RAJIV JOSHI Vs. ANAND SWAROOP

JUDGEMENT

(1.) This petition under Section 34 of the Arbitration and Conciliation Act, 1996 (hereinafter referred to as the Act) has been filed by the petitioner challenging the Arbitral Award dated 20th February, 2018 passed by the Sole Arbitrator adjudicating the disputes between the parties in relation to the alleged Agreement to Sell dated 18th April 2014.

(2.) The petitioner claiming that the respondent had executed an Agreement to Sell dated 18th April 2014 by which he had agreed to sell built up property bearing No.161, ad measuring 30 sq. yds. situated in the abadi of Hardyan Singh Road, Karol Bagh, New Delhi (hereinafter referred to as the 'property') for a total sale consideration of Rs.5 crores and had also received Rs.2.50 crores from the petitioner as advance in relation to the said agreement, raised a dispute claiming specific performance of this agreement. During the arbitral proceedings, by way of an amendment, the prayer for specific relief was given up by the petitioner and instead the relief was confined to refund of an amount of Rs.2.70 crores along with interest thereon. The petitioner further claimed that apart from Rs.2.50 crores paid to the respondent and as recorded in the Agreement to Sell, the petitioner had paid another amount of Rs.20 lacs to the respondent on 29th April, 2014 through RTGS.

(3.) The respondent denied having executed such an agreement or having received any amount as sale consideration from the petitioner. The respondent also alleged that the parties were having various financial dealings and in this regard Rs.20 lacs was transferred in his favour by the petitioner, however, the said transaction had no connection with the alleged Agreement to Sell set up by the petitioner.