MUNINARASAMMA Vs. KSM NIKETAN PVT. LTD.

JUDGEMENT

(1.) The appellants have filed the present appeal under Sec. 37(1)(b) of the Arbitration and Conciliation Act, 1996 [A&C Act], impugning an order dtd. 23/9/2025 passed by the LXXXIX Additional City Civil & Sessions Judge, Bengaluru, (CCH-90), [Commercial Court] in Com.A.A.No.350/2025. The appellants filed the said petition under Sec. 9 of the A&C Act, praying for interim measures of protection restraining the respondent from alienating, leasing or creating any third party rights in respect of properties described in Schedule 'B' till the awarded amount is paid.

(2.) Disputes arose between the parties in connection with the joint development agreement dtd. 14/6/2012. The said disputes were referred to arbitration. The arbitral proceedings culminated in an award dtd. 7/12/2024. In terms of the said award, the arbitral tribunal awarded a sum of '7,15,21,270/- in favour of the appellants in respect of one of the claims and a further sum of '2,18,75,685/- in respect of another claim. Additionally, the arbitral tribunal awarded interest at the rate of 12% per annum on the awarded amounts.

(3.) The arbitral tribunal also accepted certain counter-claims raised by the respondent and awarded an amount of '75,60,238/- and further directed that interest will be payable, if the payment was not made within a period of thirty days from the date of the award. The respondent had also claimed certain amounts on account of the indirect taxes relating to appellants' share. In this regard, the Arbitral tribunal awarded as under:-