AFFORDABLE INFRASTRUCTURE AND HOUSING PROJECTS PRIVATE LIMITED Vs. SEGROW BIO TECHNICS INDIA PRIVATE LIMITED

JUDGEMENT

(1.) A petition under Sec. 9 of the Arbitration and Conciliation Act, 1996 (hereinafter referred to as "the Act") for seeking ad-interim injunction against the respondent from acting upon the Termination Notice dtd. 27/9/2022 and to desist from making any direct communication with the petitioner's sub-tenants.

(2.) The petitioner executed a Lease Deed dtd. 22/5/2019 with the respondent for the commercial property in respect of the front portion of the fifth floor of Industrial Plot No.445, Phase-V, Udyog Vihar, Gurugram, Haryana, (hereinafter referred to as "the leased premises"). The petitioner's business model involved leasing out commercial properties on long term lease permitting further sub-lease of the property to prospective sub-tenants at a higher rental by refurbishing the property and providing fully customized commercial space as per the specifications and requirements of its clients/ sub-tenants.

(3.) It is submitted that the respondent is the absolute owner of the leased property and after rounds and negotiations and discussions, the parties entered into the Lease for a period of five years commencing from 1/6/2019. The lock-in period was of five years from the rent commencement date, renewable on mutually agreed terms. Accordingly, the lease premises were given to the petitioner, who undertook heavy expenditure in refurbishing the leased premises. A total sum of Rs.2,46,54,519.00 has been invested by the petitioner on the representations of the respondent.