EMAAR INDIA LTD. Vs. CITRON HOLDING LLP

JUDGEMENT

(1.) The present proceedings are instituted under Sec. 34 of the Arbitration & Conciliation Act, 1996 (hereinafter, referred to as the 'A&C Act') thereby seeking setting aside of the arbitral award dtd. 30/8/2024 (hereinafter, 'impugned award') delivered by the Arbitral Tribunal comprising of a Sole Arbitrator (hereinafter, 'AT').

(2.) The Petitioner/builder and Respondent/buyer had entered into two Builder Buyer Agreements, both dtd. 30/12/2008 and pari materia to one another (hereinafter, 'BBA'), whereby two commercial properties being i) PSQ C-1-F04-009, Unit no. 409, 4th Floor (commercial Sec. ), commercial project "The Palm Square", Sector 66, Gurugram, Haryana and ii) PSQ C-1-F04-010, Unit No. 410, 4th Floor (Commercial Sec. ), "The Palm Square", Sector 66, Gurugram, Haryana (hereinafter, 'subject premises') were agreed to be sold to the Respondent by the Petitioner.

(3.) Briefly stated, as per Clause 16(a)(i) of the BBA, the Builder was supposed to deliver possession of the Units to the Claimant/Respondent within 36 months from the execution of the BBA, i.e., by 31/12/2011. There was an additional grace period of 120 days available to the Builder for delivery of possession, which expired on 30/4/2012. The project is stated to have been issued Occupancy Certificate from the authorities on 22/12/2014, following which, possession of the Units was offered on 26/12/2014 by way of a Letter of Intimation of Possession.