Vee Cee Yes Granites, Chennai, the plaintiff/applicant has filed this petition under S. 10 of the Code of Civil Procedure seeking to stay the proceedings before the Debts Recovery Tribunal at Chennai.

The prayer is as follows :-

"I pray that this Hon'ble Court may be pleased to order the stay of all proceedings in O.A. No. 401 of 1998 before the Debts Recovery Tribunal for Tamil Nadu and Pondicherry at Chennai pending disposal of the suit in C.S. No. 369 of 1997."

The brief facts leading to the filing of this application are as follows :-

"The plaintiff filed the suit before this Court on 23-4-1997 in C.S. No. 369 of 1997 against the defendants 1 to 6 for recovery of a sum of Rs. 15, 03, 340/- due to the plaintiff under the export bill as well as for the loss suffered by it on account of the non-payment. The third defendant-Central Bank of India, Chennai, the respondent herein, filed written statement on 5-3-1998 stating that they are not vicariously liable and as such, they are not liable to pay any amount. In April, 1998, the Central Bank filed the application in O.A. No. 401 of 1998 before the Debts Recovery Tribunal, Chennai, against the plaintiff/applicant and guarant