SATINDERJIT SINGH Vs. SANTOSH KAPOOR

JUDGEMENT

(1.) The present petition has been filed by the petitioners under Section 11(4)(b) of the Arbitration and Conciliation Act, 1996 (hereinafter referred to as the said Act). The dispute arises out of an Agreement to sell dated 1.9.2005 in terms whereof the respondent agreed to sell the leasehold property consisting of a residential flat on the second floor of plot bearing No.60, Pocket-II, Jasola, New Delhi with 2/3rd roof rights with proportionate rights in land measuring 260 sq.yds. for a total consideration of Rs.84,50,000.00. It is not in dispute that out of the said amount the petitioners have paid an amount of Rs.36.50 lakh, which was duly encashed by the respondent. It may be noted at this stage that subsequently the disputes arose between the parties and the respondent sent a refund cheque to the petitioner for Rs.31.50 lakh, which has not been encashed by the petitioners.

(2.) The petitioners claimed that there is an arbitration clause in the Agreement between the parties being clause No.15, which is as under:

(3.) It is also the case of the petitioners that a communication dated 1.12.2006 was addressed by the respondent to the aforesaid to named arbitrators in the following terms: