A:
The courts of Chennai will have exclusive jurisdiction in the foreclosure suit.
B:
The courts of Mumbai and Chennai will have jurisdiction.
C:
The courts Mumbai, Kolkata and Chennai will have jurisdiction.
D:
The courts of Mumbai and Kolkata will have jurisdiction.
E:
The courts of Mumbai will have exclusive jurisdiction.
Explanation
The most correct option is:
A: The courts of Chennai will have exclusive jurisdiction in the foreclosure suit.
Explanation:
According to the principle stated in the question, suits for foreclosure, sale, or redemption of immovable property must be filed in the court within the local limits of whose jurisdiction the property is located, subject to pecuniary jurisdiction. In this case, the property that is the subject of the foreclosure suit is located in Chennai.
Since Company A's property is in Chennai and the bank wants to foreclose the mortgage on that property, the foreclosure suit must be filed in the courts of Chennai. This means that the courts of Chennai will have exclusive jurisdiction in the foreclosure suit.
Options B, C, and D are incorrect because they suggest that multiple courts in different cities will have jurisdiction, which is not in line with the principle stated. Option E is also incorrect as it suggests exclusive jurisdiction in Mumbai, which is not the location of the property in question.
