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TMI Blog2003 (11) TMI 338X X X X Extracts X X X X X X X X Extracts X X X X ..... 1997 under section 433 of the Companies Act claiming dues as per Clauses 5, 6 and 7 of the Memorandum of Understanding dated 18th February, 1994. The claim is founded on the liability of Rs. 50,000 per month arising as per clause 7 of the said MoU. Clauses 5, 6 and 7 of the said Memorandum relied upon by the learned counsel for the petitioner read as follows : "5. That the amount of Rs. 1,15,000 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , the following amounts have become finally due from the party of the First Part : ( i) Govind Impex (P.) Ltd. Rs. 17,35,469 ( ii) Healthy Holdings (P.) Ltd. Rs. 53,265 ( iii) Due from Nony Buildings (P.) Ltd. to Mr. Mohan Maghotra Rs. 11,00,554 Total Rs. 28,89,288 This liability the part of the First Part agrees to discharge on her behalf and on behalf of the Nony Builders (P ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nt claimed was disputed accordingly and it was stated that there was diverse litigation pending in this Court including Suit Nos. 1250/94, 584/95 and CWP No. 4480/94 which demonstrate that the disputes between the parties are subject matter of a bona fide dispute. 3. Mr. Alag appearing on behalf of the petitioner has submitted that clause 7 clearly indicates the undisputed liability of the respon ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the respondent (b) MoU dated 18th February, 1994 does not prima facie reflect the entire transactions between the parties and (c) no details are forthcoming in the documents running in 252 pages which show what the agricultural assets and implements were which fetched income of Rs. 50,000 per month. Accordingly, it is very clear that there are certain questions which need explanation which cannot ..... X X X X Extracts X X X X X X X X Extracts X X X X
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