Plaintiffs must establish prima facie entitlement to the main reliefs claimed and provide material to support attachment before judgment.

1. The Notice of Motion is taken out by the Plaintiffs for reliefs in the nature of attachment before judgment in a money Suit. The Suit claim arises out of what is described as a Commitment Agreement executed by the parties.

2. The Plaintiffs' case in the Suit may be briefly set out as follows:

Plaintiff No. 1 (a company registered under the Companies Act, 1956) is set up by Plaintiff No. 2 (a company incorporated under the laws of the State of Delaware, USA) and Plaintiff No. 3 (promotee/director of Plaintiff No. 2 and Director & Executive Chairman of Plaintiff No. 1). The business of Plaintiff No. 1 consists of acquisition and dealing in portfolios of non-performing retail loans from financial institutions. Plaintiff No. 1 and Defendant No. 1 (an investment company incorporated in UK) entered into a Commitment Agreement on 23 December 2009. The agreement envisaged setting up of an entity in India (referred to therein as “RCIL”) with an initial common equity capital of Rs. 10 Lacs, to be held equally by each of Plaintiff No. 1 and Defendant No. 1 through its nominee investor. Defendant No. 1 committed to provide a revolving line of credit to RCIL of $ 10 Million carrying an interest rate of 10% p.a. The Board of RCIL was to comprise of 50% of members nominated by each of Plaintiff No. 1 and the nominee investor of Defendant No. 1. It is the case of Plaintiffs that Defendant No. 1 brought in through its investor nominee/s a sum of $3.9 million by way of a first tranche out of the promised $ 10 million into Plaintiff No. 1 company. The amount was brought in by way of subscription of compulsorily convertible debentures (“CCDs”) of Plaintiff No. 1 issued by it to the investor nominee/s of Defendant No. 1. The Plaintiffs, in turn, caused Defendant No. 5, a nominee of Defendant No. 1, to be appointed as an additional director of Plaintiff No. 1. Out of the funds of $ 3.9 millions so brought in, Plaintiff No. 1 acquired a retail loan portfolio from Standered Chartered Bank ('SCB portfolio') through a Special Purpose Vehicle, namely, a Non-Banking Financial Company called 'Shaha Finlease Pvt. Ltd.' ('Nominated NBFC'). Plaintiff No. 1 entered into various agreements with the Nominated NBFC towards management of portfolios including the SCB portfolio. Simultaneously with the acquisition of the SCB portfolio, Plaintiff No. 1 and the investment nominee of Defendant No. 1 entered into arrangements for the latter to hold 50% of the issued share capital of Plaintiff No. 1. (The share capital, however, was not actually transferred to the investment nominee of Defendant No. 1 as pointed out hereinbelow.) It is the Plaintiffs' case that Defendant No. 1 went back on its commitments under the Agreement, sought an alteration of the Agreement (including enhancement of the rate of interest to 20% from the agreed rate of 10% p.a.), and refused to bring in further funds so as to complete the promised investment of $ 10 million. The Plaintiffs, in the premises, filed the present Suit seeking performance of the Commitment Agreement from the Defendants by bringing in a subscription amount of $ 6.1 million.

3. The Notice of Motion is taken out for reliefs under Order 38 Rule 5 on the basis that the Plaintiffs have an excellent prima facie case on merits; that the Defendants are residents outside India and have limited funds and assets in India; that a majority of the Defendants' assets are held through a complex structure of off-shore companies and trusts; that the entire issued and paid up share capital of Defendant No. 1 is GBP 1000 ponds and enforcement proceedings of a decree even in UK is unlikely to yield any satisfaction of the decree; and that the Plaintiffs have information and apprehend that the Defendants are likely to sell, transfer and dispose of their assets in India and elsewhere with the object of obstructing/delaying/defeating enforcement of any decree that may be passed against the Defendants in the present Suit.

4. The Defendan