JUDGMENT - D.K. DESHMUKH, J.:---This is a suit filed by the plaintiff Financial Institution which claims to be a company registered under the provisions of the Companies Act. According to the averments in the plaint, the business of the plaintiffs is to grant financial assistance by lending or granting loans or advances to industrial, commercial, professional or trading enterprises. According to the plaintiffs, it has advanced loan to the defendant No. 3 for the purchase of the defendant Nos. 1 and 2 vessels and defendant Nos. 4 to 7 have entered into agreements guaranteeing the repayment of the loan. According to the plaintiffs, the defendant Nos. 1 and 2 are mortgaged with the plaintiffs. The plaintiffs have in paragraph 33 of their plaint stated that the plaintiffs' claim against the defendant Nos. 1 and 2 vessels is on the basis of the mortgage of defendant Nos. 1 and 2 vessels and that the plaintiffs are entitled to proceed for recovery of their claim in admiralty jurisdiction of this Court. It is further stated that the claim of the plaintiffs against the defendant No. 3 is on the basis of the loan agreements executed by the defendant No. 3. It is further stated that the clai

Click Here to Read the rest of this document