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Jun 30, 2020

Bombay HC Restrains Sale of Pledged Shares Due to COVID-19 Pandemic

In Rural Fairprice Wholesale Limited v. IDBI Trusteeship Services Limited[1], the defaulting party sought an injunction on the ground that if the pledged shares were sold during the pandemic, irreparable loss would be caused to all stakeholders as such shares would be sold at a very low price. An ad interim injunction was granted by the Bombay High Court restraining IDBI Trusteeship Services Limited from selling the pledged shares, until a future date. A special leave petition challenging this Order was dismissed by the Supreme Court.

[1] Interim Application No.1 of 2020 in Commercial Suit (L) 307 Of 2020

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These are the views and opinions of the author(s) and do not necessarily reflect the views of the Firm. This article is intended for general information only and does not constitute legal or other advice and you acknowledge that there is no relationship (implied, legal or fiduciary) between you and the author/AZB. AZB does not claim that the article's content or information is accurate, correct or complete, and disclaims all liability for any loss or damage caused through error or omission.

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