PURAVANKARA PROJECTS LIMITED Vs. K. V. JAYAPRAKASH

JUDGEMENT

(1.) This appeal is filed by the appellant under Section 37[1][c] of the Arbitration and Conciliation Act, 1996 [ Act for short] challenging the judgment and order dated 25.06.2016 passed in A.S.No.34/2008 on the file of the IX Additional City Civil and Sessions Judge at Bangalore (C.C.H.5) [Trial Court for short].

(2.) The appellant is a Company registered under the provisions of the Companies Act, 1956. Appellant entered into an assignment agreement on 20.10.2004 [Ex.P55] for purchase of all the piece and parcel of the properties bearing katha Nos.1/1 to 54/54 situated at S.B.T Colony, Yelahanka Town formed out of land bearing Sy.No.153 and its sub numbers situated in Yelahanka village, Yelahanka Hobli, Bangalore North Taluk measuring 9 acres and 19 guntas described as Schedule-A property and land bearing katha Nos.55/1, 56/2, 57/3, 58/4, 59/5, 60/6, 61/7, 62/8, 63/9, 64/10, 65/11, 66/12, 67/13, 68/14, 69/15, 70/16, 71/17, 72/18, 73/19, 74/20, 75/21, 76/22, 77/23, 78/24, 79/25, 80/26, 81/27 and 82/28 all situated at S.B.T Colony, Yelahanka town carved out of land bearing Sy.No.153, situated at Yelahanka village, Yelahanka Hobli, Bangalore North Taluk measuring 5 acres 36 guntas, referred to as Schedule-B property for a total consideration of Rs.22,66,02,100/- [Rupees Twenty Two Crores, Sixty Six Lakhs Two Thousand and One Hundred only].

(3.) On 20.10.2004, appellant made payment of an advance sale consideration of Rs.1,00,00,000/- [Rupees One Crore only]. As per the terms of the assignment agreement, appellant published an advertisement in the Times of India, English daily on 21.10.2004 and Prajavani, Kannada daily on 28.10.2004. Subsequently, a supplemental agreement dated 15.11.2004 [Ex.P63] was entered into between the parties, an amount of Rs.1,50,00,000/- [Rupees One Crore Fifty Lakhs only] was paid to the respondent. As per Clause-III[5] of the said supplemental agreement, it was made clear that all the terms and conditions agreed between the parties would continue to subsist, save and except the payment as recorded in the supplemental agreement categorically and unimpeachably established.