Shares pledged should be released post repayment of loan: Delhi HC

Bhushan Infrastructure Private Limited Vs Union of India Through Finance Secretary (Delhi High Court) Delhi High Court held that IFCI Limited (Lender) is required to release the shares from the pledge as and when the loan is repaid by the borrower. Accordingly, Court directed IFCI to release the pledge within a period of six weeks. Facts- There was an Agreement for Pledge of Shares between M/s Bhushan Infrastructure Private Limited (petitioner) and IFCI Limited (respondent No.3). Such agreement was reduced in writing on 18.06.2014 and as per the recitals appearing in the abovesaid agreement, p...