JUDGMENT ASHOK BHUSHAN, J. Leave granted. 2. These appeals along with connected appeals although emanates from two different suits filed by the same plaintiff, but the parties being common and sequence of facts being interrelated, we have heard the appeals together and they are being decided by this common judgment. Civil Appeal Nos.......Of 2016 (Arising Out of SLP(C)Nos. 2341011 of 2011) 3. These appeals have been filed against the judgment and order dated 26th July, 2011 passed by High Court of Madras in C.M.A. No. 798 of 2011 and MP No. 1 of 2011 arising out of C.S. No. 257 of 2005 renumbered as OS No. 12159 of 2010. Brief facts of the case, necessary to be noted for deciding the appeal are: The EIH Ltd., Respondent No. 1 (hereinafter referred to, as EIH) to the appeal is a company which operates a chain of luxury hotels. The Oberoi Hotels Private Ltd., Respondent No. 2 owns a brand name 'Oberoi'. 4. On 26.10.1988 EIH entered into 'Technical Services Agreement' (for short TSA) with one Balaji Construction (P.) Ltd. Predecessors-in-interest of the 3rd Respondent Balaji Hotels & Enterprises Ltd. (for short, BHEL). The agreement provided that EIH would provide its technical knowledge and skill required for operation of hotel, which was being constructed by BHEL. Another agreement on January 12, 2000 was entered between BHEL and EIH, where it was recorded that on the request of BHEL, EIH paid Rs. 9 Crores to the BHEL by way of financial accommodation which was used for construction of hotel. By supplemental agreement dated June 10, 2000, it was recorded that in total Rs. 15 Crores 12 Lacs have been received by BHEL, repayment of which is to be made within 24 months from the date of the principal agreement dated 12th June, 2000. It appears that amount could not be repaid hence another agreement was entered between EIH and BHEL on 4th February, 2002. The agreement recorded that, it has now been mutually agreed by the BHEL and EIH that EIH will no longer participate in the hotel operations hence the Technical Service Agreement will be terminated. EIH, further stipulated that No-Objection to BHEL shall be given for selling, leasing or otherwise transferring the hotel unit to any other company whether subsidiary or not, or to any other company or entity either directly or indirectly or otherwise. EIH, further stipulated that No-Objection to BHEL shall be given for selling, leasing or otherwise transferring the hotel unit to any other company whether subsidiary or not, or to any other company or entity either directly or indirectly or otherwise. It was further agreed that BHEL shall refund the amount of Rs. 15.12 Crores alongwith interest. 5. Relevant Clauses F and G of the Agreement, are as follows: F. It is also agreed by and between the parties that BHEL shall refund the said amount of Rs. 15.12 Crores as mentioned in clause D above along with interest as applicable on the above amounts on the terms and conditions hereinafter contained. G. It is also agreed by and between the parties that BICL will execute an irrevocable guarantee in favour of EIH guaranteeing the payment of the said sum of Rs/15.12 Crores along with interest as applicable and in consideration of such guarantee, EIH has agreed to give BHEL time up to 31st December, 2002 to repay the said sum of Rs. 15.12 Corers with interest as applicable. 6. On the same day, a Letter of Guarantee was issued by Balaji Industrial Corporation Ltd. the 4th Respondent in this appeal, unconditionally, absolutely and irrevocably guaranteeing the payment of Rs. 15.12 Crores, in the event, BHEL did not paid the subject amount of Rs. 15.12 Crores within 31st December 2002. 7. The BHEL had obtained financial assistance from IFCI, the 7th Respondent and and Tourism Finance Corporation of India Ltd., the 8th Respondent. EIH came to know that Tourism Finance Corporation India Ltd. (for short TFCI) had issued advertisement inviting offer for take over (joint venture) sale of hotel project of BHEL. The EIH wrote to TFCI on 8th September, 2002 informing about the agreements entered between EIH and BHEL and further stating that till sum of Rs. 15.12 Crores along with interest is not refunded EIH would have the exclusive right to operate the hotel. BHEL on 8th June, 2004 acknowledged and confirmed the principal sum of Rs. 15.12 Crores being outstanding as per books of accounts of March 31st, 2004 with interest. 15.12 Crores along with interest is not refunded EIH would have the exclusive right to operate the hotel. BHEL on 8th June, 2004 acknowledged and confirmed the principal sum of Rs. 15.12 Crores being outstanding as per books of accounts of March 31st, 2004 with interest. A suit in the High Court of Madras being C.S. No. 257 of 2005 was filed by EIH against BHEL and others praying for following reliefs: “The plaintiff prays for a Judgment and Decree for: (a) Declaration that the Technical Services Agreement dated 26th October, 1988 and the Project Consultancy Agreement