M N KUMAR Vs. LGCL PROPERTIES PRIVATE LIMITED

JUDGEMENT

(1.) By way of this application under Section 11 of the Arbitration and Conciliation Act, 1996 ('the Act of 1996'), the petitioners have made the request for appointment of Arbitrator to adjudicate upon and decide all their disputes with the respondent, arising out of, and relating to, the Memorandum of Agreement dated 14.06.2012 (Annexure-B).

(2.) The petitioners submit that they had entered into a Joint Development Agreement ('JDA') with the respondent on 16.04.2012, which was registered on 14.06.2012, for development of the schedule property into 38 residential apartments; and on the date of registration, i.e., on 14.06.2012, the parties also entered into a Memorandum of Agreement ('MoA') for marketing and sale of the aforesaid residential apartments. It is pointed out that subsequently, on 18.06.2012, a Supplementary Agreement was also executed, which amended certain terms and conditions of the JDA.

(3.) It is submitted that as per the JDA, the petitioners and the respondent were entitled for equal share in the aforesaid 38 apartments; and in this regard, the petitioners had also executed a Power of Attorney on 16.04.2012 authorising the respondent to do the needful for execution of the project as also for selling the proposed apartments to the buyers. It is further submitted by the petitioners that as per the JDA, the residential project was to be completed within a period of 24 months from the date of receiving the commencement certificate, with a grace period of 6 months.