COSMIC FERRO ALLOYS LIMITED Vs. COSMIC CRF LIMITED

JUDGEMENT

(1.) The petitioner seeks interim relief in the form of an injunction restraining the respondent from operating two Bank accounts mentioned with ICICI Bank Limited and Kotak Mahindra Bank without leaving aside an amount of Rs.10,33,34,340.00. The particulars of the Bank accounts are mentioned in prayer (b) of the application.

(2.) The petitioner relies on Business Transfer Agreement (BTA) dtd. 19/1/2022 between the petitioner and the respondent by which the respondent was to pay Rs.49.00 crores to the petitioner in exchange of the petitioner's transferring assets of the business in question. The petitioner has been described as the "Seller" and the respondent as the "Purchaser" in the said agreement. Learned counsel appearing for the petitioner says that of the Rs.49.00 crores, Rs.10.00 crores are outstanding from the respondent as on date. Counsel relies on a statement in paragraph 21 of the application which contains the particulars of the balance due of approximately Rs.10.33 crores.

(3.) Counsel places three Addenda to the BTA of 29/1/2022, 16/5/2022 and 25/8/2022 essentially for clarifying the penalty clauses and extending the time for conclusion of BTA. Counsel submits that all of these Addendum contained clauses preserving the other terms of the BTA including the arbitration clause.