SUMER ARORA Vs. MANOJ KUMAR AND ANOTHER

JUDGEMENT

(1.) The petitioner has filed this petition under Section 34 of the Arbitration and Conciliation Act, 1996 (hereinafter referred as 'the Act') for setting aside the arbitral award dated 12.08.2016.

(2.) The petitioner has challenged the impugned award on the grounds as follows:-

(3.) The learned senior counsel for the petitioner has submitted the agreement to sell dated 07.10.2008 between the parties whereby the petitioner was required to sell the land ad-measuring 7 Karnals 12 Marlas bearing No.10/1(7-14), Village Dhumaspur, Teshil and District Gurugram, Haryana and to make the construction over 49026 square feet of the said land against the total consideration of Rs. 3.00 Crores appears to be sham. In the time given, the construction could be possible and hence addendum agreement dated 13.05.2016 was entered into between the parties wherein the petitioner was absolved of his liabilities to construct the area of 49026 square feet while reducing the total consideration amount from Rs. 3.00 Crores to Rs. 2,43,80,000/-.