P. K. BALASUBRAMANYAN, J.

( 1 ) LEAVE granted. Heard both sides. On 9. 1. 1990, M/s Jyoti Chemicals leased out its industrial undertaking situate in the State of Andhra Pradesh to the appellant for a term of 11 years on an annual rent of Rs. 20 lakhs. A sum of Rs. 11 lakhs was paid by the appellant as security and every year a sum of Rs. 1 lakh therefrom was to be adjusted towards the Rs. 20 lakhs payable for that year. It appears that M/s Jyoti Chemicals had borrowed amounts from the Bank of Maharashtra on the security of the properties and had agreed to formally mortgage the properties. On 14. 12. 1993, the Bank of Maharashtra filed Suit No. 307 of 1994 on the Original Side of the High Court of Bombay for recovery of the amount due to it on the basis of the loan transaction and for specific performance of the alleged agreement to mortgage the properties included in Schedule 'b' to that plaint. It was pleaded that a hypothecation had been created in respect of the machineries in favour of that Bank as far back as on 25. 11. 1982. In that suit, the appellant was not originally made a party. But the Bank moved an application for appointment of a receiver for the properties of M/s Jy