M M GUPTA Vs. MAARS SOFTWARE INTERNATIONAL LTD

JUDGEMENT

(1.) THESE applications are filed by the applicant plaintiff to pass an order of interim injunction,

(2.) THE subject-matter of suit for specific performance and for consequential relief of injunction restraining other defendants from making transfer of title to suit property or to part away with the documents thereof, is a property of land measuring 5. 70 acres and construction thereon of 94,000 Sq. Ft. approximately at 1/364, Old Mahabalipuram road, Padur, Kelambakkamm, which is, owned by the 1st defendant M/s. Maars software International Limited.

(3.) IT is for the extension of business of the 1st defendant, it has raised a loan of rs. 9 crores (subsequently reduced to 8. 75 crores) from the 3rd defendant Industrial development Bank of India Limited (IDBI)in the year 2002. Subsequent to the raising of above loan in respect of the said property, there was a lease deed between 1st and 2nd defendants entered on 5-8-2002 with effect from 1-8-2002 for 108 months with right of option of the lessee for renewing the same for another period of 60 months with escalated rent at a particular rate. The lessee 2nd defendant claims that according to clause 2 (b) (iv), it has the right of pre-emption to purchase the property and the 1st defendant resisted the same by contending" that it was subjected to some default on his part, which had not occurred.