ATLANTA LIMITED AND ORS. Vs. IFCI LIMITED

JUDGEMENT

(1.) THIS is an application filed by the plaintiffs under Section 151 CPC seeking recall of the order dated 2.4.2014.

(2.) THE only question which is to be decided in the instant case is as to how much the balance amount is payable by the plaintiffs to the respondent. There is no dispute about the fact that Atlanta Limited had taken a loan from IFCI amounting to Rs. 50 crores vide agreement dated 21.12.2010 and further loan of Rs. 30 crores vide agreement dated 23.8.2011. It had pledged its securities/shares with IFCI. The plaintiffs had filed a suit for permanent injunction against the defendant and claimed the following reliefs : -

(3.) THE learned counsel for the defendant on instructions from Manager (Legal) has stated that although the proposal in principal was acceptable, however, so far as the question of waiver of liquidated damages or giving the relief in reduction of liquidated damages to the plaintiffs is concerned, he has received instructions that this cannot be done.