PANKAJ DAYAL Vs. YOGESH GUPTA & ANR

JUDGEMENT

(1.) I.A.Nos. 114783/2018 (delay in filing of 10 days) & 14784/2018 (delay in re-filing of 127 days)

(2.) There are three parties to the Award, first being petitioner/Sh. Pankaj Dayal, second being respondent no.1/Sh. Yogesh Gupta and third being respondent no.2/Sh. Rajiv Behl. The Award in question though is a 453 paragraphs award running into 144 pages, whereas the actual issue to be decided in this petition under Section 34 of the Arbitration and Conciliation Act is a very limited one with respect to the incidence of tax liabilities of some of the companies of the Realtech Group of Companies, of which the three parties to the present litigation were the three owners/Shareholders-cum-Directors.

(3.) The three parties to the Award had entered into a Shareholders Agreement on 11.08.2008, and which governed their relationship as shareholders of various companies in the Realtech Group. Thereafter disputes and differences arose between the parties and hence three common friends were appointed as Mediators/Arbitrators, resulting in the three parties entering into two Memorandum of Understandings (MoUs) on 02.06.2011. One MoU was entered into in the morning and second MoU was entered into in the evening.