SEKURA ROADS LTD Vs. IL&FS TRANSPORTATION NETWORKS LTD

JUDGEMENT

(1.) This Suit is for specific performance of a Share Purchase Agreement ( "SPA ") dated 10th December 2020. A short background is necessary.

(2.) By the SPA, the Plaintiff ( "SRL "), a limited company. was to acquire the entirety of the shareholding of the 1st Defendant ( "ITNL ") in the 3rd Defendant ( "JSEL "). The 2nd Defendant, ( "IL&FS ") holds the controlling equity in ITNL.

(3.) Some time in 2018, ILFS and its several group entities ran into severe trouble. This led, inter alia, to proceedings under Sections 241 and 242 of the Companies Act 2013 against ILFS in the NCLT Mumbai. On 15th October 2018, the NCLAT issued a 'stay ' of all proceedings anywhere by anyone against IL&FS or any of its group entities. I have had occasion to address this order in a previous proceeding that was carried in appeal; more on that a little later.