SOUMEN SEN,J. - (1.) The plaintiffs have filed a suit for specific performance of an agreement in the form of settlement between the parties. The plaintiffs have prayed for leave under Clause 12 of the Letters Patent. The relief under Clause 12 of the Letters Patent is discretionary. The court is also required to be satisfied that the suit is not barred by law. The plaintiffs were asked to satisfy about the maintainability of the suit in this court in the face of Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act , 2002 (hereinafter referred to as " SARFAESI Act "). The reason being the defendant nos.1 to 4 are trustees of Stressed Assets Stabilization Fund and the purpose and object of the suit is in effect to nullify a notice issued by the said defendants under Section 13(2) of the SARFAESI Act. Although the plaintiffs have not prayed for delivery up and cancellation and or any adjudication on the notice issued by the defendant no.5 on 19th May, 2017, but there cannot be any doubt that the said securitisation notice was issued by reason of failure on the part of the plaintiffs to act on the basis of the settlement alleged to have been entered between the plaintiffs and the defendants.
(2.) In the plaint, the plaintiffs allege that a one time settlement was entered into between the plaintiffs and the defendant nos.1 to 4 which would appear from the letters dated 4th December, 2008, 15th January, 2009, 26th March, 2009, 2nd April, 2009, 14th October, 2009 and 23rd December, 2009. The plaintiffs allege that by reason of one time negotiated settlement as would appear from the aforesaid correspondence, the earlier financial arrangements between the parties stood superseded and/or cancelled and/or novated.
(3.) The respondent nos.1 to 4 in their communication dated 11th July, 2014 have alleged that Delta International Ltd. is in default in compliance of equity allotment and execution of buy back agreement thereof. By the said communication, the negotiated settlement of dues was revoked and the securitization company reversed the waiver of dues and restored the original liability as per the terms of the loan agreement entered into between Delta and adjust the payment receive, if any, towards its dues. This appears to be the precursor to the notice dated 19th May, 2017 issued on behalf of the securitization company under Section 13(2) of the SARFAESI Act.;