TaxTMI 
TaxTMI 
2025 (12) TMI 1000
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....ively referred to as the 'impugned MOAs'): (a) Memorandum of Agreement dated 20th March 2019 between the plaintiff and the defendant no.1 for a sum of Rs. 15,00,000/-; (b) Memorandum of Agreement dated 17th August 2019 between the plaintiff and the defendant no.1 for a sum of Rs. 1,15,00,000/-; (c) Memorandum of Agreement dated 17th August 2019 between the plaintiff and the defendant no.3 for a sum of Rs. 40,00,000/-. 2. In the suit, the plaintiff inter alia seeks a declaration that the aforesaid three impugned MOAs are false and fabricated and hence void ab-initio. FACTS STATED IN THE APPLICATION 3. In the present application, it has been pleaded by the plaintiff as under: 3.1. The plaintiff has been doing business of coal supply through a partnership firm in the name and style of M/s INSA Developers. 3.2. The defendant no.2 is a senior executive of Reliance Industries Limited. The defendant no.1 is the wife of the defendant no.2. 3.3. The defendant no.3 is a friend/ agent of the defendant no.2 and claims to have provided certain amounts to the plaintiff under one of the impugned MOAs dated 17th August 2019. 3.4. The plaintiff met th....
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....half of the plaintiff, has made the following submissions: 7.1. Vide email dated 15th August 2019, Mr. Chandan Ghosh shared a draft of the MOU dated 14th August 2019, which was executed between the plaintiff and the defendant no.1 on 16th August 2019. The signed copy of the MOU dated 14th August 2019 was retained by the defendant no.2. 7.2. As per the MOU dated 14th August 2019, the defendant no.1 agreed to provide a working capital of Rs. 1,00,00,000/- to the plaintiff in return of 50% profit in the plaintiff's business or 18% return on Rs. 1,00,00,000/- per annum, whichever is higher. 7.3. The email correspondences between the plaintiff, the defendant no.1 and Mr. Ghosh from August 2019 to October 2019 clearly show that the terms agreed between the parties are at variance with the three impugned MOAs. 7.4. The impugned MOAs stating that the defendant no.1 would provide a loan/ investment of Rs. 1,30,00,000/- (Rs. 15,00,000/- + Rs. 1,15,00,000/-) are false and fabricated documents created at the behest of the defendant no.2. 7.5. The impugned MOAs were not executed between the parties but were blank papers signed by the plaintiff, which were later misused by the def....
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....ants no.1 and 3. The cheque numbers were mentioned only to secure the amount. 8.7. It is admitted on behalf of the plaintiff that the aforesaid cheque numbers are in respect of the plaintiff's HDFC and J&K Bank accounts. The details of the said cheques could have only been given by the plaintiff as the said information is within the knowledge of the plaintiff only. 8.8. The plaintiff's allegations made in the present application are an afterthought and contradictory to his previous stands. ANALYSIS AND FINDINGS 9. I have heard counsel for the parties and perused the material on record. 10. Counsel for the plaintiff has drawn attention of the Court to the emails exchanged between the plaintiff, the defendant no.2 and Mr. Chandan Ghosh, leading up to the execution of the impugned MOAs. 11. The email dated 12th August 2019 sent by Mr. Chandan Ghosh to the plaintiff and the defendant no.2 (page 9 of the additional documents filed by the plaintiff vide Index dated 7th September 2024) shows that he was known to the defendant no.2 and therefore, he had agreed to charge a concessional fee for drafting of the agreement. A screenshot of the aforesaid email is set out below:....
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....y has agreed/assured and promises to pay the interest of 2.5% per month on Principal Loan Amount calculated and payable monthly on compoundable basis and with an additional profit of INR-15,00,000 Lacs ( Fifteen Lacs Only) by 28th February 2020 other than with the Principal Loan Amount & Interest and thereafter with an additional profit of INR-35,00,000 Lacs ( Thirty Five Lacs Only) by 28th February 2021 other than with the Principal Loan Amount & Interest and thereafter with an additional profit of INR60,00,000 Lacs ( Sixty Lacs Only) by on or before 28th February 2022 other than with the principal amount commencing from the date of advancing the above loan." MOA dated 17th August 2019 between the plaintiff and the defendant no.3 "2. That the Borrower/ Second Party has agreed/assured and promises to pay the with interest of 2.5% per month calculated and payable monthly on compoundable basis and with an additional profit of INR05,00,000 Lacs ( Five Lacs Only) by 28th February 2020 other than with the Principal Loan Amount & Interest and thereafter with an additional profit of INR-12,00,000 Lacs ( Twelve Lacs Only) by 28th February 2021 other than with the Principa....
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....nt and to keep the Lender/ First Party indemnified under the terms of this MOA for all costs, expenses and damages etc." [emphasis supplied] 20. The aforesaid Clause 9, with different cheque numbers, also exists in the impugned MOA dated 17th August 2019 executed between the plaintiff and the defendant no.3, which is set out below: "9. That in order to further secure this financial transaction, the Borrower/ Second Party has further agreed and have handed over to the Lender/ First Party the signed banker's cheque bearing no.'s 000127 & no. 000126 drawn on HDFC Bank Ltd. Branch: Ranchi Jharkhand and bearing no's 133442 & 133443 & no. 186444 drawn on J&K Bank, Branch: Ranchi, Jharkhand each assuring the encashment of the above said cheque and in order to recover the amount in case of any default or any breach of the terms & conditions of this agreement and to keep the Lender/ First Party indemnified under the terms of this MOA for all costs, expenses and damages etc." [emphasis supplied] 21. In the aforesaid clauses, the cheques bearing number 000126, 000127 and 000133 are stated to have been drawn upon HDFC Bank Limited (Branch: Ranchi, Jharkhand) and cheques be....
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.... defendants continue to file and prosecute cases against the plaintiff. 27. Accordingly, till the final adjudication of the present suit, the defendants are restrained from acting upon or enforcing the following Memorandum of Agreements: (a) Memorandum of Agreement dated 20th March 2019 between the plaintiff and the defendant no.1 for a sum of Rs. 15,00,000/-; (b) Memorandum of Agreement dated 17th August 2019 between the plaintiff and the defendant no.1 for a sum of Rs. 1,15,00,000/-; (c) Memorandum of Agreement dated 17th August 2019 between the plaintiff and the defendant no.3 for a sum of Rs. 40,00,000/-. 28. The present application stands disposed of in the aforesaid terms. 29. Needless to state, any observations made herein are only for the purposes of adjudication of the present application and would have no bearing on the final outcome of the present suit. CS(OS) 452/2023 30. List before the Joint Registrar on 11th February 2026. ============= Document 1 Chandan Ghosh Mon, Aug 12, 2019 at 1:32 PM https://mail.google.com/mail/u/1/Nik=5e1566df2c&view=pt&search=all&permthid=thread-f:1641465984995547596&dsqt=1&simpl=msg-f:164....