SHANTI MANN Vs. MORAL PROPERTIES PVT. LTD.

JUDGEMENT

(1.) I .A No. 10202/2008 of the defendant Nos. 1 and 2 under Section 8 of the Arbitration and Conciliation Act, 1996 in C.S. (OS) No. 463 of 2008.

(2.) THE Counsel for the defendant Nos. 1 and 2, who now appears for defendant No. 3 as well, states that the defendant No. 3 is also a director of the defendant No. 1 and the application may be treated as on behalf of all the defendants. 2. No reply to the application has been filed by the plaintiff. However, the counsel for the plaintiff has handed over a reply in the Court and the same is taken on record.

(3.) THE plaintiff has instituted this suit for specific performance of an agreement dated 26.4.2004 of sale of immovable property. The said agreement on page four thereof contains the following clauses: That if the second party fails to make the payment of the balance amount as agreed upon, at the time of vacant physical possession and clear of NOC from the Land Acquisition Department, from date of this Agreement. The transaction will be considered as cancelled and the earnest money will be forfeited by the first party. That if the first party refuse or fails to complete the bargain within the prescribed time the second party shall be entitled claim and receive double the amount of earnest money paid by him/her to the first party. That if the first party infringes the terms and conditions of this agreement, the second party shall be entitled to get the implementation thereof effected through Court of law by specific performance of this agreement or any other law for the time being in force at the costs and risks of the first party or may rescind this agreement, and in that eventuality, the first party shall be liable and responsible for making good the losses which may be suffered incurred, undergone and or sustained by the second party as a result thereof and this Agreement between the party. That in the eventuality of any dispute in between the parties on any manner incidental thereof the same shall be referred to an arbitrator appointed mutually and a decision of the arbitrator shall be final and binding in between the parties.