ASIAN HOTELS NORTH LTD Vs. YES BANK LTD

JUDGEMENT

(1.) The present application under Order I Rule 10 of the Code of Civil Procedure, 1908 (hereinafter "CPC ") has been filed on behalf of the applicant/proposed defendant, Exclusive Capital Limited, seeking the following reliefs:-

(2.) Mr. Vivek Tankha, learned senior counsel appearing on behalf of the applicant submitted that the present application has been seeking impleadment of all the Lenders of the plaintiff in the captioned suit. Vide order dtd. 30/1/2023, notice has already been issued to the non-applicants and four weeks ' time was given to the non-applicants to file their replies/objection. It is submitted that no reply to the instant application has been filed on behalf of any non-applicant.

(3.) The learned senior counsel submitted that the applicant had been assigned the loan and overdraft credit facilities to the tune of approximately Rs.122.00 crores extended to the plaintiff by IndusInd Bank Ltd. by the Deed of Assignment dtd. 28/12/2022. The plaintiff and IndusInd Bank had also entered into an Overdraft Facility Agreement dtd. 20/11/2017 for Rs.5.00 crores and a Term Loan Agreement dtd. 29/9/2017. In addition to the same, IndusInd Bank also extended Sanction letter dtd. 24/9/2020 for Rs.23,13,741.00 in favour of the plaintiff to be paid in three monthly installments starting from 31/1/2021. Accordingly, Funded Interest Term Loan for Rs.23,13,741.00 was executed on 27/10/2020 between the plaintiff and IndusInd Bank.