ORDER :

(Application filed under Order XIV Rule 8 of O.S.Rules read with Order I Rule 10 CPC to implead the Applicant as proposed 3rd respondent in O.P.No.891 of 2018.)

Main 'Original Petition' (hereinafter 'OP' for the sake of brevity) has been filed inter alia under Sections 47 and 59 of 'The Arbitration and Conciliation Act, 1996 (Act 26 of 1996)', which shall hereinafter be referred to as 'A and C Act' for the sake of brevity with prayers for recognition and enforcement of an award dated 16.09.2015, which is a foreign award made by Daniel Hochstrasser under the Arbitration Rules of Finland Chamber of Commerce. This 'foreign award dated 16.09.2015 made by a sole arbitrator in Finland Chamber of Commerce', shall hereinafter be referred as 'said Foreign Award' for the sake of brevity, clarity and convenience.

2. Instant OP has been filed by 'Finnish Fund for Industrial Cooperation Ltd.', which is the claimant qua said Foreign Award and this company shall hereinafter be referred to as 'FFICL' for the sake of brevity. VME Precast Pvt. Ltd., and VME Properties Pvt. Ltd., which this Court is informed are borrower and guarantor respectively qua FFICL being companies that have been arrayed as Respondents 1 and 2 in the said Foreign Award are Respondents 1 and 2 in main OP. These two companies i.e., 'borrower' and 'guarantor' shall hereinafter be referred to as 'VME Precast' and 'VME Properties' respectively for the sake of convenience and clarity. The applicant in the instant application on hand, namely 'Alchemist Asset Reconstruction Company Limited', shall hereinafter be referred to as 'Alchemist ARC' for the sake of brevity, convenience and clarity.

3. As already mentioned supra, main OP has been filed by FFICL arraying VME Precast and VME Properties as Respondents 1 and 2 respectively with a prayer for recognition and enforcement of said Foreign Award. Alchemist ARC has filed the instant application with a prayer to get itself impleaded as third respondent. Considering the trajectory of the hearing today, this Court is of the considered view that short facts shorn of micro details will suffice and the same is given infra under the caption precise of facts.

4. PRECISE OF FACTS:

4(i) There was a loan agreement between FFICL as lender on one side and VME Precast and VME Properties on the other side as borrower and guarantor respectively. This loan agreement is dated 06.06.2009 and this is the genesis of this matter. There is no disputation or disagreement that certain financial assistance was given by FFICL to VME Precast under this loan agreement.

4(ii) VME Properties, which is the guarantor, has mortgaged immovable property in the form of vacant land at No.124, Vallam (A) Village, Sriperumbudur Taluk, Kanchipuram District, ad-measuring 4 acres and 5.465 cents or thereabouts (hereinafter 'said property' for the sake of convenience) to secure the aforementioned loan.

4(iii) Post aforesaid loan agreement in 2009, about three years later, an inter-creditor agreement dated 29.03.2012 came to be executed between FFICL and UCO Bank. This Court is informed without any disputation or disagreement that UCO Bank is the predecessor entity qua Alchemist ARC and it has now stepped into the shoes of UCO Bank.

4(iv) Be that as it may, suffice to say that after full contest, ultimately said Foreign Award came to be passed on 16.09.2015.

4(v) Thereafter main OP has been filed by FFICL on 12.09.2018 in this Court.

4(vi) Pending main OP, on 12.07.2019, Alchemist ARC filed instant application with a prayer to implead itself as third respondent in main OP. To be noted, this plea of Alchemist ARC is predicated on the aforementioned inter-creditor agreement dated 29.03.2012 and pari pasu charge being ceded by UCO Bank/Alchemist ARC qua said property. Instant implead application on hand is opposed by FFICL. To be noted, VME Precast and VME Properties do not oppose instant implead application.

5. Having set out the precise of facts in the nature of factual matrix i