BRIG. SUBHASH CHANDRA SHARMA S/O. VAID PRAKASH SHARMA AND MS. AMITA SHARMA W/O. BIRD SUBASH CHANDRA SHARMA Vs. IND SING DEVELOPERS PVT. LTD. A COMPANY REGISTERED UNDER THE COMPANIES ACT, 1956 REP. BY ITS MANAGING DIRECTOR M. KRISHNA

JUDGEMENT

(1.) RESPONDENT has refused the notice and hence service of notice is held sufficient as against the respondent. Heard the learned Counsel appearing on behalf of the petitioners and perused the records.

(2.) PETITIONERS and the respondent entered into an agreement of sale of a residential flat for 3 sale consideration of Rs. 84,00,000/ -. However, according to the petitioners, in the agreement of sale it is mentioned as Rs. 60,00,000/ -. An amount of Rs. 39,00,000/ - is said to have to been paid by the petitioners to respondent. Rs. 24,00,000/ - was paid by cash and the remaining amount of Rs. 15,00,000/ - was paid by two cheques bearing Nos. 236621 and 23662. Petitioners have raised the loan from HDFC Bank. HDFC Bank has informed the petitioners on 3.4.2009 that the bank is ready and willing to sanction an amount of Rs. 60,00,000/ - to purchase the flat. On 14.4.2009, the petitioners have sent a registered letter to the respondent's Managing Director and Authorized Signatory to convey the property in favour of the petitioners. However, the property was not conveyed. On 21.4.2009, the respondent's Managing Director said to have informed the petitioners that the delay in completing the transaction was due to that the original title deeds have been misplaced. However, they promised the petitioners that the transaction would be complete on 25.4.2009. Till this day, the property was not conveyed in favour of the petitioners, though the petitioners are ready and willing to perform their part of the contract.

(3.) FROM the above, it is prima facie clear that there is an agreement between the parties and since the sale deed is not executed pursuant to the agreement of sale, the dispute has arisen between the parties. The dispute is not yet resolved. According to the petitioners, the respondent has not performed their part of the contract though the petitioners are agreeable to pay the balance of amount of sale consideration. The petitioners have invoked arbitration Clause by issuing notice, but no reply is received from the respondent. The respondent has failed to appear before this Court also in this petition.