ASEAN INTERNATIONAL LIMITED Vs. STATE BANK OF INDIA

JUDGEMENT

(1.) This application is filed by defendant no. 1 for rejection of the plaint under Order VII Rule 11(a) and (d) of the Civil Procedure Code, 1908 ('CPC'). Defendant no. 1 has prayed for rejection of the plaint on the ground that it does not disclose any cause of action against defendant no.1, the plaint is barred for non-compliance with the mandatory provision of Sec. 12-A of the Commercial Courts Act, 2015 ('the said Act') and on the ground that the suit is barred by limitation.

(2.) According to the plaintiffs, they supply bunkers to ocean- going vessels. The plaintiffs have entered into a commercial agreement under which the orders procured by them were executed. The plaintiffs have referred to them as 'the Asean Group'. The suit is filed for a money decree against defendant nos. 1 to 11, directing them to jointly and severally pay an amount of Rs.83,57,70,274.00 to plaintiff no. 2, being the outstanding amount payable to Asean Group Credit Facility. The plaintiffs have prayed for directing defendant nos. 1 to 11 to jointly and severally pay a sum of USD 6,326,895.05 towards outstanding payable to plaintiff no. 1 towards outstanding bunker invoices. As per the plaintiff's case, defendant nos. 1 to 9 are the banking companies and financial institutions that had advanced funds to Varun Resources Limited ('Varun') and were members of the Joint Lenders Forum ('JLF') for restructuring the debts of Varun.

(3.) Defendant no. 10 is the security trustee for defendant nos. 1 to 9 under the debt restructuring documents pertaining to Varun. Defendant no. 11 is the account bank nominated by defendant nos. 1 to 10 for the purpose of the debt restructuring scheme for Varun. Defendant no. 12 is one of the promoters of Varun's group of companies. Varun is now in liquidation; hence, defendant no. 13, who is appointed as a Resolution Professional, is added as a party defendant.