Issues

1 Deepak Dev
 Contends Insolvency resolution proceedings initiated by HSBC on
Jurisdiction.(GIBS Rule)
 Contend the same on Merits(Validity of Covenant to Pay)

2 Ravi Shankar
 Application for FTSL’s Section 10 is maintainable.
 Interlocutory Application
 Impleaded james Macnullty as the administrator of FGE( who was
appointed in accordance to English Law)
 Application under Section 43 & 66 for annulment.
 Cross- Border- Jurisdiction –Maintainability of combining all the
resolution process.
 Allegation of Fraudulent and Preferential transaction.

3 James McNulty
 Challenges the allegation of preferential and fraudulent transaction.
 Challenges Section 10 proceedings and consolidation.

4 SPL
 Contends Fraudulent & Preferential ( More to Study)
 Validity of the assignment cum settlement agreement.

5 HSBC
 Files Insolvency resolution against Deepak Dev
 On the basis of convenant to pay in the pledge.
 (Jurisdiction + Merits)
Main Issues:
1. CIRP under Section 10.(HSBC)
2. Convenant to pay in the pledge.
3. Interlocutory Application. (Consolidate).
4. Preferential and fraudulent transactions
5. Cross Border Insolvency
6. Assignment cum settlement agreement.