JUDGMENT :

R. SUBBIAH, J.

1. This Original Side Appeal is filed by the appellant against the judgment and decree dated 26.10.2018 passed in Application No. 4804 of 2018 in C.S. No. 591 of 2010. The said Application No. 4804 of 2018 has been filed by the respondent herein under Order VII Rule 11 of the Code of Civil Procedure (in short CPC) to reject the plaint in C.S. No. 591 of 2010. By the said order dated 26.10.2018, the learned single Judge held that the dispute involved in the suit is not an ordinary transaction engaged in by merchants, bankers, financiers or traders and as such it would not fall within the scope and ambit of Section 2(1)(c) of The Commercial Courts Act, 2015 (in short Act). After holding so, the learned single Judge directed the application to be posted for further hearing on merits. In effect, it was held by the learned single Judge that the dispute between the parties is not a commercial dispute falling within the scope and ambit of the Act.

2. For the purpose of disposal of this appeal, certain facts are necessary and they are elucidated hereunder.

3. The appellant herein is carrying on business in Hire Purchase and Lease Financing. They are having their registered and administrative office at Chennai with several branches in various parts of the country. During the course of such business, the respondent herein approached the branch office of the appellant for lease facility. After deliberation, the appellant and the respondent entered into an equipment lease agreement on 30.06.1992 for leasing a textile machinery described in the schedule of the agreement for a total sum of Rs. 1,17,15,960/- which is inclusive of finance charges repayable by the respondent in 60 monthly instalments at the rate of Rs. 1,95,267/- each. Pursuant to the said agreement, the said equipment was placed within the premises of the respondent’s sister concern by name Garware Nylon Limited in Pune for which the respondent is liable to pay lease rentals under the agreement to the appellant. It is stated that the respondent was irregular in payment of the lease rentals and the respondent had paid only 29 instalments as on 01.11.1994. As such, a fresh re-scheduled agreement with mutually agreed terms and conditions was entered into on 30.11.1995 in respect of the same asset for a total sum of Rs. 1,23,34,486/-. Even as per the re-scheduled terms of the agreement, the respondent did not honour the payment schedule inspite of demands and reminders. There were also exchange of correspondence between the appellant and respondent regarding sealing of the factory of M/s. Garware Nylon Limited where the asset was originally installed. The appellant thereafter sent a notice dated 29.06.2002 through their counsel and called upon the respondent to pay the sum of Rs. 2,63,05,789.62 failing which it was stated that legal proceedings will be initiated for recovery of the amount. It was also stated that several cheques issued by the respondent were dishonoured on presentation and therefore, the appellant had initiated proceedings under Section 138 of The Negotiable Instruments Act and they are pending. Ultimately, the appellant has filed the suit in C.S. No. 591 of 2010 for recovery of amount of Rs. 3,54,83,662/- with interest thereon at the rate of 36% per annum on Rs. 95,82,486/- from the date of plaint till realisation.

4. In the suit in C.S. No. 591 of 2010 filed by the appellant herein for recovery of the amount, notice was ordered to the respondent herein, but the respondent herein did not appear. Therefore, by an order dated 15.06.2012 an ex-parte decree was passed and this Court directed the respondent herein to pay the appellant a sum of Rs. 6,49,38,386.92 with further interest at the rate of 36% per annum on the sum of Rs. 95,82,486/- from 15.06.2012 till the date of realisation together with costs of the suit.

5. According to the appellant, as a counter-blast, the respondent herein has filed a suit in C.S. No. 689 of 2014 praying to direct