1. The Civil Suit is filed for a judgment and decree against the defendants 1 to 3 for a sum of Rs.57,99,700/- together with further interest at 18% per annum on Rs.25,00,000/- from the date of the plaint till the date of realisation and for a preliminary mortgage decree against the defendants directing them to pay the decretal amount of Rs.57,99,700/- with further interest and costs.

2. The plaint averments, in brief, are as follows:-

2.(a) The plaintiff are dealing various business activities including money lending and for this purpose they have formed a syndicate consisting various members and along with them the plaintiff used to carry on its business activities, that the 1st defendant company approached the plaintiff's firm during October 1999 with requisition for financial assistance to the tune of Rs.25,00,000/- and offered to give the property held by the 2nd defendant company situate at Door No.18/1, 5th Street, together with super structure in Second Floor, Lake Area, Nungambakkam, Chennai 34, as security and agreed to pay the interest on the amount to be advanced @ 1.5% per month, that the same was favourably considered and a sum of Rs.25 lakhs was advanced b