SAUMYA BINANI Vs. BANWARI LAL SHARMA

JUDGEMENT

(1.) This is a petition under Sec. 11(6) of the Arbitration and Conciliation Act, 1996 'the 1996 Act' hereinafter for reference of disputes between the parties to arbitration.

(2.) The petitioners and the respondent entered into an Agreement to Sell 'ATS' hereinafter dtd. 27/9/2023 in respect of property admeasuring 8 bigha and 3 biswas situated at Khasra No. 85/1, 98/1/1 and 98/2 at Village Shahoorpur, Tehsil Hauz Khas, Delhi 'the disputed property' hereinafter whereby the petitioners agreed to purchase and acquire the said land from the respondent for a total consideration of ? 14,79,00,000/-.

(3.) Clause 16 of the ATS envisaged resolution of disputes by arbitration and read thus: