JUDGMENT :

S. Ravindra Bhat, J.

1. Leave granted. These two appeals are preferred against the common impugned judgment and final order of the High Court of Judicature at Bombay, dated 14.06.2022,¹[Sanwarlal Agrawal v. Ashok Kumar Thakur, Appeal (L) No. 3075/2021 and 3079/2021.] in which the order of the single judge dated 04.01.2021,²[Ashok Kumar Kothari v. Sanwarlal Agrawal, Execution Application (L) No. 1713/2019 and 139/2020 in Commercial Suit No. 844/2019.] was affirmed.

I. Factual Background

2. The parties entered into a joint venture agreement in 2017 to operate a multi-specialty hospital in Malad, Mumbai. As equal shareholders, each brought in Rs. 10 crores as interest-free loans to finance the project. On 27.03.2019, the respondents (hereafter, ‘Kotharis’) bid for the entire 50% shareholding of the appellants (hereafter, ‘Agrawals’), which was accepted, and reduced in writing by way of an email dated 28.03.2019, which stated the terms as follows:

“The te(r)ms and conditions agreed by you are also agreeable to us, which are as follows,

l. consideration- 36.75 crores

2. token 5 percent of the consideration

3. Further 50 percent of consideration within 45 days, after which Kothari g