Argus Partners successfully represented HDFC before the Supreme Court against IL&FS
Argus Partners has successfully represented the erstwhile Housing Development Finance Corporation Limited (since merged with HDFC Bank) ("HDFC") before the Supreme Court, against Infrastructure Leasing and Financial Services Limited ("IL&FS").
The Supreme Court, upholding the NCLAT’s decision, allowed HDFC to appropriate rent receivables from IL&FS’ lessees/ licensees toward repayment of the financial assistance extended by HDFC to IL&FS. The Court agreed with HDFC’s submission that the rent receivables stood assigned to HDFC and were its exclusive property, as opposed to being mere security interest as urged by IL&FS.
Since October 2018, the IL&FS group has been undergoing an NCLAT supervised group insolvency process, and lenders have been restrained from recovering their dues from IL&FS entities. The recent Supreme Court verdict is a rare instance of a financial institution having been able to secure recourse to its entire outstanding, in the ongoing IL&FS insolvency process.
The team at Argus Partners representing HDFC consisted of Krishnava Dutt (Managing Partner), R. Sudhinder (Senior Partner), Aastha and Udit Mendiratta (Partners), Ekta Bhasin (Principal Associate) and Aastha Trivedi (Senior Associate).
.png)
.png)
Pallavi Kanakagiri joins Argus Partners as a Partner in the…
7A, 7th Floor, Tower C, Max House,
Okhla Industrial Area, Phase 3
New Delhi – 110020
The rules of the Bar Council of India do not permit advocates to solicit work or advertise in any manner. This website has been created only for informational purposes and is not intended to constitute solicitation, invitation, advertisement or inducement of any sort whatsoever from us or any of our members to solicit any work in any manner. By clicking on 'Agree' below, you acknowledge and confirm the following:
a) there has been no solicitation, invitation, advertisement or inducement of any sort whatsoever from us or any of our members to solicit any work through this website;
b) you are desirous of obtaining further information about us on your own accord and for your use;
c) no information or material provided on this website is to be construed as a legal opinion and use of this website will not create any lawyer-client relationship;
d) while reasonable care has been taken in ensuring the accuracy of the contents of the website, Argus Partners shall not be responsible for the results of any actions taken on the basis of information provided in this website or for any error or omission in the website; and
e) in cases where the user has any legal issues, the user must seek independent legal advice.
.png)
