MURABLACK INDIA LIMITED Vs. UBS

JUDGEMENT

(1.) THIS appeal is directed against an order of the learned Single Judge (F.I. Rebello, J.) dated 7th/8th September, 2000. When this appeal came up for admission, we heard Counsel for the appellant as well as the first and the fifth respondents at great length as we would have liked to dispose of the appeal finally after admitting it. However, we are unable to do so we are hampered for the reason that the second, third and fourth respondents, who are parties residing abroad, did not appear at the stage of admission. Hence, we propose to dispose of this appeal at the admission stage itself.

(2.) THE appellant (original plaintiff) filed a suit on the Original Side of this Court in which it sought a declaration that certain guarantees issued by the fifth respondent in favour of the first respondent bank guaranting loans advanced by the first respondent to the appellant be discharged. The appellant also sought a permanent injunction restraining the first respondent from invoking the guarantees against the fifth respondent. Pending the hearing and disposal of the suit, a Notice of Motion was taken out by the appellant seeking to restrain the first and the fifth respondents from recovering any amount under the Loan Agreement dated 20th September, 1991 and restraining the fifth respondent from paying to the first respondent any amounts under the guarantee of the fifth respondent dated 10th October, 1991. This Notice of Motion was opposed by the respondents and, after hearing the contesting parties, the learned Single Judge by his order dated 7th/8th September, 2000 dismissed the Notice of Motion. The appeal is directed against the said order.

(3.) BROADLY stated, the facts are thus: