ANDAZ SECURITIES PRIVATE LIMITED Vs. GHANSHYAMDAS KEDIA

JUDGEMENT

(1.) Admittedly disputes arising out of agreement to sell executed between the parties are pending adjudication before the Arbitrator. The petitioners have through this application under Section 9 of the Arbitration and Conciliation Act, 1996 sought interim protection by way of restraining the respondents from selling, transferring, disposing of and/or parting with possession and/or creating any encumbrance and/or charge in any manner in respect of the suit land.

(2.) The facts germane for deciding the controversy in short are as under :- The respondents and/or their predecessors-in title were employees of M/s.BirIa Cotton Spinning Weaving Mills Limited, Delhi and had purchased from the said company, 19 plots of land measuring 3 acres. At that point of time, the Master Plan showed it as an institutional area and no residential construction was permitted as per the Delhi Development Act and the Master Plan. while acquisition proceedings were pending, agreement of sell in question was executed. Till then, Master Plan did not permit use of the suit land for residential purposes.

(3.) As per clause 11 of agreement to sell dated 1.4.1995. parties agreed to conclude the transaction by executing and registering the sale deed within a period of six months from 1.4.1995 or within such extended time as may be agreed upon between the parties in writing. Only once time was extended by way of independent document in the form of supplementary agreement dated 1.10.1995. The relevant excerpt of the document is as under:-