JUDGMENT

Amit Bansal, J. (Oral). - I.A. No.6242/2020 (of the defendant no.2 u/O-VII R-11 of CPC)

1. The present application has been filed on behalf of the applicant/defendant no.2 under Order VII Rule 11 of the Code of Civil Procedure, 1908 (CPC) seeking rejection of the plaint.

2. Notice was issued in this application on 29th July, 2020. Pursuant thereto, reply has been filed on behalf of the non-applicant/plaintiff.

3. Brief facts necessary for deciding the present application, as set out in the plaint, are set out below:

(i) Between 16th July, 2013 and 20th October, 2014, five separate loan agreements were executed between the Bank of Tokyo Mitsubishi UFJ Ltd. (BTMU), a bank incorporated in Japan, and various companies engaged in the business of shipping.

(ii) In respect of the aforesaid loan agreements, guarantees were given by the defendant no.1 in favour of BTMU.

(iii) Due to failure on the part of the borrowers to repay the loan amounts, an Acceleration Notice dated 10th November, 2015 was issued by BTMU to the defendant no.1 in terms of which the loan amounts were recalled.

(iv) The aforesaid notice was duly received by the defendant no.1 on 12th November, 2015.

(v) Upon fail