Court to Decide if Catalyst Can Hold Pledged Shares Under Contract Act Sections 176 and 177 for Safekeeping.

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....Transfer of pledge shares - right of pledgee - whether Catalyst can transfer these shares to its name but only for the limited purpose of holding them safely until they are redeemed, sold (after notice to World Crest) or for the purposes of Catalyst’s recovery suit? - Sections 176 and 177 of the Contract Act - We are asked to hold, prima facie, that World Crest is not bound by the terms of the bargain it struck. That is merely asking for the impossible. Catalyst cannot be compelled to sell. World Crest will not redeem. In the meantime Catalyst can do nothing. This, we are asked to believe, is an equitable approach that the learned Single Judge should have been mindful of at World Crest’s instance. - HC....