UMA KAPOOR Vs. KAPIL AGGARWAL

JUDGEMENT

(1.) THE petitioners, Uma Kapoor and Vivek Kapoor filed the present application under Section 34 of the Arbitration and Conciliation Act, 1996 for setting aside the award dated 6th September, 2010.

(2.) THESE objections have been filed by the petitioners only with regard to the relief of Rs.75 lacs as per the award granted in favour of the respondent as well as the grant of interest thereon @ 12% per annum from the date of the award till realization and dismissal of the counter-claim and non-awarding the cost to the petitioners.

(3.) TH October, 2005, the petitioners agreed to sell the suit property to the respondent builder for Rs.2.1 crores. The builder was able to pay only Rs.1 crore by 22nd February, 2006 which included Rs.25 lac as earnest money. Respondent failed to pay the balance consideration of Rs.1.10 crores. 4. In pursuant to arbitration petition No.174/2008 under Section 11(6) of the Arbitration and Conciliation Act, 1996, this Court appointed the Arbitrator to adjudicate the claim of the parties. The claim was made by the respondent seeking direction against the petitioners to hand over the vacant peaceful possession of the property, bearing No.18/78, Punjabi Bagh, New Delhi pursuant to the terms and conditions of the agreement dated 4th October, 2005 and further to execute the appropriate sale deed in favour of the respondent.