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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 ..... 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 Appellant filed Miscellaneous Application under ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y 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 'Res ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eers 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 also required to provide the Board's Resolutio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lant- '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 'Corporate Debtor' is l ..... X X X X Extracts X X X X X X X X Extracts X X X X
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