Latim Lifestyle and Resorts Ltd., hereinafter referred to as appellants, for short entered into a Memorandum of Understanding with respondents whereby respondents agreed for sale of the land and building known as Saj Resorts at Mahableshwar as a going companycern through the mode of transfer of shares.
8,22,500/ each, totaling upto Rs.
On 30th October, 2001, in Civil Revision No.
The Executing Court stayed the execution of warrant of possession.
On Special Darkhast No.
The High Court had directed the Court receiver to take over possession and appoint the respondents as his agents on suitable terms and companyditions, on any two defaults in deposit being companymitted by appellants herein.
33 of 2001 and recalled the order for warrant of possession holding it to be premature.
25,00,000/ 1.12.2001 Rs.
The suit ended into a companypromise based whereon a companypromise decree was passed on 25.2.1999.
The companypromise between the parties ended the suit but number the disputes inter se.
74,02,500/ totaling upto Rs.
34 of 2001 were directed to be stayed.
The property was owned and operated as a running hotel by M s Saj Hotels Pvt.
Complaining of breach of companytract, suit for specific performance of the agreement dated 17.5.1997, which was entered into between the parties, was filed by appellants against respondents.
The amount was placed in fixed deposit.
Two special leave petitions have been preferred by appellants against the abovesaid two interim orders of the High Court.
25,00,000/ 8.5.2002 Rs.
On 27.11.1996 the parties agreed for the transfer of remaining 2/3rd share holdings of respondents to appellants, as per certain terms and companyditions mutually agreed upon, the details whereof are number relevant for the purpose of this order.
34 of 2001 respondents was ordered to deposit the documents mentioned in Clauses 8 and 9 of the companypromise decree and also to companyply with their obligation under Clause 7.
The fact remains that ever since 1996 possession of Saj Hotels and management thereof as a running hotel is with appellants.
Appellants preferred objections before the Executing Court and companyplained of breach of terms of companypromise decree by respondents.
During the pendency of special leave petitions the following amounts have been deposited by appellants with the Registrar General of this Court Date of deposit Amount 21.11.2001 Rs.
The companypromise decree imposes obligations on both the parties to be performed.
By a separate order passed in the other Revision Application Civil Revision No.
Ltd., a private limited companypany, hereinafter referred to as respondents, for short.
The property known as Saj Resorts, the land and building along with running business, at Mahableshwar, a hill station in the State of Maharashtra, is the subject matter of the present litigation.
33 of 2001 for possession of the suit premises companyplaining of breach of terms by appellants.
Appellants purchased 33.33 shares of respondents for a companysideration of Rs.
The possession of Saj Resorts was delivered to appellants.
1356/ 2001 the High Court passed an interim order appointing Court Receiver on all the assets of Saj Resorts and respondents to be appointed as agent of the Court Receiver.
8,22,500/ per month in the High Court.
Appellants also moved an application on 15.6.2001 being Special Darkhast No.
34 of 2001 companyplaining of breach of the obligations which were incurred by respondents by reference to Clauses 7, 8 and 9 of the companypromise decree and other reliefs.
The Executing Court passed an ex parte order directing issuance of warrant of possession for delivery over the suit property to respondents.
A companyy of companypromise purshis incorporated into the decree is enclosed herewith and marked as Annexure A. There was a sum of Rs.
By a companymon order dated 5th July 2001 the Executing Court dismissed Special Darkhast No.
77,08,714 was transmitted by the High Court to the Executing Court the same has been withdrawn by the respondents under the orders of the Executing Court.
Day to day management of affairs of Saj Resorts was taken over by appellants and respondents agreed number to interfere therein.
On 15.5.2001, respondents filed Special Darkhast No.
Leave granted in both the petitions.
The appellant made nine deposits of Rs.
By an interim order of this Court dated 15.11.2001, the appellants possession was protected and the receiver was directed number to take possession of the suit property.
Feeling aggrieved by the abovesaid order respondents preferred two Revision a Applications before the High Court.
23,00,000/ 17.6.2002 Rs.
2,00,00,000/ The documents referred to in Clauses 7 to 10 of the companypromise decree have also been deposited by respondents with Registrar General of this Court.
Inspection of the documents has been carried out by appellants.
74,02,500/ .
77,08,714/ with interest earned deposited under orders of the High Court dated 4.5.1999 in Civil Revision No.
The parties are number ad idem on the issue as to how and against what this amount is to be appropriated or adjusted and we do number propose to express any opinion thereon in the order.
77 lacs deposited by appellants, during the pendency of a Civil Revision Application C.R. 413/ 1999 filed by respondents in the High Court of Bom bay which had on May 4, 1999 passed an interim direction calling upon appellants to deposit Rs.
1,50,00,000/ .
With interest earned thereon a total amount of Rs.
