D D R PROPERTY DEVELOPERS AND BUILDERS PVT LTD AND ORS Vs. DEEPTI INTEGRATED LOGISTICS PVT LTD AND ORS

JUDGEMENT

(1.) This Original Side Appeal has been filed against the order of the learned single judge, dated 23.7.2012, made in Application No.1642 of 2012, in C.S.No.609 of 2010.

(2.) The 1st and 2nd defendants in the suit, in C.S.609 of 2010, are the appellants in the present Original Side Appeal. The Civil Suit, in C.S.No.609 of 2010, had been filed by the 1st respondent in the present Original Side Appeal, for recovery of an amount of Rs.5.01 Crores, together with interest thereon, at 24% per annum.

(3.) It had been stated that the defendants in the suit had owed a sum of Rs.5.01 Crores, together with the interest accrued thereon, in respect of sale and purchase of certain lands situated at Chennai. The appellant, in the present Original Side Appeal, had filed an application, in A.No.1642 of 2012, in C.S.No.609 of 2010, under Section 8 of the Arbitration and Conciliation Act, 1996, praying that this Court may be pleased to refer the dispute that had arisen amongst the appellant, as well as the respondents, to Arbitration, in terms of the provisions contained in the Memorandum of Understanding, dated 30.11.2006. The said application, filed by the appellants, had been contested by the 1st respondent herein, stating that, as per the the provisions contained in the Deed of Settlement, dated 5.7.2007, concluded amongst the parties concerned, the Memorandum of Understanding, dated 30.11.2006, stood terminated. According to the Deed of Settlement, dated 5.7.2007, the parties had agreed that they would not opt to enforce their rights and obligations, as per the Memorandum of Understanding, dated 30.11.2006.