UNIMERS INDIA LTD. APPLICANT/ORIG.DEFT.NO.1 IN THE MATTER BETWEEN : ICICI BANK LIMITED Vs. UNIMERS INDIA LTD.

JUDGEMENT

(1.) This is a cluster of matters where the issue that requires to be decided is whether this Court has jurisdiction to receive, try and dispose of the suit? For the sake of convenience, I am taking the brief facts from suit No. 771 of 2002.

(2.) The plaintiff is a public limited company incorporated under the Indian Companies Act, 1913 (VII of 1913) and a Financial Institution within the meaning of Sec. 4-A of the Companies Act, 1956. Defendant no.1, is a company within the meaning of the Companies Act, 1956 (1 of 1956) and inter-alia carrying on business of manufacturing, producing, distributing, importing, exporting, buying, selling and dealing in all types of goods and products based on rubber and/or plastics for domestic and industrial use and such other ancillary products. Defendant nos.2 to 10 are necessary parties inasmuch as they may have interest in the properties of defendant no.1 that are charged/mortgaged to the plaintiff.

(3.) This suit is filed by the plaintiffs as debenture trustees for the debenture holders in respect of debentures issued by defendant no.1. Defendant no.1 had executed a declaration of trust, i.e., a trust deed in favour of the plaintiff for the benefit of the debenture holders. The trust deed recorded the terms and conditions of this trusteeship including the remuneration therefor.