IFCI FACTORS LIMITED Vs. JAGANNATH SARANGAPANI

JUDGEMENT

(1.) PLAINTIFF has filed the present suit under the Provisions of Order 37 of the Code of Civil Procedure for recovery of Rs.7,56,22,030/ -. The suit is based on a personal guarantee executed by the defendants No.1 to 4. As per the plaint, the defendants stood as guarantors guaranteeing the payment of amount due and payable by one M/s.R.N. Infra Communications Pvt. Ltd. in respect of an agreement for factoring of receivables dated 19.12.2008 executed between the plaintiff and M/s.R.N. Infra Communications Pvt. Ltd. The plaint further discloses that vide a sanction letter dated 11.12.2008, the plaintiff conveyed to M/s.R.N. Infra Communications Pvt. Ltd. its readiness to provide domestic factoring facilities of Rs.7.50 crores and various documents were executed between the plaintiff and M/s.R.N. Infra Communications Pvt. Ltd. Pursuant to the arrangement between the plaintiff and M/s.R.N. Infra Communications Pvt. Ltd. the defendants executed deeds of guarantees which according to the plaint are independent and unconditional guarantees for payments due to payments to the plaintiff and all amounts due and payable by M/s.R.N. Infra Communications Pvt. Ltd.

(2.) IT is submitted by counsel for the plaintiff that the payments were not made by M/s.R.N. Infra Communications Pvt. Ltd. to the plaintiff, which has led to the filing of the present suit against the defendants, who are guarantors.

(3.) BY the present applications, the leave is sought by defendants on the ground that the present suit is not maintainable on account of non -joinder of parties, as M/s.R.N. Infra Communications Pvt. Ltd. has not been be impleaded as a party in the present suit.