N. Sathish Kumar, J.

1. This application has been filed to revoke the leave granted by this Court to institute the suit in Application No. 1700 of 2013.

2. The brief averments of the petition is as follows:

The applicant is the second defendant. It is the contention of the applicant that the first defendant while purchasing the property by the funds provided by the Bollineni Developers Limited, instead of purchasing the property in the name of the first defendant group of companies as per the M.O.U. Dated 31.07.97, purchased in his name. In this regard, arbitration proceedings were instituted in respect of the M.O.U. dated 31.3.97 and the award was passed in favour of the second defendant. Even before initiating arbitration proceedings, the second defendant initiated proceedings under section 9 of the Arbitration and Conciliation Act 1996 for protection and preservation of the subject matter of the M.O.U. and secured an order of interim direction in respect of the property purchased by the first defendant from and out of the funds provided by the second defendant. The plaintiff is aware of the dispute between the first and second defendants and he filed the suit for enforcem