DLF HOME DEVELOPERS LIMITE Vs. SHIPRA ESTATE LIMITED

JUDGEMENT

(1.) The petitioner (hereinafter 'DLF') has filed the present petition under Sec. 9 of the Arbitration and Conciliation Act, 1996 (hereinafter the 'A&C Act') inter alia, praying that the respondents be restrained from selling, transferring, alienating or otherwise creating any third-party rights or interest, directly or indirectly, in the land admeasuring 73 acres [2,95,421 square meters] situated in Sector 128, Noida, District Gautambudh Nagar, Uttar Pradesh ('the Sale Property'), which is the subject matter of the Agreement to Sell dtd. 30/5/2021 (hereinafter 'the ATS').

(2.) Respondents nos. 1 to 4 had entered into the ATS for selling the Sale Property to DLF. The Sale Property is owned by respondent no. 2 (hereinafter 'Kadam') but is mortgaged to respondent no. 4 (hereinafter 'Indiabulls') to secure financial loans extended by Indiabulls to respondent no.1 (Shipra Estates Limited), Shipra Hotels Ltd. and Shipra Leasing Private Limited. Indiabulls has since terminated the ATS in favour of DLF and has withdrawn its letter of no objection (NOC) on the ground that it has not received the agreed amount of Rs.900.00 Crores within the period stipulated therein. DLF claims that it is and was always ready and willing to perform its obligations under the ATS. DLF further claims that Indiabulls and Kadam have failed to perform their obligations and Indiabulls cannot terminate the ATS or withdraw its NOC. Essentially, DLF seeks specific performance of the ATS. And, it seeks an order restraining the respondents from selling transferring or alienating the Sale Property as an interim measure of protection for preserving its rights and remedies.

(3.) The present petition was initially heard along with three other petitions filed under Sec. 9 of the A&C Act [OMP(I) (Comm) 213/2021; OMP(I)(Comm) 222/2021; and OMP(I)(COMM) 225/2021] but seeking different reliefs. The counsels relied on documents filed in those proceedings in the course of their submissions and the same have been considered while outlining the factual context.