SURAJMAL YADAV Vs. DELHI STATE INDUSTRIAL INFRASTRUCTURE DEVELOPMENT

JUDGEMENT

(1.) Ia No. 13216/2017

(2.) It is the case of the petitioner that the petitioner had successfully bid for commercial plot in Sector-2, Cluster H, measuring 1000 square meter in the Bawana Industrial Complex, Delhi in an auction-sale conducted by the respondent on 30.10.2006 and had paid the entire consideration amount of Rs. 5.52 crores as demanded by the respondent pursuant to which the possession of the plot was handed over to the petitioner on 106.2007. It is further the case of the petitioner that the petitioner had purchased Stamp Duty for an amount of Rs. 33, 12, 040/- for the purpose of execution of the Lease Deed by the respondent. In spite of receiving the above consideration and the purchase of the Stamp Duty by the petitioner, the respondent failed to execute the Lease Deed due to which the petitioner could not carry out the construction on the plot and could not therefore, bear the fruits of the amount invested by him. It is on this basis that the petitioner had demanded from the respondent interest at the rate of 15% per annum on the Earnest Money Deposit, bid amount and Stamp Duty.

(3.) The Arbitrator in his Impugned Award has considered the submissions made by the parties with respect to the claims of the petitioner and has held that the construction on the plot could not take place due to non-execution of the Lease Deed by the respondent and has held this issue in favour of the petitioner. The learned Arbitrator has also held that it is for the default of the respondent that the Stamp Duty purchased by the petitioner remained unutilized and has further directed that incase the same cannot be utilized for the purpose of execution of the Lease Deed, the respondent shall refund the same alongwith interest at the rate of 9% per annum from the date of the Award till the date of the payment.