ICICI Bank Ltd. & Ors. ... Defendants Mr. Zarir Bharucha a/w Ms. Rishi Thakur, Mr. Rohaan Pajarigar i/b ZBA for the Plaintiff/Applicant (IDBI) in COMS(L)/2100/2022. Mr. Sharan Jagtiani, Senior Counsel a/w Ms. Ankita Singhania, Mr. Siddharth Ranade, Ms. Samrudhi Chothani, Ms. Apurva Manwani, Mr. Raghav Bhargava i/b TRILEGAL for defendant No.1. Mr. J.P. Sen, Senior Counsel a/w Ms. Nidhi Singh, Mr. Chitrang Gamoth i/b India Law LLP for Defendant Nos.2 and 3. Mr. Harit Lakhani i/b Shardul Amarchand Mangaldas & Co. for Defendant No.6 in COMS/1447/2018 and for defendant No.5 in COMS(L)No.2100/2022. Mr. Archit Virmani a/w Mr. Yash Jariwala, Ms. Payoja Gandhi i/b Yash Jariwala for defendant No.4. CORAM : R.I. CHAGLA, J. RESERVED ON : 5th JULY, 2022. PRONOUNCED ON : 29th SEPTEMBER, 2022. Waghmare 1/61 IAL.2102.22 wt..doc ORAL JUDGMENT : 1 The present Interim Application No.2100 of 2022 is taken out in the captioned Suit filed by the Applicant IDBI Bank Ltd. ("IDBI") which has sought declaration that the charge created in favour of the Applicant/Plaintiff representing 24 Banks on the assets of Defendant No.4Lanco Devihalli Highways Private Limited ("Lanco") in accordance with the Indenture of Mortgage dated 01.12.2014 shall have priority over the security interest created in favour of Defendant No.1 ICICI Bank Ltd. ("ICICI") under the Deed of Hypothecation dated 16.12.2015. Further relief has been sought for an order/decree holding that the Plaintiffs are entitled to the residual amount from the amount that is lying and deposited with Defendant No.2 SBI, in accordance with the order dated 18.02.2019 passed in Interim Application No.2543 of 2018 in Commercial Suit No.1447 of 2018, after the amounts due to Defendant Nos.2 and 3 State Bank of India ("SBI") and Bank of Baroda are paid off in accordance with law. The relief sought for in the Interim Application is for a temporary injunction restraining ICICI from seeking distribution and for withdrawing the funds lying with SBI in derogation of the rights of IDBI. Waghmare 2/61 IAL.2102.22 wt..doc 2 A brief background of facts are necessary. The Concession Agreement dated 09.07.2007 was entered into between Lanco (the Concessionaire) and the National Highways Authority of India (NHAI) for construction of road on Build, Operate and Transfer (BOT) basis. This was with regard to the Nelamangala Junction on NH4 with NH48 to Devihalli in the State of Karnataka ("project"). 3 Pursuant to the Concession Agreement, a Substitution Agreement dated 08.02.2008 was entered into between the NHAI, Lanco (referred to as the Concessionaire) and SBI on behalf of the Senior Lenders to the project which are SBI and Bank of Baroda (erstwhile Dena Bank). Under the Substitution Agreement, only the Senior Lenders were entitled to substitute or replace the Concessionaire and the substitution consideration was for satisfying the dues of the Senior Lenders and it is only the Senior Lenders who are entitled to appropriate any consideration received by the substitution of the Concessionaire. 4 On 13.06.2012 a Rupee Facility Agreement was executed between ICICI and Lanco whereby ICICI provided Rupee Facility of INR 90 crores to Lanco. 5 The Master Restructuring Agreement was executed by a consortium of 24 banks of which IDBI is the lead bank and Defendant Waghmare 3/61 IAL.2102.22 wt..doc No.5Lanco Infratech Ltd. ("Lanco Infratech") (currently in liquidation). ICICI, SBI and Bank of Baroda are signatories to the Master Restructuring Agreement which was executed on 27.12.2013. An Indenture of Mortgage was executed on 01.12.2014 between Lanco, Lanco Infratech and IDBI under which various properties wer