N.JAYAMURUGAN Vs. SARAVANA GLOBLE HOLDINGS LTD.

JUDGEMENT

(1.) This is an Appeal under Sec. 37 of the Arbitration and Conciliation Act, 1996, (hereinafter 'the Act') against the order dtd. 21/7/2023 passed by the learned Single Judge of this Court in O.P.No.595 of 2019, whereby the application preferred by the respondent herein under Sec. 34 of the Act for setting aside the award dtd. 20/2/2019 of the Sole Arbitrator was allowed.

(2.) The claimant before the Arbitral Tribunal is the appellant and the respondent herein is the counter claimant before the Arbitral Tribunal.

(3.) The present dispute arises out of a Memorandum of Understanding dtd. 18/5/2006 entered between the appellant and respondent for purchasing immovable properties measuring about 200 acres at Moosivakkam Village, Kancheepuram. As per the terms of agreement the appellant paid a sum of Rs.50,00,000.00 as advance and thereafter, made payments on various dates to the respondent for the said purpose. Since the respondent failed to comply with the terms of agreement, the appellant initiated Arbitral proceeding for the following reliefs: