Dalveer Bhandari, J.

( 1 ) BY this order, I propose to decide these three aforesaid applications. The basic facts involved in all these applications are identical in nature and they are recapitulated in the succeeding paragraphs.

( 2 ) THE following two suits were filed before this court - (1) Suit No. 1216/98 by (AEC Enterprises Ltd.) and (2) Suit No. 1218/98 by AEC (India) Ltd. , against M/s Peacock Chemicals Pvt. Ltd. and others. Both AEC Enterprises Ltd. and AEC (India) Ltd. , are in the management of Aptes. Both the plaintiff-companies are joint stock companies registered under the Companies Act, 1956. Mr. R. D. Apte and Sanjeev Apte are promoter directors in these companies. Defendants 1, 6 and 7 are for all practical purposes sister companies under the same management and being fully managed and controlled by defendant no. 2 Mr. S. C. Goel.

( 3 ) IT is stated in the plaintiffs suits that Mr. Sanjeev Apte came in contact with Mr. S. C. Goel a few years ago. Acquaintances slowly led to close social contact, and Mr. Goel gained personal confidence and trust of the Aptes and consequently in the year 1995, when the plaintiff companies were in need of funds, inter corporate deposits (for short ICD) were offered and provided by the Goels to Aptes, for a period of 90 days or more.

( 4 ) ON 16. 4. 1998, again there was an agreement between the plaintiffs and the defendant company M/s Peacock Chemicals Pvt. Ltd. and defendant no. 1 agreed to provide an ICD facility to the plaintiffs aggregating upto Rs. 1 crore. The loan (ICD) was to carry an interest at the rate of 40 per cent per annum. As a collateral security for the loan facility, the plaintiff companies also pledged with the defendants 96,82,559 shares of the face value of Rs. 10. 00 of the plaintiff companies and 223132 shares of AEC (India) Ltd. The shares of the plaintiff companies were non-transferable being promoters shares i. e. the same were in locked period and could not be transferred by any of the promoters of the plaintiff companies for a period of 5 years from the date of issue (March, 1995 ).

( 5 ) THE plaintiff companies had executed the following documents in favour of defendant no. 1:-

(I) Inter Corporate Deposit receipt dated 16/4/98 acknowledging the receipt of Rs. 1. 00 crore vide cheque No. 914392 dated 17/4/98 for Rs. 70 lacs and cheque no. 914393 dated 17/4/98 for Rs. 30 lacs both drawn on Punjab National Bank, Chander Nagar Branch, Ghaziabad. This amount along with interest was repayable at demand to defendant no. 1.

(II) Demand promissory note for Rs. 1. 00 crore thereby undertaking to repay this amount on demand with interest at the rate mentioned therein payable at monthly rests.

(III) Letter of continuity in respect of amount of Rs. 1. 00 crore

(IV) Inter Corporate Deposit Agreement

(V) Resolution passed by board of directors of the plaintiff company in the meeting held on 31/3/98 thereby authorising Shri R. D. Apte, Chairman and Managing Director to discuss and finalise the terms and conditions for availing of ICD facility to the extent of Rs. 1. 00 crore.

(VI) With the letter dated 16/4/98 in pursuance to ICD agreement dated 16/4/98 two cheques No. 015175 dated 16. 4. 98 for Rs. 25 lacs as liquidated damages and cheque No. 015174 dated 16. 4. 98 for Rs. 1. 00 crore towards repayment of this amount were enclosed.

(VII) Resolution dated 31/3/98 of AEC (India) Ltd. authorising Shri Sanjiv R. Apte, Vice Chairman and Director of the company to execute the Corporate guarantee in favour of defendant no. 1.

(VIII) Deed of Corporate Guarantee by M/s AEC (India) Ltd. in favour of defendant no. 1

(IX) Deed of personal guarantee by Shri R. D. Apte

(X) Deed of personal guarantee by Shri Sanjeev R. Apte.

(XI) Board Resolutions all dated 30. 03. 98 of M/s AEC Capital Market Ltd. , AEC Investments Ltd. , and AEC Holdings Pvt. Ltd. passing the resolutions regarding pledge of sufficient number of shares of plaintiff and of AEC Leasing and Finance Pvt. Ltd. , regardi

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