ANIL KUMAR AHUJA Vs. K C SETHI

JUDGEMENT

(1.) This appeal arises out of an order passed by a learned Single Judge of this Court in OMP No. 88/2001 whereby objections under Section 34 of the Arbitration and Conciliation Act, 1996 to an arbitral award dated 20th December, 2000 have been dismissed.

(2.) It is in our view unnecessary to set out in detail the backdrop in which the disputes arose and culminated in the making of the arbitral award as also the dismissal of the objections of the appellant to the same by the learned Single Judge. All that we need mention is that the genesis of the dispute lay in a collaboration agreement executed between the appellant and respondent No.1 in relation to development of a property bearing No. D/16-A, Hauz Khas, New Delhi. Respondent No.1 who happened to be the owner of a single storeyed house constructed on the said plot of land appears to have entered into a collaboration with the appellant whereunder the appellant paid a sum of Rs.10 lacs to respondent No.1 and agreed to reconstruct the property to raise a three storeyed building in addition to a basement. According to the agreement, upon completion of the construction, the appellant was to retain the first floor of the building so constructed while the remaining floors were to vest in the respondent No.1 to be retained or sold by him at his discretion. There was it appears some delay in the commencement of the construction work but after the plans were sanctioned, the construction did take off and reached the third floor stage. Disputes appear to have arisen at this stage on account of the delay in completion of the project which were referred for adjudication to Sh.Man Mohan Sharma, the arbitrator named in the agreement. The proceedings culminated in an award dated 20th December, 2000 against which the appellant filed objections under Section 34 of the Arbitration and Conciliation Act, 1996 before a Single Judge of this court. Those objections as already noticed, have been rejected in terms of the order impugned in this appeal.

(3.) When the matter came before us for hearing today and was argued at some length, the parties, both of whom are present in person, expressed their willingness to settle the dispute amicably. Statements made by the parties have to that effect been separately recorded by this Court. According to the statement made by the appellant, he is ready and willing to give up all his claims, rights and interests in relation to the project in question on payment of Rs.30 lacs by respondent No.1. Respondent No.1 has also made a statement which too has been recorded by us and according to which he has agreed to pay to the appellant an amount of Rs.30 lacs demanded by him in full and final settlement of all rights and claims which the parties may have against each other. Learned counsel for the parties as also the parties submit that in the light of the statements made by the parties, the present appeal could be allowed; the award made by the arbitrator modified and the matter disposed of on the following agreed terms and conditions :