NATIONAL SPOT EXCHANGE LTD. Vs. MOONS TECHNOLOGIES LTD.

JUDGEMENT

(1.) This notice of motion seeks utilization of funds upto Rs.8,20,27,463/- towards amounts said to be due and payable by the applicant-original defendant no.2 and as permitted by two orders passed in Writ Petition (Lodging) No.2340 of 2013 on 7 th October 2013 and 20 th December 2013 and said to be continued vide order dated 6 th October 2015. Exhibit-M to the affidavit-in-support annexes particulars of these amounts. Several of these amounts have already been provided for vide order passed on 17 th October 2019, totaling to Rs.5,23,30,573/-, as set out in paragraph 16 of that order.

(2.) The matter has since been taken up for hearing to consider the expenses referred to in the quoted paragraph 18, I have heard counsel for the parties. Mr. Chinoy appearing on behalf of the applicant-original defendant no.2 has, after setting out the background, submitted that the expenses under these three heads are required to be paid. He has invited my attention to the order dated 22nd July 2019 passed in the above matter. He invited my attention to the decision of the Supreme Court in 63 Moons Technologies Limited Vs. Union of India, 2019 SCC OnLine 624, and submitted that the Supreme Court has recorded an undertaking of the said 63 Moons Technologies Limited-defendant no.1 herein that it would continue to infuse funds into the applicant-defendant no.2 towards equity. The undertaking is accepted by the Supreme Court and that the infusion of funds would be by way of equity and not alone there would be no liability to repay defendant no.1 to the extent of the funds infused into applicant-defendant no.2. In pursuance thereof, Mr.Chinoy submits that the applicant seek leave of the court to pay over amounts due towards director's fees and consultant's fees and out of pocket expenses. On 17th October 2019, the court considered the additional affidavit dated 6th September 2019 filed by Mr. Santosh Dhuri and after being satisfied with the amounts payable, permitted payment under several heads.

(3.) In this respect, reliance is placed by Mr. Chinoy on an additional affidavit dated 18th July 2019 filed in the above motion by one Santosh Dhuri, whereby the deponent discloses that an amount of Rs.9,75,46,200/- was infused by the defendant no.1 through capital infusion in applicant- defendant no.2 and of which a sum of Rs.7,67,02,889/- has been utilized by the applicant towards payment of various amounts, pursuant to orders dated 20th March 2019 and 26th April 2019 and that the balance amount of Rs.2,08,43,311/- and further amounts to be brought in would be utilized by the applicant to make payment of outstanding dues.