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TMI Blog2019 (7) TMI 684X X X X Extracts X X X X X X X X Extracts X X X X ..... th of the total number of partners of the corporate debtor approving to file the application, is to be enclosed - Even if it is presumed that the shareholder ceased to exercise their right to vote with regard to the companies aforesaid, their right under clause (c) of sub-section (3) of Section 7 does not stand superseded by the aforesaid provision. The shareholder has a right to decide whether approving or disapproving the decision be proceeded with the corporate insolvency resolution process under Section 10 of the I B Code. Such right does not stand curtailed by Deed of Pledge dated 28th March, 2013. Appeal dismissed. X X X X Extracts X X X X X X X X Extracts X X X X ..... eads as follows : "5.2 Voting Rights "unless and until an Event of Default (howsoever described herein and in any of the finance Documents) shall have occurred, the pledgor shall be entitled to exercise any and all voting and other consequential rights pertaining to the Securities (except the right to sell, transfer, assign, charge, pledge or otherwise Encumber the Securities or any part thereof otherwise than in accordance with this Deed) for any purpose not in violation of or inconsistent with any of the terms of this Deed or any other agreement in respect of the Facilities, provided that the pledgor agree that it: (a) shall not-vote or abstain from voting, in any manner that is inconsistent with the terms of this Deed or any oth ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ghts attached to any of the Securities as it deems fit. To enable the Security Agent to exercise the Voting rights as aforesaid, the Pledgor shall register this Deed with the Borrower with irrevocable instructions that as and when any intimation is received from the Security Agent in this behalf in accordance with the terms of this Deed, the Security Agent shall be permitted to attend and exercise the voting rights in respect of the Securities on any matter at any meeting of the members of the Borrower, and the Borrower hereby acknowledges and agrees to the same. The Pledgor shall also arrange with the Borrower for forwarding copies of the notices of all such meetings to the Security Agent and and when such notices are issued to the shareho ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of account and such other documents for such period as may be specified; (b) the information relating to the resolution professional proposed to be appointed as an interim resolution professional; and (c) the special resolution passed by shareholders of the corporate debtor or the resolution passed by at least three-fourth of the total number of partners of the corporate debtor, as the case may be, approving filing of the application.; (4) The Adjudicating Authority shall, within a period of fourteen days of the receipt of the application, by an order- (a) admit the application, if it is complete and no disciplinary proceeding is pending against the proposed resolution professional; or (b) reject the application, if it is in ..... X X X X Extracts X X X X X X X X Extracts X X X X
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