K.A.ANIL KUMAR Vs. V.MAHESH

JUDGEMENT

(1.) The undisputed facts leading to the filing of this appeal and the facts essential for disposal of appeal are as follows:

(2.) A sum of Rupees One crore was stated to have been paid as advance sale consideration at the rate of '200/- per sq.ft. The agreement of sale stated that the appellant and respondent Nos.2 and 3 had agreed to execute the sale agreements in favour of the prospective purchasers who were required to be identified/procured by respondent No.1 herein. The agreement also permitted respondent No.1 to adjust the advance amount of Rupees One crore which had been paid by him to the appellant by receiving advance sale consideration from the prospective purchasers. The agreement also provided for an arbitration clause of resolution of any dispute that may arise between the contracting parties.

(3.) It appears that disputes arose regarding the compliance of the terms of the agreement. Consequently, an application was filed before this Court for appointment of an Arbitrator in CMP.No.251/2017. This Court, by an order dated 05.09.2018 appointed Sri.H.R.Deshpande as the Sole Arbitrator.