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TMI Blog2019 (4) TMI 1721X X X X Extracts X X X X X X X X Extracts X X X X ..... interest in the Financial Facility including any security interest therein, in favour of the Appellant- Phoenix ARC Private Limited . In view of such Assignment Agreement dated 30th December, 2013, the Appellant- Phoenix ARC Private Limited claimed to be the Financial Creditor . 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 tainted for any reason, the Corporate Debtor is liable to replace the same with other securities acceptable to the Assignor. The Pledge Agreement ensures the benefit of the Assignor and its ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nsaction having commercial effect on borrowings. He relied on Assignment Agreement dated 30th December, 2013 signed 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, learned counsel appearing on behalf of the Resolution Professional and Mr. S.R. Jariwala, Chartered Accountant on behalf of the Committee of Creditors . 5. From the record, we find that L T Infrastructure Fina ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 8. Thereafter, by Assignment Agreement dated 30th December, 2013, L T Infrastructure Finance Company Limited assigned all rights, title and interest in the Financial Facility including any security interest therein, in favour of the Appellant- Phoenix ARC Private Limited . In view of such Assignment 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 tainted for any reason, the Corp ..... X X X X Extracts X X X X X X X X Extracts X X X X
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