- (1.) This is an application made by the first and second defendants in the suit. The suit was filed sometime in 2007. This application was filed on 25th April, 2011. Although the prayers in it are for revocation of leave under Clause 12 of the Letters Patent and for return of the plaint the grounds taken in this application were akin to those in Order VII Rule 11(a) and 11(d) of the Code of Civil Procedure. Facts: Before examining the merits of this application the facts of this case have to be noted in brief.
(2.) It appears that the third defendant was a borrower of ICICI Bank Ltd. It had mortgaged or charged its substantial assets which included immovable properties, as security. On 30th March, 2004 the ICICI Bank Ltd, had assigned their rights to the first defendant. The second defendant is an officer of the first defendant.
(3.) On 13th February, 2007 the first defendant agreed to transfer to the plaintiff this right for a consideration of Rs. 7.50 crores. It is categorically mentioned in paragraph 2 of the plaint that this sale was being made under section 13 (4) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002.;