PRATEEK YADAV & ANR. vs LC NUEVA AIF & ANR.

Judgment text excerpt

$~39. * IN THE HIGH COURT OF DELHI AT NEW DELHI + LPA 473/2025, CM APPL. 44986/2025 & CM APPL. 44987/2025 PRATEEK YADAV & ANR. .....Appellants Through: Mr. Ashim Sood, Sr. Adv. with Mr. Shantanu Awasthi, Mr. Shikhar Mittal, Mr. Rishabh Sharma and Mr. Ankur Singh, Advs. versus LC NUEVA AIF & ANR. .....Respondents Through: Ms. Shivambika Sinha, Mr. Swapnil Gupta and Mr. Harshit Gupta, Advs. % Date of Decision: 28.07.2025 CORAM: HON'BLE THE CHIEF JUSTICE HON'BLE MR. JUSTICE TUSHAR RAO GEDELA JUDGEMENT TUSHAR RAO GEDELA, J: (ORAL) 1. Present Letters Patent Appeal has been filed by the appellants challenging the order dated 18.07.2025 passed by this Court in CONT.CAS(C) 197/2024 titled “LC Nueva AIF vs. Zyngo EV Mobility Private Limited Through Its Director Mr Prateek Yadav & Ors.”, wherein the learned Single Judge has dismissed an application seeking recall of an earlier order dated 13.05.2025, holding that novation dated 27.10.2023 of the Share Purchase Agreement never really fructified, and hence, the undertaking dated 05.09.2023 continues to subsist in the absence of an express discharge. Signature Not Verified Digitally Signed By:MADHU SARDANA Signing Date:29.07.2025 16:40:38 2. The case of the appellants is that a Settlement Agreement dated 04.09.2023 was executed between the respondent no.1 and appellants, whereby the appellants agreed to facilitate payment of Rs.2.20 Crores to the respondent no.1 in exchange for 45,834 shares of the respondent no.2/ Zyngo EV Mobility Pvt. Ltd. The Court recorded the Settlement Agreement and undertakings furnished by the parties in OMP(I)(COMM) 233/2023 and passed a final order, pursuant to which the respondent no.1 initiated contempt proceedings. 3. The appellants state that a Share Purchase Agreement and a Share Subscription and Sha