SHON RANDHAWA Vs. RAMESH VANGAL

JUDGEMENT

(1.) Present petition has been filed under Section 34 of the Arbitration and Conciliation Act, 1996 (hereinafter referred to as the 'Act') seeking setting aside of the Award of the Arbitral Tribunal dated 09.10.2014. Factual narration as culled out from the Award.

(2.) In 2006, Respondent No. 3 (hereinafter referred to as the 'Company') was allotted a piece of land No. 445, Phase-V, Udyog Vihar, Gurgaon, Haryana. Subsequently, the Lease was cancelled by HSIIDC and aggrieved therefrom, Company filed a Writ Petition before the High Court of Punjab and Haryana.

(3.) Respondent Nos. 1 and 2 (collectively referred to as 'Vendors') approached the Petitioner and Respondent No. 4 (collectively referred to as 'Purchasers') seeking investment in the Company and in return purchasing 50% equity shares of the Company and after negotiations, a Term Sheet dated 21.08.2006, was drawn up.