BANGA ELECTRONICS PVT LTD Vs. JAGMOHAN SINGH

JUDGEMENT

(1.) The petitioner is seeking appointment of an arbitrator under Section 11 of the Arbitration and Conciliation Act.

(2.) On 13th August, 2018, the petitioner agreed to purchase 50% undivided share in property bearing No.C-41, Rajouri Garden, New Delhi110027 from the respondent for Rs.8,90,00,000/-. The petitioner paid Rs.1,50,00,000/- to the respondent (Rs.10,00,000/- in cash on 12th August, 2018, Rs.1 crore through RTGS on 13th August, 2018, and Rs.40,00,000/- in cash on 24th August, 2018). The balance sale consideration of Rs.7,40,00,000/- was payable on or before 15th January, 2019 against the execution of a sale deed. The arbitration agreement between the parties is contained in clause no.14 of the agreement dated 13th August, 2018.

(3.) On 19th September, 2018, the respondent's wife issued a legal notice to the petitioner notifying him that the entire property bearing No.C-41, Rajouri Garden, New Delhi-110027 was her matrimonial home and purchased out of her own funds in the joint names of herself and her husband out of natural love and affection and she has instituted proceedings under Section 125 Cr.P.C. against her husband in which the Court restrained the respondent from selling the subject property on 09th March, 2018. It was further notified that the alleged agreement dated 13th August, 2018 was in violation of the stay order dated 09th March, 2018 and was illegal. The respondent's wife notified the petitioner not to proceed with the agreement.