SHAKEEL PASHA Vs. CITY MAX HOTELS

JUDGEMENT

(1.) These two captioned petitions are filed by the decree holder as well as judgment debtors assailing the order passed by the Executing Court having determined the stamp duty payable at Rs.72,500.00 on the arbitral award of Rs.1,20,000.00 with interest at the rate of 18% p.a. as also penalty imposed at Rs.7,25,000.00.

(2.) For the sake of convenience, the parties are referred to as per their rank before the Executing Court.

(3.) The facts leading to the case are as under: An agreement to lease was executed between the judgment debtors and decree holder with respect to their premises to be developed on subject property. The dispute arose between the decree holder and judgment debtors and since the agreement contemplated arbitration clause, the dispute was referred to arbitration in terms of the agreement.