w w w . L a w y e r S e r v i c e s . i n



M/s. Integrated Finance Company Limited rep. by its Legal Officer and duly constituted Attorney A. Hema Jothi v/s Garware Marine Industries Limited Registered Office at Chander Mukhi


Company & Directors' Information:- L & T FINANCE LIMITED [Amalgamated] CIN = U65990MH1994PLC083147

Company & Directors' Information:- S P FINANCE PRIVATE LIMITED [Active] CIN = U65990MH1979PTC021790

Company & Directors' Information:- V L S FINANCE LIMITED [Active] CIN = L65910DL1986PLC023129

Company & Directors' Information:- INTEGRATED FINANCE COMPANY LIMITED [Under Liquidation] CIN = L65191TN1983PLC010275

Company & Directors' Information:- T T G INDUSTRIES LIMITED [Active] CIN = U27209TN1987PLC014169

Company & Directors' Information:- V I P INDUSTRIES LIMITED [Active] CIN = L25200MH1968PLC013914

Company & Directors' Information:- A L M INDUSTRIES LIMITED [Active] CIN = U14100DL1996PLC129067

Company & Directors' Information:- A L M INDUSTRIES LIMITED [Active] CIN = U19111DL1996PLC129067

Company & Directors' Information:- A L M INDUSTRIES LIMITED [Active] CIN = U74110DL1996PLC129067

Company & Directors' Information:- S R K INDUSTRIES LIMITED [Active] CIN = L17121MH1991PLC257750

Company & Directors' Information:- S R INDUSTRIES LTD [Active] CIN = L29246PB1989PLC009531

Company & Directors' Information:- F E INDUSTRIES PRIVATE LIMITED [Active] CIN = U36100PB2003PTC026482

Company & Directors' Information:- N K INDUSTRIES LIMITED [Active] CIN = L91110GJ1987PLC009905

Company & Directors' Information:- K L R INDUSTRIES LIMITED [Active] CIN = U28939TG2002PLC038416

Company & Directors' Information:- MUKHI INDUSTRIES LIMITED [Active] CIN = U15549MH2016PLC288891

Company & Directors' Information:- L R N FINANCE LIMITED [Active] CIN = U65921TN1992PLC089288

Company & Directors' Information:- S M FINANCE LTD [Active] CIN = L65999TG1984PLC004526

Company & Directors' Information:- T S I INDUSTRIES PRIVATE LIMITED [Under Process of Striking Off] CIN = U18101HR1997PTC034478

Company & Directors' Information:- J R D FINANCE LTD [Active] CIN = L65999WB1993PLC058107

Company & Directors' Information:- B R D FINANCE LIMITED [Active] CIN = U65910KL1995PLC009430

Company & Directors' Information:- T C I FINANCE LIMITED [Active] CIN = U65920MH1973PLC017042

Company & Directors' Information:- A. V. B. FINANCE PRIVATE LIMITED. [Active] CIN = U65993DL1992PTC049818

Company & Directors' Information:- S M L FINANCE LIMITED [Active] CIN = U65910KL1996PLC010648

Company & Directors' Information:- B L A INDUSTRIES PRIVATE LIMITED. [Active] CIN = U10200MH1964PTC162314

Company & Directors' Information:- GARWARE INDUSTRIES LIMITED [Amalgamated] CIN = U74999MH1989PLC053573

Company & Directors' Information:- S B FINANCE PVT LTD [Strike Off] CIN = U65921TG1988PTC008268

Company & Directors' Information:- GARWARE MARINE INDUSTRIES LIMITED [Active] CIN = L12235MH1975PLC018481

Company & Directors' Information:- R B T INDUSTRIES LIMITED [Active] CIN = U24118UP1990PLC011820

Company & Directors' Information:- H G I INDUSTRIES LIMITED [Active] CIN = L40200WB1944PLC011754

Company & Directors' Information:- R P INDUSTRIES PRIVATE LIMITED [Active] CIN = U27100GJ2011PTC075812

Company & Directors' Information:- D D INDUSTRIES LIMITED [Active] CIN = U74899DL1974PLC007169

Company & Directors' Information:- INDIA FINANCE LTD. [Active] CIN = L65110WB1984PLC050214

Company & Directors' Information:- A G INDUSTRIES PVT LTD [Active] CIN = U27300HR1991PTC031378

Company & Directors' Information:- H. J. INDUSTRIES (INDIA) PRIVATE LIMITED [Active] CIN = U17120GJ2010PTC060769

Company & Directors' Information:- U F M INDUSTRIES LIMITED [Active] CIN = L15311AS1986PLC002539

Company & Directors' Information:- G R S INDUSTRIES LIMITED [Active] CIN = U00000PB2005PLC029159

Company & Directors' Information:- J J FINANCE CORPORATION LTD [Active] CIN = L65921WB1982PLC035092

Company & Directors' Information:- T S L INDUSTRIES LIMITED [Active] CIN = L65999WB1994PLC065255

Company & Directors' Information:- G V S FINANCE PVT LTD [Strike Off] CIN = U65921TG1988PTC008269

Company & Directors' Information:- M F B INDUSTRIES LIMITED [Active] CIN = U31401TN1989PLC018274

Company & Directors' Information:- A C M E INDUSTRIES LIMITED [Dormant under section 455] CIN = U19119DL1992PLC048914

Company & Directors' Information:- G T P FINANCE LIMITED [Active] CIN = U65921TZ1991PLC003149

Company & Directors' Information:- V S P INDUSTRIES PRIVATE LIMITED [Active] CIN = U17111TZ2005PTC011820

Company & Directors' Information:- M N INDUSTRIES PRIVATE LIMITED [Active] CIN = U24100TG2012PTC079737

Company & Directors' Information:- G I INDUSTRIES PRIVATE LIMITED [Active] CIN = U15312PB2010PTC033806

Company & Directors' Information:- E T C INDUSTRIES LIMITED [Active] CIN = U31200MP1995PLC009281

Company & Directors' Information:- P N B FINANCE AND INDUSTRIES LIMITED [Active] CIN = L65929DL1947PLC001240

Company & Directors' Information:- GARWARE FINANCE CORPORATION LTD [Active] CIN = U74999MH1935PLC002288

Company & Directors' Information:- S K INDUSTRIES PVT LTD [Active] CIN = U74899DL1991PTC045572

Company & Directors' Information:- E A P INDUSTRIES LTD [Active] CIN = U25206WB1956PLC023072

Company & Directors' Information:- S R V E INDUSTRIES LIMITED [Active] CIN = U03210TZ2006PLC012577

Company & Directors' Information:- S R K FINANCE PRIVATE LIMITED [Active] CIN = U65910UP1994PTC016038

Company & Directors' Information:- Z H INDUSTRIES PRIVATE LIMITED [Active] CIN = U45200DL2014PTC265453

Company & Directors' Information:- P AND P INDUSTRIES LIMITED [Strike Off] CIN = U21010MH1992PLC068885

Company & Directors' Information:- N G INDUSTRIES LTD [Active] CIN = L74140WB1994PLC065937

Company & Directors' Information:- S L INDUSTRIES P. LTD. [Active] CIN = U15331WB1989PTC047543

Company & Directors' Information:- G. R. INDUSTRIES AND FINANCE LTD [Active] CIN = L25209WB1987PLC111041

Company & Directors' Information:- T R A T INDUSTRIES LIMITED [Active] CIN = U25199KL1996PLC010148

Company & Directors' Information:- B R INDUSTRIES LIMITED [Active] CIN = U74899DL1995PLC067120

Company & Directors' Information:- H. V. R. INDUSTRIES PRIVATE LIMITED [Active] CIN = U27100DL2010PTC200428

Company & Directors' Information:- R N FINANCE LIMITED [Active] CIN = U74899DL1988PLC034289

Company & Directors' Information:- N M INDUSTRIES PRIVATE LIMITED [Active] CIN = U74120DL2008PTC175664

Company & Directors' Information:- J R D FINANCE LTD [Active] CIN = U65999WB1993PLC058107

Company & Directors' Information:- N R C INDUSTRIES LIMITED [Active] CIN = U51909PB1985PLC006558

Company & Directors' Information:- S N L INDUSTRIES PRIVATE LIMITED [Strike Off] CIN = U17115RJ1994PTC008053

Company & Directors' Information:- L N FINANCE LTD [Active] CIN = U65923WB1991PLC052876

Company & Directors' Information:- R K FINANCE LTD [Active] CIN = L65921WB1983PLC035896

Company & Directors' Information:- J V INDUSTRIES PRIVATE LIMITED [Active] CIN = U74899DL1994PTC057081

Company & Directors' Information:- A R INDUSTRIES PVT LTD [Active] CIN = U27101HR1995PTC032569

Company & Directors' Information:- D V S INDUSTRIES PRIVATE LIMITED [Active] CIN = U74899DL1992PTC049221

Company & Directors' Information:- G V G INDUSTRIES PRIVATE LIMITED [Active] CIN = U17111TZ1980PTC006887

Company & Directors' Information:- C D INDUSTRIES LIMITED [Active] CIN = U27100MH1996PLC101277

Company & Directors' Information:- G V INDUSTRIES INDIA PRIVATE LIMITED [Active] CIN = U74900TG2014PTC096387

Company & Directors' Information:- G S M INDUSTRIES PRIVATE LIMITED [Active] CIN = U02001DL2002PTC117443

Company & Directors' Information:- B G INDUSTRIES LTD [Active] CIN = U26921ML1980PLC001830

Company & Directors' Information:- V P C L FINANCE LIMITED [Active] CIN = U65920TG1996PLC023172

Company & Directors' Information:- P K INDUSTRIES PRIVATE LIMITED [Active] CIN = U51900DL2012PTC241654

Company & Directors' Information:- M D INDUSTRIES PRIVATE LIMITED [Active] CIN = U91110GJ1994PTC022025

Company & Directors' Information:- L C INDUSTRIES PRIVATE LIMITED [Active] CIN = U15122UP2013PTC055697

Company & Directors' Information:- R M G INDUSTRIES PRIVATE LIMITED [Active] CIN = U18100TG1993PTC016220

Company & Directors' Information:- J S M FINANCE PVT LTD [Active] CIN = U74140MP1995PTC009542

Company & Directors' Information:- G. A. INDUSTRIES PRIVATE LIMITED [Active] CIN = U15435MH2005PTC151817

Company & Directors' Information:- I W D W INDUSTRIES LTD. [Strike Off] CIN = U30099WB1990PLC050177

Company & Directors' Information:- I & D FINANCE PRIVATE LIMITED [Strike Off] CIN = U65191TN1991PTC021369

Company & Directors' Information:- P A S INDUSTRIES INDIA PRIVATE LIMITED [Active in Progress] CIN = U17121TZ2005PTC012171

Company & Directors' Information:- V AND S INDUSTRIES PRIVATE LIMITED [Active] CIN = U74899DL1990PTC039251

Company & Directors' Information:- M K J INDUSTRIES PRIVATE LIMITED [Active] CIN = U19111UP1989PTC010468

Company & Directors' Information:- S S F INDUSTRIES LIMITED [Active] CIN = U25190BR1988PLC003160

Company & Directors' Information:- P B INDUSTRIES PRIVATE LIMITED [Active] CIN = U29120MP1994PTC008840

Company & Directors' Information:- R & M INDUSTRIES PRIVATE LIMITED [Active] CIN = U24297TN1972PTC006185

Company & Directors' Information:- A M INDUSTRIES LTD [Active] CIN = U21012WB1977PLC030854

Company & Directors' Information:- A AND S INDUSTRIES PRIVATE LIMITED [Active] CIN = U17117DL1995PTC064137

Company & Directors' Information:- L N FINANCE PVT LTD [Active] CIN = U65929AS1992PTC003766

Company & Directors' Information:- M C INDUSTRIES LTD [Active] CIN = U27106WB1993PLC058995

Company & Directors' Information:- D R INDUSTRIES PRIVATE LIMITED [Active] CIN = U24100WB2011PTC160058

Company & Directors' Information:- T P D FINANCE LIMITED [Strike Off] CIN = U67120RJ1994PLC008051

Company & Directors' Information:- R G L FINANCE COMPANY PRIVATE LIMITED [Active] CIN = U74899DL1983PTC015809

Company & Directors' Information:- R. L. F. INDUSTRIES LIMITED [Active] CIN = U51909DL1983PLC015262

Company & Directors' Information:- U K INDUSTRIES PRIVATE LIMITED [Active] CIN = U24241WB1988PTC044355

Company & Directors' Information:- S K B FINANCE LIMITED [Amalgamated] CIN = U65999WB1996PLC082317

Company & Directors' Information:- A S MARINE INDUSTRIES PRIVATE LIMITED [Active] CIN = U05005KL1995PTC009839

Company & Directors' Information:- M G I INDUSTRIES PVT LTD [Active] CIN = U27310GJ2006PTC048707

Company & Directors' Information:- A D INDUSTRIES PRIVATE LIMITED [Active] CIN = U18101WB2008PTC131561

Company & Directors' Information:- V J INDUSTRIES PRIVATE LIMITED [Active] CIN = U29253KA2009PTC050226

Company & Directors' Information:- J V FINANCE PRIVATE LIMITED [Strike Off] CIN = U74899DL1985PTC067873

Company & Directors' Information:- L C J FINANCE PVT. LTD. [Active] CIN = U65921WB1995PTC068809

Company & Directors' Information:- V T INDUSTRIES PVT LIMITED [Active] CIN = U29150WB1985PLC039217

Company & Directors' Information:- V T INDUSTRIES PVT LIMITED [Active] CIN = U29150WB1985PTC039217

Company & Directors' Information:- G R INDUSTRIES PRIVATE LIMITED [Strike Off] CIN = U34300PB1996PTC018671

Company & Directors' Information:- M. K. INDUSTRIES PRIVATE LIMITED [Active] CIN = U15549WB2008PTC130116

Company & Directors' Information:- R S V INDUSTRIES PRIVATE LIMITED [Active] CIN = U52399MH2008PTC180489

Company & Directors' Information:- K. A. INDUSTRIES PRIVATE LIMITED [Active] CIN = U14220JH2008PTC013409

Company & Directors' Information:- D K INDUSTRIES LIMITED [Active] CIN = U45202CH1994PLC014627

Company & Directors' Information:- R K S INDUSTRIES PRIVATE LIMITED [Active] CIN = U20211WB1997PTC086009

Company & Directors' Information:- H L T FINANCE PRIVATE LIMITED [Strike Off] CIN = U65921DL1996PTC078128

Company & Directors' Information:- D G INDUSTRIES PVT LTD [Active] CIN = U36942WB1946PTC013526

Company & Directors' Information:- R I L INDUSTRIES PRIVATE LIMITED [Active] CIN = U70101DL1993PTC052678

Company & Directors' Information:- I S INDUSTRIES PRIVATE LIMITED [Strike Off] CIN = U29100GJ2009PTC057308

Company & Directors' Information:- B M INDUSTRIES PRIVATE LIMITED [Active] CIN = U17000MH1997PTC109621

Company & Directors' Information:- H M B INDUSTRIES PVT LTD [Active] CIN = U24297GJ1996PTC070418

Company & Directors' Information:- A G B INDUSTRIES INDIA PRIVATE LIMITED [Strike Off] CIN = U21012TZ2008PTC014753

Company & Directors' Information:- K B R INDUSTRIES PRIVATE LIMITED [Active] CIN = U27107DL1996PTC079915

Company & Directors' Information:- R V S INDUSTRIES PRIVATE LIMITED [Active] CIN = U17111TZ1995PTC006398

Company & Directors' Information:- B N INDUSTRIES PRIVATE LIMITED [Active] CIN = U67120AS1994PTC004273

Company & Directors' Information:- A J INDUSTRIES PRIVATE LIMITED [Active] CIN = U17120MH2004PTC145040

Company & Directors' Information:- S. A. A INDUSTRIES PRIVATE LIMITED [Active] CIN = U01549TZ1997PTC007927

Company & Directors' Information:- K K S K INDUSTRIES PRIVATE LIMITED [Active] CIN = U19201TZ1997PTC007687

Company & Directors' Information:- C R I INDUSTRIES PRIVATE LIMITED [Amalgamated] CIN = U29120TZ2002PTC010129

Company & Directors' Information:- A C T INDUSTRIES PRIVATE LIMITED [Active] CIN = U74899DL1984PTC018724

Company & Directors' Information:- G B INDUSTRIES PRIVATE LIMITED [Active] CIN = U29220PN2011PTC139883

Company & Directors' Information:- S D B INDUSTRIES LIMITED [Active] CIN = U27107MP1996PLC010394

Company & Directors' Information:- M M INDUSTRIES PRIVATE LIMITED [Active] CIN = U31300CT2008PTC020916

Company & Directors' Information:- A C INDUSTRIES PVT LTD [Active] CIN = U29299WB2006PTC109474

Company & Directors' Information:- K M INDUSTRIES PRIVATE LIMITED [Converted to LLP and Dissolved] CIN = U74899DL1991PTC043295

Company & Directors' Information:- C J INDUSTRIES PRIVATE LIMITED [Strike Off] CIN = U25209MH1998PTC116707

Company & Directors' Information:- N P INDUSTRIES LTD [Strike Off] CIN = U15549PB1989PLC009426

Company & Directors' Information:- J. L. INDUSTRIES PRIVATE LIMITED [Strike Off] CIN = U29141MP2008PTC020731

Company & Directors' Information:- I K INDUSTRIES PRIVATE LIMITED [Active] CIN = U24100MH2010PTC199474

Company & Directors' Information:- H. D. INDUSTRIES PRIVATE LIMITED [Strike Off] CIN = U27310MH2011PTC216080

Company & Directors' Information:- R. D. G. INDUSTRIES PRIVATE LIMITED [Active] CIN = U26960DL2008PTC182480

Company & Directors' Information:- R B INDUSTRIES PRIVATE LIMITED [Strike Off] CIN = U28999DL2008PTC177248

Company & Directors' Information:- H & H INDUSTRIES PRIVATE LIMITED [Active] CIN = U34100DL2010PTC204604

Company & Directors' Information:- M J INDUSTRIES PRIVATE LIMITED [Active] CIN = U15203KA2011PTC060675

Company & Directors' Information:- B R V INDUSTRIES PRIVATE LIMITED [Active] CIN = U32301UP1995PTC018704

Company & Directors' Information:- A. G. INDUSTRIES LIMITED [Strike Off] CIN = U25201UP1994PLC017291

Company & Directors' Information:- B R INDUSTRIES LIMITED [Strike Off] CIN = U15204AS1993PLC003930

Company & Directors' Information:- I P M INDUSTRIES LIMITED [Active] CIN = U25200DL1995PLC068554

Company & Directors' Information:- T T FINANCE LIMITED [Amalgamated] CIN = U67120DL1986PLC023168

Company & Directors' Information:- M R INDUSTRIES PRIVATE LIMITED [Strike Off] CIN = U74900UP2008PTC036443

Company & Directors' Information:- R D I INDUSTRIES PRIVATE LIMITED [Strike Off] CIN = U74900DL1995PTC065508

Company & Directors' Information:- J G INDUSTRIES LTD [Active] CIN = L15141WB1983PLC035931

Company & Directors' Information:- M M V R FINANCE LIMITED [Active] CIN = U65921TZ1997PLC007705

Company & Directors' Information:- D B FINANCE PRIVATE LIMITED [Active] CIN = U65191TN1989PTC016705

Company & Directors' Information:- J S N MARINE PRIVATE LIMITED [Active] CIN = U74120AP2011PTC075216

Company & Directors' Information:- V G INDUSTRIES PRIVATE LIMITED [Active] CIN = U15139JK2015PTC004570

Company & Directors' Information:- C H P FINANCE PVT LTD [Active] CIN = U65921PB1992PTC012788

Company & Directors' Information:- S L B P FINANCE PRIVATE LIMITED [Active] CIN = U74899DL1990PTC041694

Company & Directors' Information:- R S FINANCE PVT LTD [Active] CIN = U65191WB1988PTC044144

Company & Directors' Information:- I C FINANCE PRIVATE LIMITED [Active] CIN = U65921UP1989PTC011236

Company & Directors' Information:- S N INDUSTRIES PRIVATE LIMITED [Active] CIN = U29211UP1951PTC002319

Company & Directors' Information:- V K FINANCE PVT LTD [Strike Off] CIN = U67120WB1991PTC052140

Company & Directors' Information:- K G INDUSTRIES PVT LTD [Active] CIN = U29130WB1951PTC019868

Company & Directors' Information:- N S INDUSTRIES PRIVATE LIMITED [Under Process of Striking Off] CIN = U74120UP2012PTC053986

Company & Directors' Information:- W W I INDUSTRIES PRIVATE LIMITED [Strike Off] CIN = U29300MH1997PTC112589

Company & Directors' Information:- C AND N FINANCE PRIVATE LIMITED [Strike Off] CIN = U65921DL1998PTC094290

Company & Directors' Information:- C D R FINANCE LIMITED [Strike Off] CIN = U65910TG1995PLC022237

Company & Directors' Information:- J R FINANCE LIMITED [Active] CIN = U65921PB1996PLC017699

Company & Directors' Information:- I C S FINANCE LIMITED [Strike Off] CIN = U65921TZ1987PLC001991

Company & Directors' Information:- D U INDUSTRIES PRIVATE LIMITED [Active] CIN = U29230GJ2016PTC091588

Company & Directors' Information:- D D S FINANCE PRIVATE LIMITED [Strike Off] CIN = U65910DL1996PTC076165

Company & Directors' Information:- K V L FINANCE LIMITED [Strike Off] CIN = U65191TN1989PLC016715

Company & Directors' Information:- D A S FINANCE PVT LIMITED [Strike Off] CIN = U65921PB1993PTC012888

Company & Directors' Information:- U B FINANCE PRIVATE LIMITED [Strike Off] CIN = U74899DL1992PTC051300

Company & Directors' Information:- B V R INDUSTRIES PRIVATE LIMITED [Active] CIN = U28999CT2020PTC010570

Company & Directors' Information:- V L G FINANCE PRIVATE LIMITED [Strike Off] CIN = U65910AP1997PTC027952

Company & Directors' Information:- S R P INDUSTRIES LIMITED [Amalgamated] CIN = U00061BR1984PLC002023

Company & Directors' Information:- E M S FINANCE PRIVATE LIMITED [Strike Off] CIN = U65921TZ1986PTC001789

Company & Directors' Information:- T D M FINANCE COMPANY PRIVATE LIMITED [Active] CIN = U65923KL1997PTC011601

Company & Directors' Information:- S. F. FINANCE COMPANY PRIVATE LIMITED [Strike Off] CIN = U65921PB1996PTC018702

Company & Directors' Information:- D S L FINANCE PRIVATE LIMITED [Active] CIN = U65921TG1996PTC023898

Company & Directors' Information:- S R K C FINANCE LIMITED [Amalgamated] CIN = U65999TZ1989PLC002445

Company & Directors' Information:- R K N FINANCE PRIVATE LIMITED [Strike Off] CIN = U65191TN1997PTC038377

Company & Directors' Information:- H A FINANCE PRIVATE LIMITED [Strike Off] CIN = U65993DL1987PTC027064

Company & Directors' Information:- V V A FINANCE LTD [Active] CIN = U65993WB1984PLC037171

Company & Directors' Information:- Y B FINANCE PRIVATE LIMITED [Strike Off] CIN = U65921CH1996PTC017745

Company & Directors' Information:- C P INDUSTRIES PVT LTD [Strike Off] CIN = U29303MP1949PTC000846

Company & Directors' Information:- J B INDUSTRIES PRIVATE LIMITED [Strike Off] CIN = U74999MH2013PTC245506

Company & Directors' Information:- S J V INDUSTRIES LTD [Amalgamated] CIN = U15421WB1982PLC035521

Company & Directors' Information:- V V INDUSTRIES PVT LTD [Strike Off] CIN = U99999DL1980PTC010427

Company & Directors' Information:- K K INDUSTRIES PRIVATE LIMITED [Strike Off] CIN = U65100DL1982PTC013046

Company & Directors' Information:- A T C INDUSTRIES LTD [Strike Off] CIN = U27109AS1984PLC002201

Company & Directors' Information:- C P MARINE PVT LTD [Strike Off] CIN = U74999DL1988PTC032550

Company & Directors' Information:- N V INDUSTRIES PVT LTD [Active] CIN = U51909WB1953PTC020952

Company & Directors' Information:- A TO Z INDUSTRIES PVT LTD [Strike Off] CIN = U31908AS1987PTC002804

Company & Directors' Information:- S S MARINE PVT LTD [Strike Off] CIN = U05005WB1986PTC040175

Company & Directors' Information:- M S R FINANCE PVT LTD [Strike Off] CIN = U65191TN1989PTC016789

Company & Directors' Information:- L K INDUSTRIES PRIVATE LIMITED [Active] CIN = U17291MH2012PTC233546

Company & Directors' Information:- S S P FINANCE PRIVATE LIMITED [Strike Off] CIN = U65191TN1987PTC014526

Company & Directors' Information:- G S C INDUSTRIES PRIVATE LTD [Active] CIN = U92114DL1956PTC002616

Company & Directors' Information:- G G INDUSTRIES PRIVATE LIMITED [Active] CIN = U27320UP1969PTC003282

Company & Directors' Information:- K S INDUSTRIES PRIVATE LIMITED [Strike Off] CIN = U31909MH1960PTC011707

Company & Directors' Information:- I FINANCE COMPANY LIMITED [Active] CIN = U67110DL2011PLC212268

Company & Directors' Information:- N G C M (INDUSTRIES) LTD [Dissolved] CIN = U19209WB1979PLC032019

Company & Directors' Information:- H. N. MARINE PRIVATE LIMITED [Active] CIN = U52609MH2017PTC292333

Company & Directors' Information:- H AND Z FINANCE PRIVATE LIMITED [Active] CIN = U67190MH1995PTC093153

Company & Directors' Information:- P R INDUSTRIES PVT LTD [Active] CIN = U21014DL1971PTC005738

Company & Directors' Information:- R K I INDUSTRIES PRIVATE LIMITED [Strike Off] CIN = U29190DL2012PTC233413

Company & Directors' Information:- Y AND K FINANCE COMPANY PRIVATE LIMITED [Strike Off] CIN = U74899DL1985PTC019837

Company & Directors' Information:- M S V INDUSTRIES PRIVATE LIMITED [Active] CIN = U29309TN2020PTC138957

Company & Directors' Information:- R K INDUSTRIES PVT LTD [Strike Off] CIN = U25202AS1988PTC003132

Company & Directors' Information:- S L P FINANCE PRIVATE LTD. [Strike Off] CIN = U65923DL1985PTC021970

Company & Directors' Information:- V M FINANCE LIMITED [Strike Off] CIN = U65910PB1996PLC018339

Company & Directors' Information:- D S K FINANCE LIMITED [Strike Off] CIN = U65910UP1988PLC010317

Company & Directors' Information:- G B V FINANCE COMPANY PRIVATE LIMITED [Strike Off] CIN = U65110UP1988PTC010219

Company & Directors' Information:- B H FINANCE PRIVATE LIMITED [Strike Off] CIN = U65922KA1995PTC018390

Company & Directors' Information:- M .R .S . FINANCE LIMITED [Strike Off] CIN = U65929DL1995PLC067184

Company & Directors' Information:- H D FINANCE LTD [Strike Off] CIN = U67120DL1986PLC023675

Company & Directors' Information:- P R K FINANCE P LTD [Strike Off] CIN = U65191TN1995PTC033478

Company & Directors' Information:- S G R INDUSTRIES PVT LTD [Strike Off] CIN = U25199WB1948PTC016397

Company & Directors' Information:- B M K INDUSTRIES PRIVATE LIMITED [Active] CIN = U17100MH1948PTC006398

Company & Directors' Information:- R B MARINE PVT LTD [Strike Off] CIN = U63090WB1984PTC037362

Company & Directors' Information:- K R INDUSTRIES INDIA PRIVATE LIMITED [Active] CIN = U25190KA2012PTC062367

Company & Directors' Information:- T AND C FINANCE LIMITED [Strike Off] CIN = U67120RJ1996PLC012576

Company & Directors' Information:- W S FINANCE PRIVATE LIMITED [Strike Off] CIN = U65192UP1996PTC020243

Company & Directors' Information:- S A C FINANCE COMPANY PVT LTD [Active] CIN = U65999WB1985PTC039002

Company & Directors' Information:- Y K INDUSTRIES PRIVATE LIMITED [Active] CIN = U19115UP2012PTC051151

Company & Directors' Information:- E S INDUSTRIES PRIVATE LIMITED [Strike Off] CIN = U74999TN2012PTC086119

Company & Directors' Information:- I B INDUSTRIES LTD. [Strike Off] CIN = U28992WB1990PLC050469

Company & Directors' Information:- V I INDUSTRIES LTD [Strike Off] CIN = U36934WB1951PLC019890

Company & Directors' Information:- J M INDUSTRIES PRIVATE LIMITED [Strike Off] CIN = U05002UP1952PTC002456

Company & Directors' Information:- HEMA INDUSTRIES PRIVATE LIMITED [Strike Off] CIN = U15316TG2012PTC080550

Company & Directors' Information:- L F INDUSTRIES PRIVATE LIMITED [Active] CIN = U17291UP2015PTC068602

Company & Directors' Information:- A K S INDUSTRIES PVT LTD [Active] CIN = U27201WB1946PTC013433

Company & Directors' Information:- V M V INDUSTRIES PRIVATE LIMITED [Strike Off] CIN = U26990GJ2013PTC076945

Company & Directors' Information:- S K INDUSTRIES LIMITED [Under Process of Striking Off] CIN = U29248PN1948PLC001948

Company & Directors' Information:- C C FINANCE PRIVATE LIMITED [Strike Off] CIN = U65191TN1997PTC037805

Company & Directors' Information:- S R B FINANCE LIMITED [Strike Off] CIN = U65910UP1988PLC010045

Company & Directors' Information:- P V FINANCE PRIVATE LIMITED [Strike Off] CIN = U65993DL1987PTC027270

Company & Directors' Information:- R V S FINANCE PRIVATE LIMITED [Strike Off] CIN = U65990KA1995PTC018436

Company & Directors' Information:- S P INDUSTRIES PVT LTD [Strike Off] CIN = U20232AS1980PTC001853

Company & Directors' Information:- P AND B FINANCE PVT LTD [Strike Off] CIN = U99999MH1986PTC038841

Company & Directors' Information:- B B P FINANCE COMPANY PRIVATE LIMITED [Strike Off] CIN = U65921PB1996PTC018183

Company & Directors' Information:- A E FINANCE PRIVATE LIMITED [Active] CIN = U65999TZ1990PTC002905

Company & Directors' Information:- V N R INDUSTRIES PRIVATE LIMITED [Strike Off] CIN = U21090AP2012PTC081525

Company & Directors' Information:- A K INDUSTRIES PVT LTD [Active] CIN = U51109WB1944PTC011764

Company & Directors' Information:- L R FINANCE COMPANY PRIVATE LIMITED [Strike Off] CIN = U65910UP1988PTC009758

Company & Directors' Information:- S B M FINANCE LIMITED [Strike Off] CIN = U65921PB1994PLC014374

Company & Directors' Information:- T A S FINANCE PVT LTD [Strike Off] CIN = U65191TN1990PTC018654

Company & Directors' Information:- D AND O FINANCE COMPANY PRIVATE LIMITED [Strike Off] CIN = U74899DL1993PTC054788

Company & Directors' Information:- H R P FINANCE PRIVATE LIMITED [Strike Off] CIN = U65921PB1995PTC015715

Company & Directors' Information:- P T R FINANCE PRIVATE LIMITED [Strike Off] CIN = U65191TN1989PTC016795

Company & Directors' Information:- B & S FINANCE PVT LTD [Strike Off] CIN = U65191TN1988PTC015491

Company & Directors' Information:- K INDUSTRIES PVT LTD [Strike Off] CIN = U99999KA1946PTC000938

Company & Directors' Information:- G I P INDUSTRIES PRIVATE LIMITED [Strike Off] CIN = U52605MH2015PTC263962

Company & Directors' Information:- P 9 INTEGRATED PRIVATE LIMITED [Active] CIN = U55101MH2003PTC142002

Company & Directors' Information:- C. L. INDUSTRIES PRIVATE LIMITED [Active] CIN = U27109RJ2014PTC045306

Company & Directors' Information:- H S B FINANCE PVT LTD [Strike Off] CIN = U67120RJ1996PTC012119

Company & Directors' Information:- R. A. M INDUSTRIES PRIVATE LIMITED [Active] CIN = U17120MH2014PTC254820

Company & Directors' Information:- S. B. INDUSTRIES PRIVATE LIMITED [Strike Off] CIN = U74900PN2012PTC144181

Company & Directors' Information:- F. S. MARINE PRIVATE LIMITED [Strike Off] CIN = U74999MH2012PTC235951

Company & Directors' Information:- S AND D INTEGRATED PRIVATE LIMITED [Active] CIN = U74999MH2013PTC249551

Company & Directors' Information:- A & P INDUSTRIES PRIVATE LIMITED [Active] CIN = U36935TG2014PTC095781

Company & Directors' Information:- C & N INDUSTRIES PRIVATE LIMITED [Strike Off] CIN = U40200TG2014PTC095187

Company & Directors' Information:- B S B INDUSTRIES PRIVATE LIMITED [Strike Off] CIN = U45200TG2013PTC088059

Company & Directors' Information:- R A R INDUSTRIES PRIVATE LIMITED [Active] CIN = U74900TG2016PTC103684

Company & Directors' Information:- K S A B INDUSTRIES PRIVATE LIMITED [Active] CIN = U51909WB2012PTC181903

Company & Directors' Information:- S V S INDUSTRIES PRIVATE LIMITED [Strike Off] CIN = U36100JK2013PTC003808

Company & Directors' Information:- I-3 INTEGRATED CO. PRIVATE LIMITED [Active] CIN = U72900CH2010PTC032345

Company & Directors' Information:- R D M INDUSTRIES PRIVATE LIMITED [Strike Off] CIN = U31100DL2013PTC252294

Company & Directors' Information:- INDUSTRIES INDIA PRIVATE LIMITED [Strike Off] CIN = U00349KA1947PTC000501

Company & Directors' Information:- A V K INDUSTRIES INDIA PRIVATE LIMITED [Strike Off] CIN = U52100KA2012PTC066761

Company & Directors' Information:- V. A. R. INDUSTRIES PRIVATE LIMITED [Active] CIN = U18209DL2020PTC369202

Company & Directors' Information:- U K J INDUSTRIES PRIVATE LIMITED [Active] CIN = U21094DL2020PTC370720

Company & Directors' Information:- V V MARINE PRIVATE LIMITED [Active] CIN = U60200PB2020PTC052110

Company & Directors' Information:- M. J. S. FINANCE COMPANY PRIVATE LIMITED [Strike Off] CIN = U65921PB1971PTC003049

Company & Directors' Information:- S V INDUSTRIES PVT LTD [Strike Off] CIN = U27104WB1960PTC024715

Company & Directors' Information:- J INDUSTRIES PVT LTD [Strike Off] CIN = U18101OR1960PTC000388

Company & Directors' Information:- A R FINANCE PVT LTD [Strike Off] CIN = U65921PB1989PTC009778

Company & Directors' Information:- K G FINANCE LIMITED [Strike Off] CIN = U65910TZ1982PLC001219

Company & Directors' Information:- S AND Z FINANCE PRIVATE LIMITED [Strike Off] CIN = U65923PN1997PTC106520

Company & Directors' Information:- B P K INDUSTRIES PRIVATE LIMITED [Strike Off] CIN = U99999MH1960PTC011841

Company & Directors' Information:- H S N FINANCE PVT LTD [Strike Off] CIN = U67120PB1993PTC013900

Company & Directors' Information:- T & M INDUSTRIES LIMITED [Liquidated] CIN = U99999TN1956PLC002904

Company & Directors' Information:- G N FINANCE PVT LTD [Strike Off] CIN = U65990MH1981PTC024294

Company & Directors' Information:- HEMA FINANCE PRIVATE LIMITED [Active] CIN = U65990MH1972PTC016164

Company & Directors' Information:- INDUSTRIES (INDIA) PRIVATE LIMITED [Under Process of Striking Off] CIN = U51109BR1946PTC000228

Company & Directors' Information:- M A INDUSTRIES PVT LTD [Strike Off] CIN = U15412WB1950PTC019030

Company & Directors' Information:- MARINE & MARINE PVT LTD [Strike Off] CIN = U51909WB1961PTC025068

Company & Directors' Information:- INDUSTRIES INDIA PRIVATE LIMITED [Under Process of Striking Off] CIN = U60200BR1946PTC000035

Company & Directors' Information:- C S FINANCE PRIVATE LIMITED [Strike Off] CIN = U65910GJ1987PTC009799

Company & Directors' Information:- MARINE INDUSTRIES LIMITED [Dissolved] CIN = U74999KL1951PLC000751

Company & Directors' Information:- K INDUSTRIES LIMITED [Not available for efiling] CIN = U99999MH1946PTC005438

Company & Directors' Information:- B M K INDUSTRIES PVT LTD [Active] CIN = U99999MH1948PTC006393

Company & Directors' Information:- S K INDUSTRIES PVT LTD [Under Process of Striking Off] CIN = U99999MH1948PTC006932

Company & Directors' Information:- S K INDUSTRIES PVT LTD [Active] CIN = U15142PN1948PTC006932

Company & Directors' Information:- V B C INDUSTRIES LTD. [Not available for efiling] CIN = U99999AP2000PTC910431

    Original Side Appeal No. 92 of 2019 & Civil Miscellaneous Petition No. 9003 of 2019

    Decided On, 19 June 2020

    At, High Court of Judicature at Madras

    By, THE HONOURABLE MR.JUSTICE R. SUBBIAH & THE HONOURABLE MRS. JUSTICE T. KRISHNAVALLI

    For the Appellant: V.P. Raman, Advocate. For the Respondent: Satish Parasaran, Senior Advocate, R. Parthasarathy, Advocate.



Judgment Text


(Prayer: Original Side Appeal filed under Order XXXVI Rule 9 of the Original Side Rules read with Clause 15 of the Letters Patent against the judgment and decree dated 26.10.2018 passed in Application No. 4804 of 2018 in C.S. No. 591 of 2010 on the file of this Court.)

R. Subbiah, J

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 exparte 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 the appellant herein to pay a sum of Rs.1,93,78,667/- as compensation together with further interest on Rs.1,93,78,667/- at the rate of 18% per annum at quarterly rests from the date of the suit viz., 30.04.2001 till payment and for costs.

6. As per the averments in the plaint in C.S. No. 689 of 2014, the respondent herein entered into an Equipment Lease Agreement dated 30.06.1992 with the appellant. As per the agreement dated 30.06.1992, the appellant gave on lease to the respondent one Himson Scragg SDS-8 Texturising Machine (Sr.No.23) for a period of five years. Further, the terms and conditions of the agreement indicate that the said machine was the sole and exclusive property of the appellant herein and the respondent has no right, title and interest therein, except lease. Further, the said machine was installed in the premises of M/s. Garware Nylons Limited, an associate company of the respondent at Pune. It is the case of the respondent that the respondent has been regularly paying the lease rentals under the Equipment Lease Agreement dated 30.06.1992 without any default. While so, on or about 27.08.1996, the said M/s. Garware Nylons Limited, an associate company of the respondent at Pune suspended its operations and therefore, the respondent had requested the appellant herein to take steps to remove the said machine from the premises of the said company at Pune and to relocate and install the machinery at the factory premises of the respondent at Ahmed Nagar as the appellant is the owner of the machine. While so, one of the creditors of M/s. Garware Nylons Limited, has filed a Petition before this Court in Company Petition No. 521 of 1992 praying to wind up the said company. On 05.09.1997, the Official Liquidator attached to the High Court of Bombay was appointed as the provisional liquidator and he took charge and control of the assets of the said company, even though the said machinery did not belong to the said company. The request made by the respondent to the appellant herein to take necessary steps to get the machine released did not bear fruit. Therefore, the respondent filed Company Application No. 569 of 1997 praying to direct the Provisional Liquidator to hand over the said machinery to the appellant herein, who is the owner of the machinery. By a letter dated 09.03.1998, the respondent herein also requested the appellant to take steps to obtain necessary orders from the Court to take possession of the machinery which had been leased to the respondent/plaintiff, but was lying at the premises of M/s. Garware Nylons Limited, an associate company of the respondent at Pune. At this stage, the appellant, by letter dated 09.03.1998 demanded the respondent to pay Rs.43,70,345/- towards lease rentals. The respondent, by letter dated 17.03.1998, denied their liability to pay any amount inter alia stating that the appellant had handled the matter of removing the machineries from M/s. Garware Nylons Limited, an associate company of the respondent at Pune, in a negligent manner and hence profitable opportunities of putting the machineries to use were being lost. The respondent also stated that they would claim compensation from the appellant. Subsequently, there were exchange of notices between the respondent and the appellant herein and ultimately, the appellant had initiated criminal proceedings against the respondent herein. The respondent herein has also filed Suit No. 3513 of 2001 on 30.04.2001 before the High Court of Bombay. On notice, the appellant herein has raised the issue of jurisdiction by taking out an application in Chamber Summons No. 163 of 2009 and contended that the Courts at Chennai alone are having jurisdiction to deal with the issue and therefore, the suit filed by the respondent herein is not maintainable. By order dated 20.08.2013, the High Court of Judicature at Bombay passed an order returning the plaint to the respondent herein to file it before the Court having jurisdiction. Thereafter, the respondent herein has filed the suit in C.S. No. 689 of 2014 before this Court on 11.09.2014 praying to direct the appellant herein to pay a sum of Rs.1,93,78,667/- as compensation together with further interest on Rs.1,93,78,667/- at 18% per annum at quarterly rests from the date of the said suit viz., 30.04.2001 till payment and/or realisation with costs.

7. When the said suit filed by the respondent herein in C.S. No. 689 of 2014 came up for hearing before the Commercial Division of this Court, the learned single Judge assumed jurisdiction of the Commercial Division to examine the issues involved in the suit. Accordingly, an order dated 27.06.2018 was passed in C.S. No. 689 of 2014 filed by the respondent herein and it reads as follows:-

“2. The plaintiff had taken on lease Himson Scragg SDS-B Texturising Machine for a period of five years. The machine was the sole and exclusive property of the defendant. The Plaintiff was only a lessee. The machine was used on a day to day basis for operations. The plaintiff had paid the lease rental until the Equipment Lease Agreement. The plaintiff requested the defendant to remove the machinery from GNL, which was an associate company of the plaintiff at Pune. However, the Official Liquidator, which was appointed by the Bombay High Court, took charge of the assets of GNL owing to liquidation proceedings. The machine was also taken possession by the Official Liquidator. It is under these circumstances, claiming damages, the suit had been instituted. Since the genesis of the claim is based on the commercial transaction, this Court has jurisdiction to examine the issues raised in the plaint.”

8. While so, during the pendency of the suit in C.S. No. 689 of 2014, the respondent herein filed Application No. 1782 of 2017 in C.S. No. 591 of 2010 praying to condone the delay of 1690 days in filing an application to set aside the exparte Judgment and Decree dated 15.06.2012 passed in C.S. No. 591 of 2010, which is pending before the original side of this Court. A counter affidavit has been filed by the appellant contending that no proper explanation has been offered by the respondent for condonation of inordinate delay in filing the application to set aside the exparte judgment and decree dated 15.06.2012. By order dated 04.04.2017, this Court allowed the application subject to condition the respondent herein deposit a sum of Rs.30,00,000/- to the credit of C.S. No. 591 of 2010 and also a sum of Rs.5,000/- as costs to the appellant herein. The conditions imposed in the order dated 04.04.2017 has been complied with by the respondent and the suit in C.S. No. 591 of 2010 was restored.

9. After the suit in C.S. No. 591 of 2010 was restored at the instance of the respondent herein, an application in A. No. 4804 of 2018 in C.S. No. 591 of 2010 was filed by the respondent herein praying to reject the plaint in C.S. No. 591 of 2010 filed by the appellant on the ground that the right to sue accrue to the appellant herein only when the terms and conditions of the agreement/ contract were allegedly breached by committing default in payment of rental amount viz., from the 11th rental instalment payable on 31st October 1996 as per the plaint and not till the termination of agreement by efflux of time viz., 30th November 2000. As per paragraph No.6 of the plaint in C.S. No. 591 of 2010, the default occurred in October 1996 followed by a part payment in November 1997 and therefore, the present suit in C.S. No. 591 of 2010 filed by the appellant on 28th November 2003 is barred by limitation. Therefore, the respondent herein would contend that the plaint in C.S. No. 591 of 2010 is liable to be rejected on the ground of limitation.

10. Resisting the Application No. 4804 of 2018 in C.S. No. 591 of 2010, the appellant herein has filed a counter affidavit contending that the suit filed in C.S. No. 591 of 2010 filed on 28th November 2003 is within the period of limitation. As per the agreement of lease dated 30.11.1995, the first payment is payable on 30.12.1995 and the last instalment payable on 30.11.2000 and therefore, the suit filed on 28.11.2003 is within the period of limitation. It was further stated that the application for rejecting the plaint has been filed belatedly especially when the suit in C.S. No. 591 of 2010 was filed in the year 2010 in which an exparte judgment and decree was passed on 15.06.2012. According to the appellant, the instant application has been filed to wriggle out of the financial liabilities of the respondent and there is no bona fide in filing such an application. Therefore, the appellant prayed for dismissal of the application.

11. When the said application in Application No. 4804 of 2018 in C.S. No. 591 of 2010 filed by the respondent herein for rejecting the plaint in C.S. No. 591 of 2010 came up for hearing, the appellant herein sought for transferring the suit in C.S. No. 591 of 2010 to the commercial division of this Court on the ground that the transaction involved inter se between the parties gives rise to a commercial dispute and further the issues involved in the suit in C.S. No. 591 of 2010 are inter-connected with the issues involved in C.S. No. 689 of 2014. However, the respondent herein, who is the plaintiff in C.S. No. 689 of 2014 opposed the transfer of C.S. No. 591 of 2010 to the commercial division. Since the issue relating to jurisdiction was raised, the learned single Judge, before dealing with the merits of the Application No. 4804 of 2018 in C.S. No. 591 of 2010, proceeded to hear the counsel for both sides to decide the issue as to whether the transaction involved in the suit in C.S. No. 591 of 2010 is a commercial dispute. After hearing both sides, the learned single Judge passed a detailed order declining the request of the appellant herein to transfer the suit in C.S. No. 591 of 2010 to commercial division of this Court. The relevant portion of the order dated 26.10.2018 reads as follows:-

“16. It is in this context, and in the light of the specific definition of ‘banking and other financial services’ that includes an equipment lease, that the Bench concludes that the activity of funding or financing by an NBFC in the business of lease or equipment leasing or hire purchase finance, falls in the category of financial services rendered by NBFCs to their customers.

17. In the light of the discussion as aforesaid, I am of the view that the dispute in question is not an ordinary transaction engaged in by merchants, bankers, financiers or traders that would come within the ambit of ‘commercial dispute’ in terms of Section 2 (1) (c) of the Act. This issue is answered accordingly. The application is posted for hearing on merits on 02.11.2018.”

12. Assailing the order of the learned single Judge, the learned counsel for the appellant, at the outset, submitted that C.S. No. 689 of 2014 filed by the respondent herein is pending before the commercial division of this Court and the present suit in C.S. No. 591 of 2010 arises out of the same transaction. The issues to be framed by this Court in both the suits are likely to be common warranting a joint trial. The evidence to be let in by the parties pursuant to the issues framed is the same in both the suit. Therefore, if the suits are tried separately, the parties will be put to enormous trouble. In this regard, the learned counsel for the appellant placed reliance on the decision of the Honourable Supreme Court in the case of State Bank of India vs. Ranjan Chemicals Limited and another reported in (2007) 1 Supreme Court Cases 97 wherein it has been held that the Court can order joint trial when same question of law or facts arises in both the proceedings or that the right to relief claimed in them is in respect of or arise out of the same transaction or series of transactions or that for some other reason it is desirable to make an order for joint trial.

13. With regard to the merits of the case as to whether the issues involved in the suit in C.S. No. 591 of 2010 falls within the ambit of the commercial division, the learned counsel for the appellant, at the outset, invited the attention of this Court to the objects with which the appellant company was established and submitted that one of the main objects to be pursued by the appellant company on its incorporation as listed in the Memorandum of Association of the appellant is to carry on and undertake business as financiers and capitalists to finance operations of all kinds such as managing, purchasing, trading, investments, hire, hire purchase and to finance lease operations of all kinds, purchasing, selling, hiring to let on hire all kinds of plant and machinery and equipment and to assist in financing of all and every kind and description of hire purchase or deferred payment or similar transactions. Thus, the appellant is carrying on the business of Non-Banking Financial Company (in short NBFC) which is governed by Regulations issued by the Reserve Bank of India vide notification No.DFC 114/DG (SPT)-98 dated 02.01.1998. As per the directions of the Reserve Bank of India, a company which carries on either hire purchase or equipment leasing will fall within the definition of Non-banking financial company. Therefore, according to the learned counsel, the emphasis is on the nature of the transaction and whether such transaction would qualify as an ordinary transaction of merchants, bankers, financiers and traders. The emphasis is not on whether the transaction is of a nature ordinarily carried on by the parties to the transaction, which give rise to the dispute. In other words, equipment leasing is also a type of transaction ordinarily resorted to by such company as part of it's business.

14. As a next fold of submission, the learned counsel for the appellant, by placing reliance on Section 2 (1) (c) of the Act submitted that Section 2 (1) (c) of the Act emphasis the commercial dispute, which means a dispute arising out of ordinary transactions of merchants, bankers, financiers and traders and such as those relating to mercantile documents, including enforcement and interpretation of such documents. Whether the appellant carried on equipment leasing as an ordinary transaction in the course of its business with the respondent is immaterial. On the other hand, the factor for consideration is whether equipment leasing is a transaction ordinarily carried on by NBFCs like the appellant. According to the learned counsel for the appellant, one of the main objects with which the appellant company was incorporated is to finance lease operations of all kinds, purchasing, selling, hiring to letting on hire all kinds of plant and machinery and equipment etc., However, the learned single Judge did not consider the definition given to the Act, particularly in Section 2 (1) (c) (i) of the Act. In Para No.7 of the order, the learned single Judge has taken into account the term ‘relating to mercantile documents’ as a test to determine whether the dispute will qualify as a commercial dispute. However, the definition provided under the Act uses the word ‘such as’ and therefore it is only illustrative and the same will not determine whether a dispute will fall under the realm of the Act or not. The learned single Judge misconstrued the definition of commercial dispute and therefore the impugned order is liable to be set aside.

15. Per contra, the learned Senior counsel appearing for the respondent would contend that the learned single Judge sitting on the commercial bench, passed an order dated 27.06.2018 in C.S. No. 689 of 2014 filed by the respondent herein, where, it was observed that since the genesis of the claim is based on the commercial transaction, this Court has jurisdiction to examine the issues raised in the plaint. The fact remains that the said order dated 27.06.2018 was passed when the appellant and the respondent were not present and no contest was raised. Further, the order dated 27.06.2018 does not conclusively hold that the suit involves a commercial dispute under the Act. There was also no submission made as to the commercial division pointing out the dispute raised in the suit is not a commercial dispute as per Section 2 (1) of the Act. As such, the observation in C.S. No. 689 of 2014 will not have any binding precedent besides the said order is not a final order. Since the previous order passed in C.S. No. 689 of 2014 is not a final order it is subject to appeal along with the final decree. Therefore, it is not open to the appellant to contend that since C.S. No. 689 of 2014 is pending on the file of commercial division of this Court, C.S. No. 591 of 2010 has to be transferred to the Commercial Division to have a joint trial. Since the learned single Judge, in the present proceeding, having passed a reasoned order, the same is liable to be considered on merits. It is his contention that the transaction in question does not fall within the scope of Section 2 (1) (c) of the Act inasmuch as the present dispute arises out of equipment lease agreement. The leasing of equipment would not fall within the ambit of either sale of goods or provision of goods as mentioned in clause (xviii) of Section 2 (1) (c) of the Act. The lease in question is an operating lease and not a financial lease. The present transaction stands outside the ambit of an ordinary loan transaction as per the provisions of the Reserve Bank of India Act, 1934. In this context, the learned counsel drawn our attention to Section 45 I (a) of the Reserve Bank of India Act, which reads as follows:-

“(a) business of a non-banking financial institution means carrying on the business of a financial institution referred to in clause (c) and includes business of a non-banking company referred to in clause (f).

(b) .....

(c) financial institution means any non-banking institution which carries on its business or part of its business any of the following activities, namely:-

(i) the financing, whether by way of making loans or advances or otherwise, of any activity other than its own;

(ii) the acquisition of shares, stocks, bonds, debentures or securities issued by a Government or local authority or other marketable securities of a like nature;

(iii) letting or delivering of any goods to a hirer under a hire purchase agreement as defined in clause (c) of Section 2 of the Hire-Purchase Act, 172

....

(f) non-banking financial company means:-

(i) a financial institution which is a company;

(ii) a non-banking institution which is a company, and which has as its principal business the receiving of deposits, under any scheme or arrangement or in any other manner, or lending in any manner;

(iii) such other non-banking institution or class of such institutions, as the Bank may, with the previous approval of the Central Government and by notification in the official gazette, specify;”

16. Therefore, the contention of the appellant that the dispute between the appellant and the respondent is a commercial dispute is incorrect since the clauses in the agreement would clearly shows that it is an operative lease and not a financial lease.. Admittedly, the appellant is a NBFC and for a dispute to be a commercial dispute, it must fall within the definition of Section 2 (1) (c) of the Act. In other words, the dispute ought to have arisen chiefly out of ordinary transaction/business of a financier and secondly, the appellant conducting its business of equipment lease should fall within the scope of ordinary transaction of the appellant i.e., NBFC. The nature of the transaction or dispute decides the fact whether the dispute is a commercial dispute or not and not the status of the party to the dispute. In this context, the learned Senior counsel for the respondent relied on the decision of the High Court of Gujarat in the case of Madhuram Properties vs. Tata Consultancy Services Limited reported in (2017) 4 GLR 3327 wherein it was held that while considering the question whether the dispute between the parties can be said to be a commercial dispute, the status of the parties is not required to be considered. If the case falls within any of the provisions of Section 2 (c) of the Act, then and then only, it can be said to be a commercial dispute. The learned single Judge, rightly concluded that the status of the parties to the dispute is irrelevant for consideration while considering as to whether a transaction between the parties is a commercial dispute or not. The transaction in this case relates to an equipment lease agreement. It is not a finance lease but an operating lease. Thus, operating leases clearly falls outside the scope of banking service, and therefore it cannot be considered as the ordinary business of an NBFC.

17. The learned senior counsel for the respondent would further contend that if the clauses contained in the equipment lease agreement were taken note of, it could be easily concluded that the lease in question is a operating lease and there is no dispute over the same. The learned single Judge also, placed reliance on the decision of the Honourable Supreme Court in Asea Brown case mentioned supra to fortify such conclusion. In such view of the matter, the learned Senior counsel prayed for dismissal of the appeal.

18. We have heard the counsel for both sides and perused the materials placed on record. The learned single Judge, while considering an application filed by the respondent herein in Application No. 4804 of 2018 in C.S. No. 591 of 2010, under Order VII Rule 11 of CPC, to reject the plaint in C.S. No. 591 of 2010 has examined the applicability of the Commercial Courts Act, since the same was raised as an issue. According to the appellant, the appellant has filed the suit in C.S. No. 591 of 2010 and the respondent herein has also filed a suit in C.S. No. 689 of 2014 and the disputes in both the suits arise out of the same Equipment Lease Agreement dated 30.06.1992 and 30.11.1995 entered into between the appellant and respondent. While so, by the order dated 27.06.2018, the learned single Judge, sitting on the Commercial division of this Court held that the dispute between the parties in C.S. No. 689 of 2014 is a commercial dispute and therefore the suit is maintainable before the Commercial Division of this Court. However, contrary to such finding, the learned single Judge, sitting on the original side, held to the contra in C.S. No. 591 of 2010. Thus, there is divergence of opinion in the suit filed by the appellant as well as the respondent herein.

19. Before the learned single Judge, the application filed by the respondent to reject the plaint was taken up for hearing. During the course of such hearing, arguments were advanced to transfer the suit in C.S. No. 591 of 2010 to the Commercial Division Bench of this Court on the ground that the transaction involved inter se between the parties give rise to a commercial dispute. The counsel for the appellant placed reliance on the earlier order dated 27.06.2018 passed by this Court in the suit filed by the respondent in C.S. No. 689 of 2014. Therefore, for more clarity, the order dated 27.06.2018 passed by this Court in C.S. No. 689 of 2014 filed by the respondent herein is once again reproduced hereunder:-

“2. The plaintiff had taken on lease Himson Scragg SDS-B Texturising Machine for a period of five years. The machine was the sole and exclusive property of the defendant. The Plaintiff was only a lessee. The machine was used on a day to day basis for operations. The plaintiff had paid the lease rental until the Equipment Lease Agreement. The plaintiff requested the defendant to remove the machinery from GNL, which was an associate company of the plaintiff at Pune. However, the Official Liquidator, which was appointed by the Bombay High Court, took charge of the assets of GNL owing to liquidation proceedings. The machine was also taken possession by the Official Liquidator. It is under these circumstances, claiming damages, the suit had been instituted. Since the genesis of the claim is based on the commercial transaction, this Court has jurisdiction to examine the issues raised in the plaint.”

20. Therefore, according to the counsel for the appellant, when C.S. No. 689 of 2014 is pending before the commercial division, the present suit in C.S. No. 591 of 2010 is also to be transferred to the commercial division of this Court to have a joint trial besides the issues to be framed in both the suits are identical. But, we are not inclined to accept this submission. Merely because the suit in C.S.No. 689 of 2014 is pending before the commercial division of this Court, the other suit in C.S. No. 591 of 2010 cannot be transferred to the commercial division. The criteria for transfer is whether the issues raised in the plaint is a commercial dispute or not. Therefore, for this purpose, we have to deal with the nature of the dispute involved in C.S. No. 591 of 2010. The learned single Judge placed reliance on Section 2 (1) (c) of the Act to arrive at a conclusion that the issue involved in the plaint in C.S. No. 591 of 2010 is not a commercial dispute. For brevity and clarity, Section 2 (1) (c) of the Act reads as follows:-

“2. Definitions (1) In this Act, unless the context otherwise requires....

(c) ‘Commercial dispute’ means a dispute arising out of –

(i) Ordinary transactions of merchants, bankers, financiers and traders, such as those relating to mercantile documents, including enforcement and interpretation of such documents.

21. As per clause (xviii) of Section 2 (1) of the Act, commercial dispute means and includes agreements for sale of goods or provision of services.

22. In this case, the dispute between the parties emanates from and out an agreement dated 30.06.1992 and 30.11.1995. As per this agreement, a textile machinery was leased out by the appellant to the respondent herein 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 installed in the premises of the respondent's sister concern by name Garware Nylon Limited in Pune for which the respondent is liable to pay the rentals. According to the appellant, since the respondent committed default in payment of the lease rentals, they were constrained to file the suit in C.S. No. 591 of 2010 for recovery of the amount.

23. Now, the question is whether leasing out of machinery on hire purchase is an ordinary transaction of a NBFC. To arrive at an answer for this question, it would be appropriate to look into the nature of business of NBFC. In this regard, Section 45 I (a) of the Reserve Bank of India Act gives a fitting answer. Section 45 (1) (a) of the said Act defines business of NBFC includes only the non-banking institution, which is a loan company or an investment company or a hire purchase finance company or an equipment leasing company or a mutual benefit financial company.

24. Further, Section 65 (12) of the Finance Act deals with the nature of services provided by non-banking financial company. As per Section 65 (12), financial leasing services including equipment leasing and hire-purchase. Section 65 (12) of the Finance Act is extracted hereunder:-

“Definitions:- In this chapter, unless the context otherwise requires--

(12)'banking and other financial services' means-

a) the following services provided by a banking company or financial institution including a non-banking financial company or any other body corporate or commercial concern namely;--

(i) financial leasing services including equipment leasing and hire-purchase.

25. Section 65 (12) do not cover operating lease. Thus, operating lease does not come within the scope of non-banking financial company and the said Act impliedly excluded it.

26. Keeping the above provisions in mind, we analyse the plaint averments. If we analyse the plaint averments, it is evident that the lease in question is only an operating lease and it is not a financial lease. In this context, we are fortified by the decision of the Honourable Supreme Court in the case of Asea Brown Boveri Limited vs. Industrial Finance Corporation reported in AIR 2005 SC 17, wherein it was held as follows:-

“In our opinion, financial lease is a transaction current in the commercial world, the primary purpose whereof is the financing of the purchase by the financier. The purchase of assets or equipments or machinery is by the borrower. For all practical purposes, the borrower becomes the owner of the property inasmuch as it is the borrower who chooses the property to be purchased, takes delivery, enjoys the use and occupation of the property, bears the wear and tear, maintains and operates the machinery/equipment, undertakes indemnity and agrees to bear the risk of loss or damage, if any. He is the one who gets the property insured. He remains liable for payment of taxes and other charges and indemnity. He cannot recover from the lessor, any of the above mentioned expenses. The period of lease extends over and covers the entire life of the property for which it may remain useful divided either into one term or divided into two terms with clause for renewal. In either case, the lease is non-cancellable.”

27. The learned single Judge has also relied on the Full Bench decision of the Honourable Supreme Court in the case of Association of Leasing and Financial Service Companies vs. Union of India and others reported in (2011) 2 Supreme Court Cases 352 wherein it was held that a finance lease transfers all the risks and rewards incidental to ownership even though the title may or may not be eventually transferred to the lessee. On the other hand, financial lease is the one whereby the lessee could use the asset for its entire economic life and thereby acquires risks and rewards incidental to the ownership of such assets. It was also held therein that financial lease is a financial loan from the lessor to the lessee, but operating lease is a lease other than financial lease. Useful reference can be made to the decision of the Honourable Supreme Court in para Nos.20 and 21, which reads as follows:-

“20......In this connection, as and by way of illustration we need to give an illustration which brings out the distinction between a 'finance lease' and 'operating lease'. A finance lease transfers all the risks and rewards incidental to ownership, even though the title may or may not be eventually transferred to the lessee. In the case of 'finance lease' the lessee could use the asset for its entire economic life and thereby acquires risks and rewards incidental to the ownership of such assets. In substance, finance lease is a financial loan from the lessor to the lessee. On the other hand an operating lease is a lease other than the finance leased. Accounting of a 'finance lease' is under AS-19, which as stated above, is mandatory for NBFCs. It is a completely different regime. According to Chitty on contract, a hire-purchase agreement is a vehicle of instalment credit. It is an agreement under which an owner lets chattels out on hire and further agrees that the hirer may either return the goods and terminate the hiring or elect to purchase the goods when the payment for hire have reached a sum equal to the amount of the purchase price stated in the agreement or upon payment of a stated sum. The essence of the transaction is bailment of goods by the owner to the hirer and the agreement by which the hirer has the option to return the goods at some time or the other (See. Para 36.242, 36.243). Further in the bailment termed 'hire' the bailee receives both possession of the chattel and the right to use it in return for remuneration to be paid to the bailor (See 32.045). Further, under the head 'equipment leasing', it is explained that it is a form of long-term financing. In a finance lease, it is the lessee who selects the equipment to be supplied by the dealer or the manufacturer, but the lessor (finance company) provides the funds, acquires the title to the equipment and allows the lessee to use it for its expected life. During the period of lease the risk and rewards of ownership are transferred to the lessee who bears the risks of loss, destruction and depreciation of malfunctioning. The bailment which underlies finance leasing is only a device to provide the finance company with a security interest (its reversionary right). If the lease is terminated prematurely, the lessor is entitled to recoup its capital investment (less the realizable value of the equipment at the time) and its expected finance charges (less an allowance to reflect the return of the capital (para 32.057). In the case of hire-purchase agreement the periodical payments made by the hirer is made up of;

(a) consideration for hire

(b) payment of account of purchase.

21. To sum up, NBFCs essentially are loan companies. They basically conduct their business as loan companies. They could be in addition thereto in the business of equipment leasing, hire purchase finance and investment. Because NBFCs are basically loan companies, they are required to show the assets leased as 'receivables' in their balance sheets. That, the activities of hire purchase finance/equipment leasing undertaken by

Please Login To View The Full Judgment!

NBFCs come under the category of 'para banking'. That, in substance a finance lease, unlike an operating lease, is a financial loan (assistance/facility) by the lessor to the lessee. That in the bailment termed 'hire' the bailee receives both possession of the chattel and the right to use it in return for remuneration. On the other hand, equipment leasing is long-term financing which helps the borrower to raise funds without outright payment in the first instance. Here, the 'interest' element cannot be compared to consideration for lease/hire. Thus, financing as an activity or business of NBFCs is different and distinct from operating lease/hire-purchase agreements in the classical sense. The elements of the financial lease or loan transaction are quite different from those in equipment leasing/hire purchase agreements between owner (lessor) and the hirer (lessee). There are two independent transactions and what the impugned tax seeks to do is to tax the financial facilities extended to its customers by the NBFCs under Section 66 of the 1994 Act (as amended) as they come under 'banking and other financial services' under Section 65 (12) of the said Act. 'The finance lease' and 'the hire-purchase finance' thus squarely come under the expression 'financial leasing services' in Section 65 (12) of the Finance Act, 1994 (as amended)” 28. By placing reliance on this decision, the learned single Judge concluded that the dispute in question is not an ordinary transaction resorted to by merchants, bankers, financiers or traders within the scope and ambit of Section 2 (1) (c) of the Act. We are in complete agreement with such a conclusion arrived at by the learned single Judge. When the lease in question is an operating lease and not a financial lease, it will not fall within the ambit of 29. Yet another submission made by the counsel for the appellant is that since the suit in C.S. No. 689 of 2014 is pending before the commercial division of this Court, the present suit in C.S. No. 591 of 2010 also is required to be transferred to the commercial bench for a joint hearing. In order to transfer a case to a commercial division of this Court, the issues involved in the suit has to fall within the scope and ambit of commercial dispute, as defined under Section 2(1)(c) of the Act. If it does not fall within the scope of Section 2 of the Act, such suit cannot be transferred to the commercial division of this Court. In the present case, the transaction and/or dispute involved in the suit in C.S. No. 591 of 2010 does not fall within the scope and ambit of Section 2 of the Act and therefore, it cannot be transferred to the Commercial Bench of this Court. The mere pendency of C.S. No. 689 of 2014 before the Commercial division of this Court is not a criteria to transfer the instant suit in C.S. No. 591 of 2010 to the commercial division and therefore, the said submission of the counsel for the appellant is hereby rejected. 30. We also find that the respondent herein has filed an application to reject the plaint in C.S. No. 591 of 2010 filed by the appellant on the ground that the suit filed by the appellant is barred by limitation. The learned single Judge did not go into the dispute between the parties inter se as regards jurisdiction or limitation. However, the learned single Judge had taken up the issue with regard to applicability of Section 2 (1) of the Act as a preliminary issue on the basis of the arguments advanced by the counsel for both sides. In effect, the learned single Judge did not render any finding or finally adjudicate the application filed by the respondent to reject the plaint in C.S. No. 591 of 2010. While so, we are of the view that no prejudice is caused to the appellant by reason of the order passed by the learned single Judge. The appeal filed by the appellant therefore lacks merits and it is liable only to be dismissed. 31. In the result, the Original Side Appeal fails and it is liable to be dismissed. Accordingly, it is dismissed and the judgment and decree dated 26.10.2018 passed in Application No. 4804 of 2018 in C.S. No. 591 of 2010 is confirmed. No costs. Consequently, C.M.P. No. 9003 of 2019 stands closed.
O R