ANANT RAJ INDUSTRIES LIMITED Vs. SOMESH KUMAR BISHNOI

JUDGEMENT

(1.) THIS is a petition under Section 11 of the Arbitration & Conciliation Act, 1996 for appointment of a presiding Arbitrator for adjudicating the disputes and differences between the petitioner and the respondent.

(2.) THE petitioner contended that it is a company duly incorporated and registered under the Companies Act, 1956. The petition has been filed by Mr. Pankaj Nakra, who is allegedly authorized to sign, verify and file the petition on behalf of the petitioner.

(3.) PURSUANT to the representations made by the respondents, agreement to sell dated 6th December, 2006 was entered into between the parties and as per the agreement the petitioner was not to be concerned about the rates of the sale consideration paid to the occupiers of the said land. It is contended that at the time of execution of registration of sale deeds in favor of the petitioner or its subsidiaries or nominees, the sale consideration was to be paid directly to the land - owners/occupiers/villagers at the rates fixed by the respondent. However, the respondent was to be paid at the fixed rate of Rs. 50,00,000/ - per acre and the sale consideration payable to the land -owners/occupiers/villagers was deductable from the said sale consideration agreed between the petitioner and the respondent.