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Showing contexts for: zoom developers in S.P. Minerals vs Zoom Developers Pvt. Ltd. & Anr on 26 April, 2011Matching Fragments
The Court : This is another section 9 application. This application has been taken out by the respondents in the earlier application being AP No.204 of 2011 [Zoom Developers Pvt. Ltd. & Anr. vs. S. P. Minerals].
By an agreement made on 30th July, 2010 the petitioner was to acquire the sponge iron plant of the respondent no.2 for a consideration of Rs.150 crores.
Admittedly, the petitioner has paid a sum of Rs.10 crores. There are allegations made by each party against the other. The petitioner says that they are ready and willing to perform the contract. The respondents say that the petitioner are in utter breach and that the Rs.10 crores advanced by them should be forfeited. The petitioner further adds that along with Rs.10 crores they are also entitled to a further sum of Rs.15 crores on account of price for sale and delivery of goods.