CS(OS) No.824 of 2012 Page 1 of 30

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HIGH COURT OF DELHI: NEW DELHI

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Judgment pronounced on: 01.06.2012

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CS(OS) No.824/2012, I.A. No.5798/2012 (u/o XXXIX,

R. 1 & 2 CPC, by plaintiff), I.A. No.6681/2012 (u/o

XXXIX, R.4 CPC, by D-2), and I.A. No.6843/2012 (u/o

XXXIX, R.4 CPC, by D-1)

CLEARWATER CAPITAL PARTNERS INDIA PVT LTD

..... Plaintiff

Through Mr. Rajiv Nayar, Sr. Adv. with

Mr. Amit Sethi, Mr. Aman Gandhi,

Mr. Saurabh Seth & Mr. Vaibhav

Mishra, Advs.

Versus

ICICI BANK LIMITED & ANR

..... Defendants

Through Mr. Atul Sharma, Adv. with

Ms. Nidhi Mehrotra, Adv. for D-1.

Ms. Maneesha Dhir, Adv. with

Mr. R.S. Paliwal & Mr. Mayank

Grover, Advs. for D-2.

CORAM:

HON'BLE MR. JUSTICE MANMOHAN SINGH

MANMOHAN SINGH, J.

1.

The plaintiff has filed the present suit for declaration seeking

declaration that Pari Passu Deed dated 22.08.2011 entered into between the

plaintiff and defendant No.1 and defendant No.2 is valid and subsisting and

also seeking consequential relief of injunction. The prayers made in the suit

reads as under:

“a. declare the Pari Passu Deed dated August 22, 2011, executed by

and between the plaintiff, defendant No.1 and defendant No.2 as

2012:DHC:3819

CS(OS) No.824 of 2012 Page 2 of 30

valid, subsisting and binding on both defendants herein;

b.

pass an order and preliminary decree directing defendant No.1 to

disclose on affidavit the amounts received by defendant No.1 under

the Lender B Finance Documents entered into by and between

defendant Nos.1 and 2 from time to time for the facilities set out in

Lender B Finance Documents (as defined under the Pari Passu Deed

dated August 22, 2011) on and from February 07, 2012 being the

Calculation Date till the date of the passing of the decree;

c. pass an order and decree directing defendant No.1 to disclose on

affidavit and/or to the plaintiff the amounts received by defendant

No.1 under the Lender B Finance Documents entered into by and

between defendant Nos.1 and 2 from time to time for the facilities set

out in Lender B Finance Documents (as defined under the Pari Passu

Deed dated August 22, 2011), subsequent to the date of the passing

of the decree as submitted in prayer clause (b), within 7 (seven) days

of receipt of the said amounts by defendant No.1;

d. pass an order and decree directing defendant No.1 to pay to the

plaintiff monies in accordance with Clause 5 of the Pari Passu Deed

dated August 22, 2011, from and out of the amounts received by

defendant No.1 under the Lender B Finance Documents (as defined

under the Pari Passu Deed dated August 22, 2011), on and from

February 07, 2012, being the Calculation Date, till date of the passing

of the decree together with interest thereon @ 15% per annum till the

date of payment thereof;

e.

pass an order and decree directing defendant No.1 to pay to the

plaintiff monies in accordance with Clause 5 of the Pari Passu Deed

dated August 22, 2011, from and out of the amounts that are received

by defendant No.1 under the Lender B Finance Documents entered

into by and between defendant Nos.1 and 2 from time to time for

the facilities set out in Lender B Finance Documents (as defined

under the Pari Passu Deed dated August 22, 2011), subsequent to the

date of passing of the decree under prayer clause (d) above, within 7

(seven) days of receipt of the said amounts by defendant No.1

together with interest thereon @15 % per annum till the date of

payment thereof;

f.

pass an order and decree of perpetual restraining defendant No.2

from paying any monies to defendant No.1 under the Lender B

Finance Documents (as defined under the P