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2019 (7) TMI 684 - AT - Insolvency and BankruptcyInitiation of corporate insolvency resolution process by corporate applicant - Section 10 of the I&B Code - voting rights of the shareholders upon the occurrence of an event of default - HELD THAT:- In terms of clause (c) of sub-section (3) of Section 10 of the I&B Code the special resolution passed by shareholders of the ‘corporate debtor’ or resolution 7 passed by at least three fourth 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with regard to the companies aforesaid, their right under clause (c) of sub-section (3) of Section 7 does not stand superseded by the aforesaid provision.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.
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