M.M. BUILDERS Vs. S.K. BAJAJ

JUDGEMENT

(1.) The present petitions have been filed under Sec. 34 of the Arbitration and Conciliation Act, 1996 (hereafter the 'Act') impugning the arbitral award dated 30.01.2017 (hereafter the 'impugned award'). The impugned award was rendered in the context of disputes that had arisen in connection with the collaboration agreement dated 13.04.1993 (hereafter 'the Agreement') entered into by Mr. Satish Kumar Bajaj (since deceased) (hereafter referred to as 'Satish'), Mr. Harish Bajaj (hereafter referred to as 'Harish'), Kumar Trading Corporation (hereafter 'the Firm') and M/s M. M. Builders (hereafter 'the Builder'). The Agreement was entered into for the purposes of development of an industrial plot measuring 888 sq. yards bearing no.1/2, Industrial Area, Najafgarh Road, Kirti Nagar, New Delhi (hereafter 'the property').

(2.) In terms of the Agreement, the Builder was to construct a building consisting of a maximum of 5 floors at its own cost subject to sanction of building plan from the Municipal Corporation of Delhi (MCD). The said building was to comprise of shops and office premises. In terms of the Agreement, 50% of the built-up area was to be divided between the Firm, Harish and Satish. The Firm would own 25% of the total built-up area and the balance 25% would be shared in equal proportion between Satish and Harish.

(3.) The Builder has filed the present petition [OMP(COMM.) 243/2017] assailing the impugned award to the limited extent that the arbitral tribunal has not allowed its claim for specific performance of the Agreement even though it is held that the Agreement was valid and Harish was in breach of his obligations. The Firm and its partner, Mr. Parvesh Bajaj has also challenged the impugned award [in OMP (Comm.) 245/2017 ] to the extent that its counterclaims have been rejected by the arbitral tribunal and also to the extent that the arbitral tribunal has not granted specific performance of the Agreement.