(1.) THESE four appeals are by the defendant in the trial court calling in question the common order passed on L.As. 1 to 5, during the pendency of the suit filed by the respondents -plaintiffs.
(2.) I .A. No. 1 was filed by the plaintiffs restraining the Appellant -Bank herein namely Hongkong Shangai Bank Corporation Ltd., (for short 'HSBC') from acting upon cheques issued by the plaintiffs drawn on State Bank of India. I.A. No. 2 was to restrain the appellant -Bank from acting upon On Demand Promissory Notes. I.A. No. 3 was to restrain the appellant -Bank from acting upon Memorandum of Agreement (MOA) dated 2.7.09 and I.A. No. 4 was to restrain the appellant -Bank from acting upon the Invoice Discounting/Factoring Agreement dated 27.3.2008. All these I.As 1 to 4 were allowed lay the trial court and I.A. No. 5 which was filed by the appellant seeking permission to file written statement was alao allowed. But in these appeals, the challenge is to the order of the trial court allowing I.As 1 to 4.
(3.) ACCORDING to the plaintiff -Company, under the Factoring Agreement, the defendant -Bank would buy the debts of 8 customers of the plaintiff -Company namely Aditya Birla, Aravind Brands etc., at 85% of the invoice value for an aggregate sum not exceeding of Rs. 50 million (Rs. 5 crores) and it is also the case of the plaintiff -Company that the invoice value would be covered by insurance for which the plaintiff -Company was to pay to the defendant -Bank 0.14% of gross invoice value and a sum of Rs. 15,000/ - waa collected by the defendant from the plaintiff. The plaintiff -Company also contended that apart from the Factoring Agreement, the defendant -Bank also obtained an irrevocable Power of Attorney from the plaintiff and several other documents. Thereafter, the plaintiff -Company also signed the Memorandum of Agreement (for short 'MOA') dated 02.07.2009 and also furnished to the Bank, the Company's Board of Resolution of the same date. The Factoring limit waa also raised to Rs. 10 crores and according to the plaintiff -Company, the Factoring facility is limited only to Aravind Brand and Hasbro and the insurance cover was also revised in respect of these two brands at 0.14% and 0.24% of the invoice value respectively.
ABOUT US "REGENT COMPUTRONICS PVT. LTD." is a Company incorporated in 1991 under the provisions of the Companies Act, 1956. Since its inception to 1995, the Company was busy in carrying out the activities related to various Banks' Job Work..
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