INTUITIVE TECH SOLUTIONS PRIVATE LTD Vs. DLF LIMITED

JUDGEMENT

(1.) The Petitioner, M/s. Intuitive Tech Solutions Private Limited, in this petition under Section 11 of the Arbitration & Conciliation Act, 1996 ('Act') seeks the appointment of an Arbitrator to adjudicate the disputes with the Respondent, M/s. DLF Limited, arising out of an agreement dated 21st February 2011 between the parties.

(2.) Under the said Agreement, the Petitioner was allotted on license basis a commercial space being Unit No. 002 having a specific area of 167.03 square meters and super area of 238.62 square meters on the ground floor of a commercial complex to be constructed by the Respondent at Baba Kharag Singh Marg, Connaught Place, New Delhi. According to the Petitioner, the Respondent failed to fulfill its commitment to obtain the necessary occupancy certificate and to hand over the possession of the allotted unit to the Petitioner till 30th May 2011. Consequently, the Petitioner terminated the agreement on 31st May 2011 and sought refund of Rs. 22,92,450/- deposited by it with the Respondent as 'interest free refundable security deposit'. After three subsequent notices, the Petitioner issued notice dated 14th September 2011 invoking the arbitration clause in the Agreement dated 21st February 2011.

(3.) The arbitration Clause 32 (b) in the Agreement dated 21st February 2011 reads as under: