RAMESH NANALAL VORA Vs. ORBIT DEVELOPERS

JUDGEMENT

(1.) The present suit is filed as a summary suit under Order XXXVII Rule 2 of the Code of Civil Procedure for recovery of an amount of Rs.1,20,48,000.00 along with interest thereon at the rate of 18% per annum from the date of filing of the suit till payment and/or realization.

(2.) The defendant No. 1 appointed the plaintiff as a Chartered Accountant and the plaintiff has rendered services of consultation, accounting and representing the defendants' clients and various group companies/firms of the partners of defendant No. 1 in their taxation and auditing services. On account of offering professional services, there was an outstanding sum of an amount of Rs.68.00 lakhs as professional fees due and payable by the defendants to the plaintiffs. There was also an outstanding in the account of Miss Miloni Ramesh Vora, the daughter of the plaintiffs in the books of defendant No. 1 to the tune of Rs.28.00 lakhs. Accordingly, a total of Rs.96.00 lakh was an amount due and payable by the defendant to the plaintiffs. The defendant No. 1 agreed to settle the said professional fees by allotting a commercial unit admeasuring 600 square feet carpet area in the project at Bandra known as "Water Front", situate at Turner Road Bandra (West) for a total consideration of Rs.1,32,00,000.00.

(3.) The plaintiff and the defendant executed a Memorandum of understanding in November 2020 for allotment of a commercial unit ad-measuring 600 square feet in the project for a consideration of Rs.1,32,00,000.00. It was agreed in the MOU that the balance will be paid by the plaintiff to the defendant on receipt of possession of the commercial unit adjusted against the taxes, other charges. The plaintiff has learnt that the defendants have taken a loan from India Infoline Finance Limited (IIFL) in respect of the Project and has executed an Indenture of Mortgage dtd. 31/3/2015.