EMERALD WOOLLEN MILLS PRIVATE LIMITED Vs. HANUMAN DEVELOPERS

JUDGEMENT

(1.) This is a petition under Section 34 of the Arbitration and Conciliation Act,1996 (for short 'the Arbitration Act') whereby the petitioner-respondent before the arbitral tribunal, challenges the award dated 1 January 2018 passed by the learned sole Arbitrator. By the impugned award the claims as made by the respondent are allowed by the arbitral tribunal in the following operative terms:

(2.) Briefly the facts are :

(3.) A memorandum of understanding (for short "MOU") dated 31 January 2005 came to be entered between the petitioner and the respondent under which the petitioner agreed to grant development rights, of an immovable property admeasuring 17856.61 sq. meters bearing Gut No.1/1 (part), 1/6 (part), 1/7 (part), of Village Chitalsar, Manpada, Thane, to the respondent on the terms and conditions as set out in the MOU. The relevant terms of the MOU are clause I(p), Clause III(a) to (g), Clause 2, Clause 4, Clause 5, Clause 6, Clause 7, Clause 8, Clause 10 which are extracted in paragraph 4 of the Award. In short these conditions were that the petitioner will settle with and/or pay off the claims of the Central Bank of India, settle the disputes in Suit no.435 of 2001 with one Bombay Fiber and that it will also procure and control the management of Hind Dyes & Manufacturing Co. Pvt. Ltd. (for short 'Hind Dyes') by acquiring its entire share capital. By taking all these actions, the petitioners were to procure a clear and marketable title, free from all encumbrances in respect of a sub-lease areas in his favour.