GTL LIMITED Vs. IFCI LTD

JUDGEMENT

(1.) By this order I propose to decide the interim application being IA No.11586/2011 under Order 39 R 1 and 2 CPC seeking inter alia various reliefs including restraining the defendants No.1 and 2 and their agents and servants in any manner dealing with, disposing of, selling, alienating for sale or creating any third party rights and parting with shares of the suit property by passing the injunction orders.

(2.) The plaintiff has also filed another application under Order 2 Rule 2 CPC seeking relief to grant leave to the plaintiff to file suit for damages against the defendants.

(3.) The brief facts of the case are that on 12 th July, 2010, Facility Agreement was entered into between defendant No.1 and defendant No.3 whereby defendant No.1 advanced a loan of Rs.250 crores against various securities to the defendant No.3. One of the securities is a pledge of shares of the plaintiff which were to be kept in non-disposal escrow account. The other securities are hypothecation of movable properties, mortgage of immovable properties, corporate guarantees etc given by the defendant No.3. The plaintiff is not a party to this Facility Agreement, even though, plaintiff is group company of defendants No.3 and 4.