IN RE: DECCAN CHRONICLE HOLDINGS LTD. Vs. STATE

JUDGEMENT

(1.) MENTIONED . Not on Board. Taken on Board. By an order dated 23rd August 2012, this Court (Coram: Smt. R.S. Dalvi, J.) granted Leave under Clause XII of the Letters Patent Act, 1866 to the Plaintiff, to file the above suit before this Court. The Defendant No. 1 - Deccan Chronicle Holdings Limited - has now taken out the above Chamber summons praying that the said leave granted on 23rd August 2012 be revoked.

(2.) BRIEFLY set out, the relevant facts are as under:

(3.) THE loan facilities, for which recovery is sought in the present suit, were originally provided to Defendant No. 1 by Defendant No. 7. However, under a Deed of Assignment dated 3rd August 2012, the said loan facilities and all the receivables, rights and benefits of the Defendant No. 7 thereunder and in respect of all guarantees and securities, have been duly and validly assigned to the Plaintiff and according to the Plaintiff, it is entitled in its own right to all the reliefs claimed in the suit. However, without prejudice and in the alternative, the Plaintiff has submitted that the reliefs be granted to the Plaintiff and/or Defendant No. 7 as this Court deems fit.