RELIGARE FINVEST LIMITED vs LAKSHMI VILAS BANK LIMITED

Judgment text excerpt

$~ * IN THE HIGH COURT OF DELHI AT NEW DELHI % Judgment delivered on: 13.02.2025 + CS(COMM) 940/2018 RELIGARE FINVEST LIMITED .....Plaintiff Through: Mr. Sandeep Das, Ms. Kanak Malik and Mr. Tejasvi Mahajan, Advocates Mr. Madhav Khosla and Ms. Moha Paranjpe, Advocates in IA 12197/2019 versus LAKSHMI VILAS BANK LIMITED .....Defendant Through: Mr. Malak Bhatt, Ms. Sushmita Gandhi, Ms. Vatsala Pant and Ms. Samridhi, Advocates CORAM: HON'BLE MS. JUSTICE SWARANA KANTA SHARMA JUDGMENT SWARANA KANTA SHARMA, J. I.A. 12197/2019 (Impleadment) 1. The present application under Order I Rule 10 read with Section 151 of the Code of Civil Procedure, 1908 (hereafter „CPC‟) has been filed on behalf of the applicant/ State Bank of India, seeking impleadment as proposed defendant in the present suit being CS (COMM) 940/2018. Signature Not Verified CS(COMM) 940/2018 Page 1 of 11 Digitally Signed By:AANCHAL TAGGAR Signing Date:14.02.2025 10:42:15 FACTUAL BACKGROUND 2. Briefly stated, the facts of the present case are that the Plaintiff had filed the present suit against the Defendant‟s action of liquidating Fixed Deposits (FDs) amounting to ₹791,44,77,051 along with interest, which were maintained by the Plaintiff with the Defendant, i.e. Lakshmi Vilas Bank Limited. The Applicants, comprising various banks and financial institutions, had sanctioned and disbursed multiple credit facilities, including term loans, working capital demand facilities, cash credit, and overdraft arrangements, under a Multiple Banking Arrangement to support the Plaintiff‟s lending activities. The instant application for impleadment has been filed by the authorized representative of the State Bank of India, who is fully competent and authorized by a letter dated 29.08.2019. Additionally, the State Bank of India had b