ORDER :

1. The question which arises for consideration is whether the petitioner is entitled for leave to file the instant suit without exhausting the remedy of pre-institution mediation as provided under Section 12-A of the Commercial Courts Act , 2015.

2. The petitioner has filed the suit praying for a decree of Rs. 132,00,04,279/-along with interest and allied prayers against the respondents.

3. The petitioner has also filed an application for grant of ad interim injunction against the respondents. The petitioner has also filed the instant application for grant of leave under Section 12-A of the Commercial Courts Act, 2015 for dispense with requirement for pre-institution of mediation and settlement.

4. The case of the petitioner in the plaint that in the month of February and March, 2017 in WM Group through the respondent nos. 2 and 3 and other entities of the WM Group, including respondent nos. 1 and 4 approached the petitioner and represented that it was in dire requirement of funds and proposed to avail of term loan facilities of Rs.150 crores and the same would be repaid by sale of treasury shares of the respondent no. 6 held by its wholly owned subsidiary, the respondent no. 15 through its Director and trustees, the respondent no. 16. At the time of said demand, the defendants have also handed over the latest available unaudited financial statements of the respondent no. 15 showing investment in shares of the respondent no. 6 comprising approximately 25 % of the shareholding of the respondent no. 6 having an estimated market value approximate 450 crore as on March, 2017.

5. The overall financial strength of WM Group, in particular, that of its too large public State companies, respondent nos. 6 and 34, as reflected in their audited books of accounts were relied upon by the respondents and create an impression of a strong financial background upon the petitioner. The petitioner being satisfied with the credibility of the said representation and relying on the same as well as assurance given by the respondents including the assurance of repayment facilities from identified cash flows out of sale of Treasury shares of respondent no. 6 within the specified period, the petitioner had lent an amount of Rs. 150 crores by issuance of Credit Agreement Letter dt. 24.03.2017 on the terms and conditions as mentioned in the said Agreement. The facility Agreement was executed among others on behalf of the respondent no. 1, by respondent no. 16, one of the Directors of the respondent no. 1 at the relevant point of time. On execution of the facility Agreement, the total amount of Rs. 150 crores was advanced to the respondent no. 1 on 30.03.2017.

6. Subsequently, another separate credit facility/ financial assistance was availed by the WM Group from the petitioner in the year 2018 by way of subsequent transaction entered into between the petitioner and MBECL. The credit facility/ financial assistance was granted by the petitioner by way of subscription to compulsory convertible different share of Rs. 70 crores in respect of which the petitioner had entered into Put Option Agreement on 24.03.2018. The parties further agreed by way of execution of certain cross security/ cross pledge agreement that some of the securities created by the WM Group in favour of the petitioner for securing in previous facility, which is the subject-matter of the instant suit, put also the security for securing the obligation of MBECL under the subsequent Put Option Agreement, which is not the subject-matter of the instant suit. Such securities common to both the aforesaid facility has also the Put Option Agreement, inter alia, included pledge of shares of respondent no. 6 (MRIL) and respondent no. 34.

7. The respondents particular the respondents nos. 1, 2, 3, 4 and 6 have not taken any steps for repayment of the facility within June, 2018 as agreed by way of sale of the MRIL Treasury shares despite express undertaking of the said respondents recorded in various ag