STCI FINANCE LTD Vs. CEDAR INFONET PVT LTD

JUDGEMENT

(1.) Ia No.7514/2019

(2.) The accompanying suit is filed by the plaintiff under Order 37 seeking recovery of Rs.80,82,38,057.51 along with pendente lite and future interest and costs.

(3.) The case of the plaintiff in the plaint was that a Loan Facility Agreement was executed between plaintiff company and defendant No.1 company on 17.11.2010 whereby loan facility of an amount of Rs.50,00,00,000.00 was granted by the plaintiff on a revolving basis at rate of interest @ 12% per annum with monthly rests. To secure the aforesaid Local Facility, the defendants executed various documents and pledged certain shares, mutual fund units and other securities. Defendant Nos.2 and 3 are the guarantors of the Loan Facility. Vide letters dated 19.05.2014 and 23.07.2014 the plaintiff requested the defendants to pay the entire overdue amount. As there is default on the part of the defendants in making payment, the present suit was filed.