AKM ENTERPRISES PRIVATE LIMITED vs VESTA HOLDING PRIVATE LIMITED & ANR

Judgment text excerpt

* IN THE HIGH COURT OF DELHI AT NEW DELHI % Reserved on: 20.02.2026 Date of decision: 26.05.2026 + RFA(OS) 13/2020 & CM APPL. 19523/2023 AKM ENTERPRISES PRIVATE LIMITED .....Appellant Through: Mr. Dayan Krishnan, Sr. Adv. with Mr. Aman Nandrajog, Mr. Sumeer Sodhi, Mr. Harshit Joshi, Mr. Shreedhar Kale, Mr. Sukrit Seth and Mr. Shiv Shankar, Advs. versus VESTA HOLDING PRIVATE LIMITED & ANR. .....Respondents Through: Mr. Suhail Dutt, Sr. Adv. with Mr. Sankalp Goswami and Mr. Azhar Alam, Advs. + RFA(OS) 14/2020 & CM APPL. 4224/2020 AKM ENTERPRISES PRIVATE LIMITED .....Appellant Through: Mr. Dayan Krishnan, Sr. Adv. with Mr. Aman Nandrajog, Mr. Sumeer Sodhi, Mr. Harshit Joshi, Mr. Shreedhar Kale, Mr. Sukrit Seth and Mr. Shiv Shankar, Advs. versus VESTA HOLDING PRIVATE LIMITED & ANR. .....Respondents Through: Mr. Suhail Dutt, Sr. Adv. with Mr. Sankalp Goswami and Mr. Azhar Alam, Advs. CORAM: HON'BLE MR. JUSTICE VIVEK CHAUDHARY HON'BLE MS. JUSTICE RENU BHATNAGAR Signature Not Verified Signed By:PRATIBHA KUMARI RFA(OS) 13/2020 & connected Signing Date:26.05.2026 Page 1 of 13 01:53:00 JUDGMENT 1. The present appeals assail a common Judgment and Decree dated 03.12.2019 passed by the learned Single Judge of this Court in CS (OS) 1020/2009 and CS (OS) 1016/2010 in favour of Vesta Holding Private Limited (“Vesta”) for refund of advance of Rs. 25 crores along with interest from AKM Enterprises Private Limited (“AKM”). Since both the present appeals assail the same impugned judgment, they are heard and decided by this common judgment. 2. The relevant facts are that AKM was developing a commercial project namely “MBD Neopolis Mall” at Ludhiana. The parties entered into a Memorandum of Understanding dated 03.12.2007 (“MOU”), whereby Vesta agreed to purchase an area measuring 50,055 sq.