SWARUP GROUP OF INDUSTRIES & ANR Vs. NATIONAL AGRICULTURAL COOPERATIVE MARKETING FEDERATION OF INDIA

JUDGEMENT

(1.) The present petition has been filed challenging the award dated 31st December, 2013 by which the Ld. Sole Arbitrator has directed the Petitioners herein to pay to the Claimant a sum of Rs.92,88,46,688/-. The award is brief and is set out herein below:

(2.) The background of this award is that proceedings were initiated pursuant to MOUs dated 24th April, 2004 and 26th March, 2004 between the Respondent and the Petitioners. The Ld. Sole Arbitrator Justice B.N. Srikrishna (Retd.) had passed an interim award in the following terms on 3rd December, 2008:

(3.) The said interim award, by which Rs.104.25 crores was awarded to the Respondent is the subject matter of execution proceedings before the Bombay High Court. Subsequently, the proceedings before the Ld. Sole Arbitrator continued. On 29th June, 2012, the Ld. Sole Arbitrator records that Mr. Guruswarup Srivastava who is Petitioner No.2 herein, and the proprietor of the Petitioner No. 1 firm, i.e. Respondent No.2 in the arbitral proceedings had agreed that he was willing to transfer and convey valuable property in Mega Mall, Goregaon, Mumbai towards satisfaction of total claim of Rs.197.13 crores. Para 1 of the minutes dated 29th June, 2012 is relevant and is set out herein below: