ASHOK CHAWLA Vs. RAKESH GUPTA

JUDGEMENT

(1.) The petitioner, named above, has filed the present petition under Section 9 of the Arbitration And Conciliation Ordinance, 1996 (hereinafter referred to as `the Ordinance' ). The facts relevant for the disposal of the above mentioned petition, briefly stated are, that the petitioner who is a retired Colonel from the Army is in the aviation business and that in July, 1994 he was approached by the respondent with certain business proposals. It is alleged that though the business proposals did not materialise but the petitioner and the respondent developed a relationship and the petitioner starting trusting the respondent implicitly. The respondent, it is averred, represented to the petitioner that he was running a big airlines company by name `United India Airways' and requested the petitioner to be a part of the company and guide and control the business as he needed experienced and financially sound persons for expanding the business. It is averred that the petitioner and the respondent signed a `Promoters Agreement' which was executed on 7th September, 1994.

(2.) The respondent to whom notice of the petition was given has filed a detailed reply duly supported by an affidavit of the respondent. In the reply, the respondent has taken a number of preliminary objections and on merits it has been stated that receipts and the agreement in question are forged documents and that the petition be dismissed with exemplary costs as envisaged under Section 35-A of the Code of Civil Procedure.

(3.) I have heard the learned counsel for the parties at length and have also carefully gone through the documents/material on record. The relief prayed for by the petitioner in the present petition cannot be granted due to the following reasons :-