MADHU AGARWAL Vs. FASTCON INFRASTRUCTURE PVT. LTD.

JUDGEMENT

(1.) THE abovementioned petition has been filed by the petitioner under Section 34 of the Arbitration and Conciliation Act, 1996 (hereinafter referred to as 'the Act') for partly setting aside the award dated 2nd February, 2013 passed by the learned Arbitral tribunal to the extent of non -consideration (rejection) of the counter -claim of Rs. 25 lac of the petitioner. Brief facts of the petition are that the petitioner and the respondent entered into an agreement to sell dated 21st January, 2012 for the sale of property situated at 290, Kohat Enclave, New Delhi -110034 with a built up area of 4512 sq. ft. (approx.) for a sale consideration of Rs. 20,00,00,000/ - (Rupees Twenty Crores) and respondent paid Rs. 2,50,00,000/ - to her as earnest money at the time of execution of the agreement to sell and further promised to pay the first installment of Rs. 5,00,00,000/ - on or before 5th February, 2012, the second installment of Rs. 5,00,00,000/ - on or before 20th February, 2012 and the final installment of Rs. 7,50,00,000/ - on or before 6th March, 2012 in order to get the sale deed executed, related formalities completed.

(2.) THE petitioner's case is that thereafter nothing was heard from the respondent after the said agreement to sell was entered into so he wrote to the respondent on 5th February, 2012 reminding it about the schedule of the first installment to which the respondent replied through its letter dated 9th February, 2012 expressing its regret, inability to make the part payment by 5th February, 2012, requesting for an extension of 10 days and promising to make payment of Rs. 10 crores i.e. the 1st, 2nd part payment of the entire sale consideration altogether by 20th February, 2012.

(3.) IN view of the said agreement, the petitioner refused many buyers with lucrative offers because she had committed to the respondent but since the respondent repeatedly failed to honour its commitments she was constrained to terminate the agreement to sell by her letter dated 17th July, 2012 and thereby forfeit the earnest money paid by the respondent as per Clause 9 & 8 of the said agreement.