V.SREENIVASA REDDY Vs. B.L.RATHNAMMA

JUDGEMENT

(1.) Leave granted.

(2.) The appellant is before this Court assailing the order dated 31.12.2018 passed by the High Court of Judicature at Hyderabad in Arbitration Application No.52/2016 filed under Section 11(5) and (6) of the Arbitration and Conciliation Act, 1996 ('Act, 1996' for short) seeking appointment of a sole Arbitrator to resolve the dispute between the parties.

(3.) The present position leading to the impugned order has a chequered history. The issue essentially arises under the Agreement of Sale dated 23.03.2006 entered into between the parties wherein the appellant is the purchaser having agreed to purchase the property bearing Survey No.35/2 (Old No.35) measuring 19 Acres 1 Gunta situate at Sathanur village, Jala Hobli, Bangalore North Taluk, from the respondent herein for the total sale consideration of Rs.5,53,90,000/-­ (Rupees five crores fifty-­three lakhs and ninety thousand). The appellant had paid the sum of Rs.1,50,00,000/-­ (Rupees one crore and fifty lakhs) as earnest money deposit. The balance amount of Rs.4,03,90,000/-­ (Rupees four crores three lakhs and ninety thousand) was to be paid and the transaction was to be completed in the manner agreed therein. The said Agreement of Sale dated 23.11.2006 vide Clause 11 provided for resolution of dispute through arbitration in the event of there being any dispute between the parties.