The Pledge of Shares do not amount to disbursement of any amount against the consideration for the time value of money & it do not fall within sub-clause (f) of sub-section (8) of Section 5 – Phoenix ARC Pvt. Ltd. Vs. Ketulbhai Ramubhai Patel The Resolution Professional of Doshion Water Solutions Pvt. Ltd. – NCLAT New Delhi

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