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2016 Supreme(Del) 2296

VIPIN SANGHI
STRATEGIC CREDIT CAPITAL PRIVATE LIMITED – Appellant
Versus
JAROLI VINCOM PRIVATE LIMITED – Respondent


Advocates Appeared:
For the Plaintiff :Mr. Rajiv Nayar, Senior Advocate along with Mr. Manik Dogra, Advocate.
Mr. Sandeep Sethi, Senior Advocate along with Ms. Anuradha Mukherjee, Mr. Harminder Chawla, Ms. Radhika Dubey & Ms. Samapika Biswal, Advocates for plaintiff No.2.
For the Defendant :Mr. Aditya Gupta, Advocate for Mr. Abhay Gupta, Advocate for defendants No. 1, 2, 6 & 8.
Ms. Evneet Uppal, Advocate for defendants No. 3 & 4.
Mr. A.S. Chandhiok, Senior Advocate along with Mr. Rajiv Tyagi, Mr. Afsar Nabi, Mr. Divakar Kumar & Mr. Sambhav Gupta, Advocates for defendants No. 10 & 11.
Mr. Abhinav Vashisht, Senior Advocate along with Mr. Ritesh Isaac & Ms. Aakanksha Nehra, Advocate for the applicant/ICICI Bank.

JUDGMENT :

VIPIN SANGHI, J.

1. The aforesaid applications have been filed by ICICI Bank Limited, firstly, to seek impleadment as a party defendant in the present suit and, secondly, to seek vacation/ clarification of the ex-parte ad-interim order of injunction dated 29.09.2015 passed by this Court in the plaintiff’s application, i.e. I.A. No.20390/2015 under Order XXXIX Rules 1 & 2 CPC. By the said order dated 29.09.2015 which continues in force till date this Court restrained the defendants “from, in any manner, taking any action which would dilute or lessen the security margin against the shares to an amount of less than 45% of the loans advanced by the plaintiffs to defendant Nos. 1 to 9 and are further restrained from altering the shareholding structure and share capital structure of defendant No.10.”

2. To understand the controversy arising in the present suit and the case of the applicant ICICI Bank Limited, the relevant background facts may first be taken note of.

3. The case of the plaintiffs, in short, is that a few major investor shareholders were seeking to exit from the defend








































































































































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