WELSPUN ONE LOGISTICS PARKS FUND Vs. MOHIT VERMA

JUDGEMENT

(1.) By way of the present petition being O.M.P.(I)(COMM.) No.157/2022 filed under sec. 9 of the Arbitration and Conciliation Act 1996 ('A&C Act' for short), the petitioner Welspun One Logistics Parks Fund I, has sought urgent interim measures of protection inter-alia by way of a direction to stay the operation and effect of termination letter dtd. 14/4/2022 issued by the respondent terminating Non-Binding Term Sheet dtd. 26/11/2021 ('Term Sheet') signed between the parties alongwith other ancillary and consequential reliefs.

(2.) By way of another petition, bearing Arb. P. No. 792/2022, filed under sec. 11(6) of the A&C Act, the same petitioner has prayed for appointment of a sole arbitrator to adjudicate upon the disputes that are stated to have arisen with the respondent, in terms of clause 12 of the Term Sheet.

(3.) Briefly stated, the transaction between the parties as contained in the Term Sheet comprised the intended sale of certain parcels of land for a certain consideration; and upon the terms and conditions as contained in the Term Sheet by 11 parties, who are respondents herein - comprising individuals, LLPs, a private limited company and a limited company - to the petitioner.