RUCHI AGARWAL Vs. NICOLIAN

JUDGEMENT

(1.) EIGHT petitions have been filed under Section 34 of Arbitration and Conciliation Act, 1996 (hereinafter referred to as "Act, 1996") challenging four Awards dated 10th June, 2006 passed by Mr. Justice P.N. Nag (Retd.), Sole Arbitrator. While four objection petitions have been filed by the legal representatives of Late Mr. Rakesh Agarwal, the other four objection petitions have been filed by M/s. Apogee International Ltd. (in short "AIL").

(2.) THE brief facts relevant to the present controversy are that according to the first respondent -claimant, it had advanced to M/s. Gulmohar Estates Ltd. (in short "GEL") various sums of money totaling to about Rs. 2.20 Crores for booking property in Garden Estates, Gurgaon. Since, according to first respondent -claimant, GEL had failed to construct and deliver possession of flats in question by 31st March, 1996 and was not in a position to deliver the same in the near future, an Agreement dated 18th November, 1999 was entered into by and between the first respondent -claimant, Hotal Banjara Ltd. (in short "HBL"), Mr. Rakesh Agarwal, GEL, M/s. Rakesh Agarwal HUF and AIL. In the said agreement, it was stated that the entire share -holding of HBL held by Mr. Rakesh Agarwal and his HUF as well as AIL would be transferred in favour of the first respondent -claimant so as to discharge the entire liability of GEL, Mr. Rakesh Agarwal, his HUF and AIL. The agreement according to the respondent/claimant was signed by Mr. Rakesh Agarwal on behalf of GEL, AIL, HBL, M/s. Rakesh Agarwal HUF and himself.

(3.) ACCORDING to respondent -claimant, as Mr. Rakesh Agarwal, AIL and GEL had failed to repay the amount of Rs. 2.20 Crores with the stipulated interest @ 24% per annum with semi -annual interests, respondent -claimant invoked the arbitration clause.