GTL LIMITED Vs. IFCI LIMITED

JUDGEMENT

(1.) URGENT matter is received at 4.00 p.m.

(2.) THE three plaintiffs, namely, GTL Limited, Chennai Network Infrastructure Limited and GTL Infrastructure Limited, have filed the present suit for declaration and permanent injunction against the defendants, namely, IFCI Limited and IFCI Financial Services Limited, seeking the following prayers:-

(3.) IT is pertinent to mention here that prior to the above- mentioned suit, plaintiff No.1 filed the suit for declaration and permanent injunction being CS(OS) No.1771/2011 against defendants No.1 and 2 herein as well as plaintiffs No.2 and 3 impleaded here who were made parties as defendants No.3 and 4 in that suit as proforma defendants. In the said suit, in one of the prayers, the said plaintiff No.1 sought the relief (h) that "pending the final decision of the Empowerment Group in relation to the proposed Corporate Debt Restructuring Scheme, the defendants be restrained by an order and injunction of this HONOURABLE Court from, in any manner, directly or indirectly, dealing with, disposing of, selling, offering for sale, appropriating or causing to be appropriated, causing to be offered for sale, creating or causing to be created any third party rights of whatsoever nature in the suit shares and/or the balance pledged shares or any part thereof." In the earlier suit, the prayer was also sought against defendants No.1 and 2, their agents, servants or any other person claiming through or under them to restrain perpetually by an order and injunction, in any manner, directly or indirectly, from dealing with, disposing of, selling, offering for sale, causing to be offered for sale of the suit shares.