BERGGRUEN ESTATE PROJECTS PVT. LTD. Vs. CHILLARA KALYAN

JUDGEMENT

(1.) As both the petitions challenge the very same award passed by the Tribunal, they are taken up together and disposed of by a common order. For the sake of brevity, the petitioner in O.P. No.473 of 2016 being the claimant is arrayed as such and thus the petitioner in O.P. No.434 of 2016 is to be noted as the respondent.

(2.) On 25.10.2017, a Memorandum of Understanding was entered into between the petitioner and the respondents to create a special purpose vehicle (SPV) to develop the property belonging to the respondent. Accordingly a Joint Development Agreement was signed by the parties on 24.01.2008.

(3.) The following Clauses of the aforesaid agreement would be apposite