JUDGMENT :

Harish Tandon, J.

1. The present appeal arises from an order dated 9.9.2022 passed by learned Judge, Commercial Court at Alipore in Money Suit no. 1 of 2022 whereby and whereunder an application for injunction is rejected on contest. By an impugned order the Commercial Court also vacated the ex parte ad interim order of injunction passed on 24th January, 2022 by which the contesting Respondent nos. 3-20 were restrained from initiating proceeding or continuing proceeding for recovery of debt against the appellant on the basis of a deed of guarantee executed on 23rd September, 2016. The said ex-parte ad interim order of injunction was directed to operate till 29th January, 2022 and on the said returnable date an application was taken out by the appellant for correction of a typographical error with further related reliefs which were eventually allowed and the challenge was made to the Commercial Appellate Division in FMAT 142 of 2022. The Appellate Court reversed the order by which the ex-parte ad interim order of injunction was sought to be extended beyond its initial peripheral with categorical finding that taking aid of Section 152 of the Code, the Court cannot vary, modify or expand the horizon of the order. The Appellate Court directed the injunction application to be disposed of at an earliest. By the impugned order, Commercial Court vacated the ex-parte ad interim order of injunction and rejected the application for temporary injunction.

2. Both the learned Counsels argued on a several points and relied upon the plethora of judgments in support of such contentions. Before we proceed to decide the points urged before us, salient facts are required to be narrated in pursuit thereof.

3. One Meenakshi Energy Pvt. Ltd. (MEL) was incorporated as coal based power Project Company initially promoted by the Meenakshi Engineering and Infrastructure Holdings Ltd., subsequently a French company namely NG Global Development (BW) acquired 89 per cent of shares in MEL and became the largest shareholders of the said company. Several financial assistance by way of a loan, credits etc. were provided in different phases for development of the projects undertaken by the said company. Subsequently, the French Government decided to shift from generation of energy by any other mode to the renewable energy which led the said company which was a State based backed company to opt out from the said project which opened the path for the appellant to acquire the share held by the said French company at the cost of US $ 1. Interestingly, the said French company further agreed to pay US $ 40 million to the appellant for completion of the transaction so that the same can be invested in the project with further infusion of USD $ 300 million before transfer of the shareholding of the appellant.

4. After taking over all the majority shares, the appellant and the said MEL approached the lenders who extended the financial assistance for approval of the transfer of shares held by the French company which was duly accorded on the condition that all the obligations held by the French company shall be taken over by the appellant by providing an undertaking and the corporate guarantee under the financial documents. Pursuant to the said conditions imposed while according approval, the erstwhile Director of the appellant submitted an affidavit dated September 23, 2016 certifying, declaring and confirming that the appellant is a distribution licensee in terms of the West Bengal Electricity Regulatory Commission (Licensing and Condition of License) Regulations, 2019 and there is no necessity to obtain a prior permission or consent from the West Bengal Electricity Regulatory Commission for furnishing a corporate guarantee. Simultaneously therewith a corporate guarantee was also executed which is the subject matter of the suit instituted by the appellant before the Commercial Court. Even after such arrangements, the MEL continued in defaulting the repayment of the