SANDEEP KHANNA Vs. KARVY STOCK BROKING LTD

JUDGEMENT

(1.) The present petition has been filed under Sec. 11 (6) of the Arbitration and Conciliation Act, 1996 seeking appointment of sole Arbitrator to adjudicate the disputes with respondent.

(2.) As per the averments made by petitioners, they are the owners of the premises being an immoveable property, holding undivided share, admeasuring 5,980 sq. ft. situated at Upper Ground Floor, Himalaya House, 23, Kasturba Gandhi Marg, New Delhi-110001. Vide a registered Lease Deed dtd. 12/7/2017, petitioners had let out the premises to the respondent for a period of 9 years from 15/11/2016 which would expire on 14/11/2025. According to the said deed, respondent was to pay to the petitioners a lease rental of ?130/- per sq. ft. per month for the premises in question in advance on or before the 10th day of English calendar month, subject to the deduction of income tax at source in proportion to the super built-up area owned by each of the petitioners. It was also agreed in the said lease deed that the rent was to be enhanced by 15 % on the expiry of every block of 3 years and in case of delay in payment of the monthly rent, 1% per month simple interest would carry over.

(3.) According to the petitioners, respondent was put in possession of the premises by the petitioners and has been carrying on business therefrom. Respondent did not pay the rent at the enhanced agreed rate for any period and even rent paid at lesser rate which also paid for only some period, was also delayed.