SHAILENDRA PAUL Vs. MUKESH AGGARWAL

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 dtd. 31/12/2019 (hereinafter "the impugned award") rendered by an Arbitral Tribunal comprising of a Sole Arbitrator (hereinafter "the Arbitral Tribunal").

(2.) The impugned award was rendered in the context of disputes that have arisen between the parties in relation with the Collaboration Agreement dtd. 24/10/2010 (hereinafter "the Collaboration Agreement").

(3.) Thereafter, on 14/11/2011, the petitioner issued a "No Objection Certificate" to the respondent. The said certificate was for the purpose of the respondent to enter into an agreement to sell the Second Floor. The petitioner avers that on the same day, the respondent entered into an Agreement to Sell in respect of the Second Floor (hereinafter "the ATS"), with one Mr Sharad Bhansali, whereby he agreed to sell the Second Floor for a sum of Rs. 5,37,50,000.00. It was acknowledged that out of the aforesaid consideration, a sum of Rs. 3,00,00,000.00 had been received by the respondent and the balance payment would be made by Mr Sharad Bhansali in the following manner: (i) a sum of Rs. 50,00,000.00 before 30/11/2011; (ii) a sum of Rs. 1,00,00,000.00 before 28/12/2011; and (iii) a sum of Rs. 87,50,000.00 on execution and registration of the sale deed and when possession of the Second Floor was handed over to him.