ALKA JINDAL Vs. AIMS SANYA DEVELOPERS PVT LTD

JUDGEMENT

(1.) The petitioner has filed the present petition under Section 34 of the Arbitration and Conciliation Act, 1996 (hereafter "the Act"), inter alia, impugning the arbitral award dated 23.05.2017 (hereafter "the impugned award") delivered by the Arbitral Tribunal constituted of the Sole Arbitrator, namely, Sh Alakh Kumar (hereafter "the Arbitral Tribunal"). The impugned award was rendered in the context of disputes that had arisen between the parties in relation to the Space Buyer Agreement dated 23.09.2010 (hereafter "the Agreement").

(2.) By the impugned award, the Arbitral Tribunal has awarded a sum of Rs. 1,04,29,396/- along with interest at the rate of 12% per annum from 01.06.2016 till the date of payment to the petitioner.

(3.) In May/June 2010, the respondent had advertised that it was developing a residential project in the name and style of "Landmark Towers" located in Sector-15, NOIDA.