The matter arose in connection with structured debt financing of ₹75 Crores extended to BSBP Estates Private Limited, the developer of the "Joynest Aerocity" project in District Zirakpur, Punjab, secured by an exclusive pledge over 100% of the issued, subscribed and paid-up share capital of the borrower company comprising 20,10,000 equity shares.
The Hon'ble Court, finding a prima facie case and balance of convenience in favor of the petitioner, granted comprehensive interim reliefs restraining alienation, transfer, encumbrance or dealing with the pledged shares, directed a freeze and debit block protection over the said shares, and ordered maintenance of status quo over the assets and capital structure of BSBP Estates Private Limited.
The matter was argued by Jayant Mehta, Senior Advocate, briefed by the SNG & Partners team led by Ashish Kumar (Partner) and Lokesh Malik (Associate Partner), along with Atika Chaturvedi and Anju Shree Nair (Associates).