Supreme Court of India
Infrastructure Leasing and Financial Services Ltd v. Hdfc Bank Ltd. & Anr.
INSC stands for INDIAN SUPREME COURT. A neutral citation scheme assigned by the Court itself, so a judgment can be cited without depending on a commercial law reporter. INSC is the neutral citation scheme assigned by the Supreme Court, so a judgment can be cited without depending on a commercial law reporter.
What the Court ordered
For the foregoing reasons, this court holds that there is no merit in the appeal.
Judgment, page 25
From the headnote
Issue for consideration: Whether the documents executed by the borrower-appellant by which rents were made over to the lender-respondent constituted an assignment and thus fell outside the scope of an asset and security freeze order made by the NCLAT. Transfer of Property Act, 1882 – Assignment of receivables – Sanction of fi nancial facility of ₹400 crores to the borrower by the lender – Parties entered into Master Facility Agreement-MFA and Assignment Agreement-AA – As per MFA receivables or rents which borrower is entitled to, form the security for the advance extended to it by the lender…
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