SAMMAAN CAPITAL LIMITED Vs. MANTRI INFRASTRUCTURE PVT. LTD.

JUDGEMENT

(1.) This Civil Revision Petition is filed under Sec. 115 of the Code of Civil Procedure assailing the impugned order dtd. 25/11/2024, in O.S.No.7166/2024, whereby the application filed by the defendants under Order VII Rule 10 of the Code of Civil Procedure was rejected.

(2.) For the sake of convenience, the parties shall be referred to as per their ranking before the trial court.

(3.) Learned Senior Counsel Sri Prabhuling K. Navadgi, appearing for the defendants submitted that the plaintiff No.2 - Mantri Developers Pvt. Ltd., plaintiff No.1 - Mantri Infrastructure Pvt. Ltd., plaintiff No.3 - Shore Dwellings Pvt. Ltd., plaintiff No.4 - Mantri Techzone Pvt. Ltd., and plaintiff No.5 - Minerva Infratech Pvt. Ltd., have availed various loans from the defendants, who are non banking finance companies. On default, in repayment of the loans, defendant No.1 issued a detailed acceleration notice dtd. 25/3/2022 to plaintiff No.1 and thereafter defendant No.1 invoked the pledge agreement by invocation notice dtd. 28/9/2024 and sought for transfer of the shares vide sale notice dtd. 28/9/2024. The 1st plaintiff filed a commercial suit in Com.O.S.No.1351/2024, before the Commercial Court, Bengaluru, seeking permanent injunction restraining the defendants from enforcing or acting upon the invocation notices dtd. 28/9/2024 and from undertaking any further proceedings related to the transfer or encumbrance of the pledged shares of plaintiffs No.1 and 2 herein. However, the plaintiffs therein filed a memo dtd. 1/10/2024 seeking to withdraw the suit as not pressed, while seeking liberty to file a fresh suit on the same cause of action. However, instead of filing a fresh suit before the commercial court, the plaintiffs filed a suit in O.S.No.7166/2024 before the City Civil Court, Bengaluru with similar prayers as was sought before the commercial court.