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Issues: 1 Deepak Dev

The document outlines issues in insolvency resolution proceedings between several parties: Deepak Dev contends the jurisdiction and merits of proceedings initiated by HSBC, while Ravi Shankar files applications under Sections 10, 43, and 66 involving James McNulty as administrator and alleging fraudulent and preferential transactions. James McNulty challenges these allegations and the consolidation of proceedings. SPL also alleges fraudulent and preferential transactions and challenges an assignment agreement, while HSBC initiated proceedings against Deepak Dev based on a covenant to pay in a pledge. The main issues are the CIRP initiated by HSBC, the validity of the covenant to pay, an application to consolidate proceedings, alleged preferential and fraudulent transactions, cross-border insolvency jurisdiction, and an assignment

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32 views

Issues: 1 Deepak Dev

The document outlines issues in insolvency resolution proceedings between several parties: Deepak Dev contends the jurisdiction and merits of proceedings initiated by HSBC, while Ravi Shankar files applications under Sections 10, 43, and 66 involving James McNulty as administrator and alleging fraudulent and preferential transactions. James McNulty challenges these allegations and the consolidation of proceedings. SPL also alleges fraudulent and preferential transactions and challenges an assignment agreement, while HSBC initiated proceedings against Deepak Dev based on a covenant to pay in a pledge. The main issues are the CIRP initiated by HSBC, the validity of the covenant to pay, an application to consolidate proceedings, alleged preferential and fraudulent transactions, cross-border insolvency jurisdiction, and an assignment

Uploaded by

raj
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Issues

1 Deepak Dev
 Contends Insolvency resolution proceedings initiated by HSBC on
Jurisdiction.(GIBS Rule)
 Contend the same on Merits(Validity of Covenant to Pay)

2 Ravi Shankar
 Application for FTSL’s Section 10 is maintainable.
 Interlocutory Application
 Impleaded james Macnullty as the administrator of FGE( who was
appointed in accordance to English Law)
 Application under Section 43 & 66 for annulment.
 Cross- Border- Jurisdiction –Maintainability of combining all the
resolution process.
 Allegation of Fraudulent and Preferential transaction.

3 James McNulty
 Challenges the allegation of preferential and fraudulent transaction.
 Challenges Section 10 proceedings and consolidation.

4 SPL
 Contends Fraudulent & Preferential ( More to Study)
 Validity of the assignment cum settlement agreement.

5 HSBC
 Files Insolvency resolution against Deepak Dev
 On the basis of convenant to pay in the pledge.
 (Jurisdiction + Merits)
Main Issues:
1. CIRP under Section 10.(HSBC)
2. Convenant to pay in the pledge.
3. Interlocutory Application. (Consolidate).
4. Preferential and fraudulent transactions
5. Cross Border Insolvency
6. Assignment cum settlement agreement.

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