RAJESH GUPTA Vs. RAM AVTAR

JUDGEMENT

(1.) The petitioner has filed the present petition under Sec. 34 of the Arbitration and Conciliation Act, 1996 (hereinafter the "A&C Act") impugning an arbitral award (hereinafter the "impugned award") dtd. 19/4/2012 delivered by the Arbitral Tribunal consisting of Justice (Retd.) J.P. Singh as the Sole Arbitrator (hereinafter the "Arbitral Tribunal").

(2.) The impugned award was rendered in the context of disputes that have arisen between the parties in connection with the agreement dtd. 5/12/2008 captioned "Agreement to Sell and Purchase Cum Receipt" dtd. 5/12/2008 (hereinafter "the Agreement").

(3.) In terms of the Agreement, the petitioner agreed to purchase the manufacturing unit including the built up factory, rights in the leasehold property No. C-37, Sector B-2, Tronica City, Loni Ghaziabad (UP) and all movable assets (hereafter "the Property") for a sale consideration of Rs.1,60,00,000.00.