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Showing contexts for: derivative action in Iifl Home Finance Ltd vs Paramvir Developers Pvt Ltd on 4 May, 2026Matching Fragments
52. According to the plaintiffs, although they agreed and were willing to allot the Celyn Premises to defendant no. 2, no response has been received to accept the allotment. Hence, the plaintiffs issued a legal notice to defendant nos. 1 and 2, intimating them that their actions constituted derivations from the terms and conditions of the Framework Agreement on their part, although the plaintiffs had taken all the necessary steps to 2-IA-4596-2025.docx comply with the terms and conditions and shown readiness and willingness to transfer the Celyn Premises to defendant nos. 1 and 2. Thus, the plaintiffs have expressed apprehension that, despite the defendants availing the benefit under the two agreements, actions are being initiated to realise the secured assets. Hence, to protect the plaintiffs' interest in view of the profit-sharing agreements with defendant no. 3 and the Framework Agreement with defendant nos. 1 and 2, the suit is filed for seeking urgent interim relief without complying with the mandatory requirement under Section 12-A of the said Act.