDER   The 'Corporate Insolvency Resolution Process' has been initiated against 'Doshion Water Solutions Pvt. Ltd.'- ('Corporate Debtor'). The Appell....

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....between 'L&T Infrastructure Finance Company Limited (as Assignor) and the Appellant- 'Phoenix ARC Private Limited' (as Asignee). 3. It is submitted that in terms of Section 176 of the Contract Act, the Appellant is entitled to file a suit against the owner i.e. the 'Corporate Debtor'. 4. We have heard Mr. Rajshekhar Rao, learned counsel appearing on behalf of the Appellant; Ms. Ami Jain, lea....

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....ate Debtor') of 100% shares of 'Gondwana Engineers Ltd.' in favour of 'L&T Infrastructure Finance Company Limited'. The 'Facility Agreement' provided that the Borrower would continue to hold at least 50% of the equity capital of the 'Corporate Debtor' and the 'Corporate Debtor' would continue to hold at least 51% stake in the equity capital of 'Gondwana Engineers Ltd.'. The 'Corporate Debtor' was ....

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....t Agreement dated 30th December, 2013, the Appellant- 'Phoenix ARC Private Limited' claimed to be the 'Financial Creditor'. 9. Section 5(7) defines 'Financial Creditor' and Section 5(8) defines 'Financial Debt'. From the 'pledged agreement', it is clear that the shares have been assigned and in case the shares or any part of them became subject matter of an attachment by a Court or otherwise ta....