SANWARLAL AGRAWAL Vs. ASHOK KUMAR KOTHARI

JUDGEMENT

(1.) Leave granted. These two appeals are preferred against the common impugned judgment and final order of the High Court of Judicature at Bombay, dtd. 14/6/2022,(1 Sanwarlal Agrawal v Ashok Kumar Thakur, Appeal (L) No. 3075/2021 and 3079/2021.) in which the order of the single judge dtd. 4/1/2021,(Ashok Kumar Kothari v Sanwarlal Agrawal, Execution Application (L) No. 1713/2019 and 139/2020 in Commercial Suit No. 844/2019.) was affirmed.

(2.) The parties entered into a joint venture agreement in 2017 to operate a multi-specialty hospital in Malad, Mumbai. As equal shareholders, each brought in Rs.10.00 crores as interest-free loans to finance the project. On 27/3/2019, the respondents (hereafter, 'Kotharis ') bid for the entire 50% shareholding of the appellants (hereafter, 'Agrawals '), which was accepted, and reduced in writing by way of an email dtd. 28/3/2019, which stated the terms as follows:

(3.) Thereafter, token amount of Rs.1,83,75,000.00 (or 5%) was paid (of which Rs.1,25,000.00 was contested as having never been received in the account of Agrawals). However, on 29/3/2019, Kotharis, by way of email, provided a break-up of the consideration of Rs.36.75 crores, as under: