FLORENTINE ESTATES OF INDIA LTD Vs. LOKESH DAHIYA

JUDGEMENT

(1.) This petition has been filed under Sec. 11(6) of the Arbitration and Conciliation Act, 1996 seeking appointment of a Sole Arbitrator to adjudicate upon the disputes that have arisen between the parties.

(2.) The petitioner No.1 is a company incorporated under the provisions of the Companies Act, 1956 and the respondents are private persons residing in Dhanwapur Village, Gurugram, Haryana. The respondents together owned 1/3rd share of land admeasuring 64 kanals comprised in Rect. No. 18, Killa No. no.l(7-0), 10(7-0), Rectangle no. 19, Killa No.4 (8-0), 5(8-0), 6(8-0), 7(8-0), 14(8-0), 15(8-0), 16(2-0), Kitta 9, situated in Village Dhanwapur, Tehsil and District Gurgaon, Haryana. Apart from the respondents herein, there was one more landowner, one Mr. Jai Bhagwan, who also owned 1/3rd share in the said land. The remaining 1/3rd of the land was owned by the petitioner No. 1 company. In other words, the respondents and Mr. Jai Bhagwan together owned 2/3rd share in the land admeasuring 64 kanals.

(3.) In the year 2006, the respondents approached the petitioner No. 1 for developing the said land into a Group Housing Scheme. The petitioner No. 1 agreed to the proposal of the respondents as it owned the adjacent land. Accordingly, the parties herein, along with Mr. Jai Bhagwan, entered into a Development Agreement dated February 24, 2007. Later, Mr. Jai Bhagwan sold his 1/3rd share to the petitioner company vide Sale Deed dated, July 29, 2009. The petitioner No. 1 in furtherance of the Development Agreement was responsible for carrying out development and marketing of the proposed Group Housing Scheme. The petitioner No. 1 was entitled to 65% share of the total built-up area, as well as the land underneath. The respondents were liable to transfer the said land through a registered deed, either in favour of the petitioner No. 1 or its nominees, or directly to individual buyers. The respondents were to get 35% share in the total built-up area in lieu of their contribution of land. In addition, an amount of Rs. 1,33,33,332.00 was given as security deposit to the respondents, out of which, 50% was refundable/adjustable and the remaining 50%, i.e., Rs. 66,66,666 was non-refundable. The respondents were to execute and register a General Power of Attorney in favour of the petitioner No. 1, which was duly executed on February 24, 2007. The petitioner No. 1 obtained a License bearing No. 68/2012 and developed a Group Housing Project namely 'Emerald Bay', situated in Sector 104, Gurugram, under the aegis of its parent company M/s Puri Construction Pvt. Ltd., which has been impleaded in the present petition as petitioner No. 2 vide order of this Court dated December 15, 2021 and an amended memo of parties is filed along with application being I.A. 14465/2021.