parties in relation to the „Non-Binding Term
Sheet‟ dated 26.11.2021 (hereinafter referred to as the „Term Sheet‟)
executed between the parties.
2. The Arbitration ... Non-Binding" as
a suffix to the Term Sheet at certain places above,
it is agreed that the Term Sheet shall be binding
upon
respondent. The
Term Sheet is reproduced as under -
"SUMMARY OF PRINCIPAL TERMS
This preliminary term sheet ("Term Sheet'') sets forth ... that the Term Sheet constitutes a binding
document. It rejected the petitioner's argument that the Term Sheet was non-
binding or merely exploratory
title of the Term Sheet which recites
that the Term Sheet is a "preliminary and non binding Term sheet". It is
thus submitted ... thus:-
"TERM SHEET
This Term Sheet dated and effective as of October ______2015 ("Term Sheet"
sets out the indicative terms of understanding
dated 14.04.2022 issued by the respondent terminating Non-Binding
Term Sheet dated 26.11.2021 („Term Sheet‟) signed between the parties
alongwith other ancillary and consequential reliefs ... respondents has submitted as follows:
(i) An earlier Non-Binding Term Sheet dated 01.09.2020 was
executed between Welspun One Logistics Parks Private
Signature Not Verified
COMPLAINT DATED 4/1/2021.
ANNEXURE A3 COPY OF THE NON- BINDING TERM SHEET DATED
MAY 10, 2019.
ANNEXURE A4(COLLY) COPY ... COMPLAINT DATED 04.01.2021 OF
R2
ANNEXURE A3 COPY OF THE NON-BINDING TERM SHEET DATED
MAY 10, 2019.
ANNEXURE A4 (COLLY) COPY
clearly in
violation of the exclusivity clause of the "Non-Binding Term Sheet".
Learned senior counsel further submitted that vide email dated ... court and read out the clauses in the "Non-binding
Term Sheet" as well the communication with Kaynes Technology to
the Bombay Stock
Counsel for the 2nd Respondent/Resolution
Professional submits that the `Non-binding Term Sheet', as annexed in
the `Application' dated 29.12.2021 contains Clause ... Approval'. Besides this, ever since the signing of the
`Non-binding Term Sheet' as on 29.12.2021, there is no communication
of approval
Counsel for the 2nd Respondent/Resolution
Professional submits that the `Non-binding Term Sheet', as annexed in
the `Application' dated 29.12.2021 contains Clause ... Approval'. Besides this, ever since the signing of the
`Non-binding Term Sheet' as on 29.12.2021, there is no communication
of approval
Facebook executed a
confidentiality and non-disclosure agreement and on
March 4, 2020 executed a non-binding term-sheet.
(iii) During the period of negotiations ... term sheet Broad terms of investment
received from Facebook Inc.
12/02/2020 Follow-on discussions on the Broad terms of investment
to term-sheet
part sale of his shareholding to Aptech. Aptech, in the Non-Binding
Term Sheet had, inter alia, stipulated that SYNCON would require
to be folded ... sold by
assessee to Aptech as per the non-binding term sheet.
ii. The Non-Binding Offer from Aptech Ltd setting out the
terms
