KARPAGAM Vs. SHANKAR KARIKAR

JUDGEMENT

(1.) These revisions have been preferred by the respondents in an Arbitration Case pending before the Arbitral Tribunal pertaining to a Joint Venture Agreement dtd. 16/2/2012. The learned Arbitrator, in and by an order dtd. 19/7/2024, dismissed the Applications filed by the petitioners herein, for impounding the agreement dtd. 20/6/2019 and to direct the first respondent to pay stamp duty and penalty as per law and to reject the document which is inadmissible in law and also unenforceable.

(2.) I have heard Mr.I.Abrar Mohamed Abdulla, learned counsel for the petitoners and Mr.Arun Karthik Mohan, learned counsel for the respondents.

(3.) The learned counsel for the petitioners would submit that the first respondent who is the claimant before the Arbitrator entred into a Joint Venture Agreement with the husband of the first Applicant, father of the Applicants 2 and 3, Mr.V.K.Prakash, who are the revision petitioners herein, for development of the property comprised in R.S. No.149/2, Patta No.97, measuring about 25,000 sq.fts which belonged to the said Prakash. In terms of the Joint Venture Agreement, the owner was entitled to 36% of the built up area and the developer was entitled remaining 64%. The parties also agreed on the mode of sharing of three floors and it was agreed that if the 4th floor was constructed, then it would be divided in the ratio 40% to the owner and 60% to the developer.