M. K. JAIN Vs. ANGLE INFRASTRUCTURE PVT LTD

JUDGEMENT

(1.) By this petition under Section 14(1)(a) read with section 14(2) of the Arbitration and Conciliation Act, 1996 (hereinafter referred to as "the 1996 Act"), the petitioners question the legitimacy of the appointment of the arbitrator (who happens to be a learned retired Judge of this Court), by the respondent, to arbitrate on the disputes between the petitioners and the respondent. Consequently, the petition prays for a declaration that the mandate of the learned arbitrator stands terminated under section 14(1)(a) of the 1996 Act, as the learned arbitrator has been rendered de jure incapable of acting in the said capacity.

(2.) The issue in controversy being limited, detailed allusion of the facts may conveniently be eschewed, and a brief recital thereof would suffice.

(3.) The dispute arises out of a Memorandum of Understanding (hereinafter referred to as "MoU") dated 16th August, 2018, executed between the petitioners and the respondent. Under the said MoU, the petitioners invested Rs. 8,38,91,000/- in the respondent company. As security against the said investment, the respondent allotted nine apartments to the petitioners in its Florence Estate project. Additionally, two apartments were allotted to the petitioners by M/s Venta Realtech Private Limited, as the confirming party to the agreement.