EMBASSY PROPERTY DEVELOPMENTS PVT. LTD Vs. SUNIL GUPTA

JUDGEMENT

(1.) The parties to the proceedings have entered into Asset Management Agreement dtd. 25/4/2018 [Annexure-A which is hereafter referred to as 'the agreement']. The agreement incorporates the arbitration clause which reads as under:

(2.) The petitioner, who is appointed as the Property Manager, has raised a dispute including the claims for cost of refurbishing and has issued legal notice dtd. 2/9/2020 for commencement of arbitral proceedings suggesting its nominee Arbitrator. The respondent has not issued any reply. It is obvious from the records, and the submissions made in line with the records, that the parties have agreed for resolution of the dispute by arbitration and the controversy is because the parties have not agreed upon such Sole Arbitrator.