ANGLE INFRASTRUCTURE PVT. LTD. Vs. CAPITAL BUILDERS

JUDGEMENT

(1.) This is a petition filed under Section 9 of the Arbitration & Conciliation Act, 1996 (in short the Act). By this petition interim directions are sought vis-a-vis respondent no.1. Briefly, the interim directions which the petitioner seeks, pertain to the Development Rights Agreement dated 05.06.2012 (hereafter referred to as the DRA), executed as between the parties herein and a Full and Final Settlement agreement dated 29.10.2013, executed between the petitioner and respondent no.1, which is a proprietorship concern of, one, Sh. Ashok Manchanda.

(2.) Before proceeding further in the matter, I may only advert to following broad facts, which are relevant for adjudication of the present petition.

(3.) The terms of settlement envisaged payment of Rs. 45 crores to respondent no.1 in the manner and as per timelines prescribed in clause 1. Clause 2 of the settlement agreement, inter alia, provided that, in case the petitioner failed to comply with its obligations, as contained in sub-clause 1.1(a) and (b) of clause 1, then "all rights and claims" of parties shall revive; by which it could only mean qua the entities, which were parties to the settlement agreement.