ANIL KUMAR AHUJA Vs. K C SETHI

JUDGEMENT

(1.) The Petitioner (hereinafter referred to as the Builder) has filed objections under Section 34 of the Arbitration and Conciliation Act, 1996 in respect of an Award dated 20th December, 2000.

(2.) On 14/15th October, 1999, the Builder and the Respondent (hereinafter referred to as the Owner) entered into an agreement of building construction. Broadly, the terms of the agreement were that the Builder would demolish the existing structure on the plot of land bearing No. D-16/A, Hauz Khas, New Delhi belonging to the Owner and re-construct on it a basement, ground, first and second floor for residential purposes. Presently, I am not concerned with most of the terms of the agreement except clauses 29 and 30, which provide that the Builder will complete the structure and hand over possession of the Owner's share within a period of three months and that in case the Builder fails to do so, he will pay to the Owner compensation of Rs.30,000/- per month for a maximum period of two months after which the Builder would have no right on the structure and the advance money paid by him to the Owner would not be refunded.

(3.) Clauses 29 and 30 of the agreement read as follows: -