1. Mentioned. Not on Board. Taken on Board.

2. 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.5 – Deccan Chronicle Holdings Limited – has now taken out the above Chamber summons praying that the said leave granted on 23rd August 2012 be revoked.

3. Briefly set out, the relevant facts are as under:

4. The Plaintiff is a Company duly incorporated and registered under the Companies Act, 1956 and having its Registered Office at Mumbai. The Plaintiff inter alia renders financial services including providing short term loans to its customers. The Defendant No. 1 is a Private Limited Company and a subsidiary of Defendant No.5. Defendant No.1 inter alia carries on the business of air transport services and chartered aviation services. The Defendant No. 1 had availed of certain short term facilities from Defendant No. 7 - Future Capital Holdings Ltd. The said facilities have been fully disbursed and advanced to the Defendant No.1 by the Defendant No.7. The Defendant Nos. 2, 3 and 4 are individuals and the Directors of Defendant No.1. The Defendant Nos. 2 to 4 are being sued as Personal Guarantors, as also to enforce the securities provided by them for repayment of the short term facilities given to Defendant No.1. The Defendant No.5 is a Listed Company, incorporated under the provisions of the Companies Act, 1956 and having its Registered Office at Secunderabad, Andhra Pradesh. The Defendant No.5 has also guaranteed repayment under the loan facilities given by Defendant No.1 and also provided/agreed to provide security for such repayment as stated hereinafter. The Defendant No.6 is a Depository Participant under the Depositories Act, 1996. Certain shares of Defendant No. 5 which were /are owned and held by Defendant Nos. 2 to 4 and have been provided as security for repayment under the loan facilities advanced to Defendant No. 1 are held by Defendant No. 6 as the Depository Participant. Defendant No. 7 is a Company incorporated under the Companies Act, 1956 and also provides financial services.

5. 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.

6. Since Defendant No.1 has failed and neglected to pay the amounts due to the Plaintiff in relation to the Loan Facility Agreement dated 12th July 2012, the present suit is filed by the Plaintiff, inter alia, for the following reliefs:

“(a)This Hon'ble Court be pleased to declare that a sum of Rs. 52,08,64,102/- (Rupees Fifty two crores eight lacs sixty four thousand one hundred and two) as per the particulars at “Exhibit LLL” hereto is outstanding, due and payable to the Plaintiff or alternatively to Defendant No.7 or such of them jointly or severally as this Hon'ble Court may find entitled thereto by the Defendant No.1 to 5 jointly and severally, along with further interest thereon @ 20% per annum from the date hereof till payment or realization thereof.

(b) This Hon'ble Court be pleased to order and decree the Defendant No. 1 to 5, jointly and severally to pay to the Plaintiff or alternatively to Defendant No. 7 or such of them as this Hon'ble Court may find entitled thereto, a sum of (Rupees Fifty two crores eight lacs sixty four thousand one hundred and two) as per the particulars of claim at Exhibit