RICHA INDUSTRIES LTD Vs. ICICI BANK LIMITED

JUDGEMENT

(1.) The plaintiffs (hereinafter referred to as plaintiff) have filed the suit for declaration, permanent injunction and damages against the defendants (hereinafter referred to as defendant). Along with the suit, an application under Order XXXIX, Rules 1 and 2 CPC has been filed wherein the following prayers are sought by the plaintiff:

(2.) The relevant facts are that the Plaintiff Nos.2 and 3 are promoters shareholders and directors of plaintiff No.1. Defendant No.1 is a scheduled bank within the meaning of the provisions of the Reserved Bank of India Act, 1934. Defendant No.2 is a company incorporated under the Companies Act, 1956 which is engaged in the business of collecting, collating and disseminating credit information pertaining to both commercial and consumer borrowers to its members.

(3.) It is stated in the plaint that on 24.08.2007, defendant No.1, by way of a Credit Arrangement Letter, inter alia sanctioned a cash credit facility with a limit of Rs.10 crores and a derivatives facility with a limit of Rs.11.7 crores in favour of the plaintiff. It is contended that the validity period of the =limits', for both the cash credit and derivatives facility was one year.