2004 (6) TMI 336

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....The parties have entered into a memorandum of understanding on February 13, 2001 to the effect that the petitioners would supply software device to the company and the company in turn will pay a sum of Rs. 25 lakhs in cash and Rs. 25 lakhs by way of allotment of shares in the company above named. According to the petitioner a sum of Rs. 2.74 lakhs was paid in a phased manner leaving a balance sum ....

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..... Mr. A Mitra, learned advocate appearing for the petitioner submits that the company - in accordance with the memorandum of understanding was obliged to make payment of the balance sum of Rs. 22.26 lakhs which they defaulted. Hence, the petitioners are entitled to have an order of admission. Although the petitioning creditors made a claim on account of share value being Rs. 25 lakhs, Mr. Mitra in....

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....are did not fetch any further amount from the market because of the indifferent attitude taken by the petitioners, it was not possible for the company to make payment of the balance sum. According to him, the said software is of no use as of date and the petitioners are free to take it back after reimbursing the loss and damage suffered by the company. 4. Software device is a highly precision pro....