The plaintiff sought summary judgment on a promissory note in the amount of $1,650,000 provided by the defendants as vendor takeback financing for the purchase of the plaintiff's company pursuant to a share purchase agreement.
The defendants are pursuing a separate Ontario action claiming rescission of the share purchase agreement and damages for alleged misrepresentations and non-disclosures.
The court dismissed the summary judgment motion, finding it inappropriate to grant judgment on the promissory note while the entire underlying transaction remains in dispute in the related proceeding.
The court ordered that the promissory note claim may be tried together with or consolidated with the defendants' counterclaim, or asserted as a cross-claim in the related action.
