Lawstreet Journal

Inox V. PVR: Delhi HC Imposes Cost of Rs. 5 Lakh on Inox For Judicial Adventurism [READ ORDER]

Lawstreet Journal 19 May 2020 9:37pm

Image courtesy: Lawstreet Journal Judiciary Inox V. PVR: Delhi HC Imposes Cost of Rs. 5 Lakh on Inox For Judicial Adventurism [READ ORDER]

A single Judge Bench of Justice Rajiv Sahai Endlaw of the Delhi High Court has imposed a cost of Rs 5 lakh on INOX Leisure Limited for indulging in judicial adventurism in connection with a suit against PVR on May 18, 2020. Inox Leisure Ltd. and PVR Ltd. are a market competitor in running and operating multiplex cinemas.

Background of the case:

In 2017, the plaintiff (Inox) had entered into negotiations with the developer of the property at Amritsar, for a long-term agreement concerning the property and held various meetings with the said developer. The defendant (PVR) was also negotiating with the said developer for entering into an agreement/arrangement with respect to the property under development. Subsequently the plaintiff entered into a binding term sheet with the developer whereunder the developer agreed to lease the said property to the plaintiff for 15 years.

The plaintiff had already paid a security deposit and had started to make investments in the project. The plaintiff alleged that that the defendant was actively pursuing the developer for entering into an agreement for the same property, even though the plaintiff had already executed a binding term sheet to the same effect. The plaintiff further stated that the defendant was inducing the developer to breach the binding term sheet with the plaintiff.  

After this, the plaintiff claimed that the developer informed the plaintiff that the term sheet stood automatically terminated on account of the plaintiff’s failure to execute the main Transaction Document within the stipulated time. As a relief, the plaintiff had… Continue Reading...


Tagged: PVR   INOX  
Disclaimer: SoOLEGAL in Media collaboration with Lawstreet Journal. SoOLEGAL take no responsbility for the content provided by Lawstreet Journal. For any discrepancies Contact Lawstreet Journal.
Did you find this write up useful? YES 0 NO 0
Featured Members view all

New Members view all

×

C2RMTo Know More

Something Awesome Is In The Work

0

DAYS

0

HOURS

0

MINUTES

0

SECONDS

Sign-up and we will notify you of our launch.
We’ll also give some discount for your effort :)

* We won’t use your email for spam, just to notify you of our launch.