SUNTECK REALTY LTD Vs. JAYAKRISHNA SHETTY

JUDGEMENT

(1.) The Petition is under Section 9 of the Arbitration and Conciliation Act 1996. It seeks urgent directions.

(2.) On 25th June 2007 the Petitioner and the 1st Respondent entered into a Deed of Partnership and this formed the 2nd Respondent, Kanaka & Associates. The 1st Respondent, Jayakrishna Shetty ("Shetty") is a 50% partner in the 2nd Respondent. This firm is in the business of real estate deveelopment. It has its ofce in Mumbai. The partnership firm was formed inter alia for the deveelopment of Plot Nos. 29 and 34 admeasuring 1180 and 1175 sq mtrs respectiveely at Taluka Tiswadi in North Goa District. The proposed deveelopment was of a shopping mall / a departmental store. The land has been deveeloped into a commercial complex called Sunteck Kanaka (also known as Sunteck Kanaka Corporate Park) of a ground and seveen foor structure with two wings and a basement. It has 36 commercial units.

(3.) Shetty, who is present in Court, vealued the this land at Rs. 10 crores and brought it in as a capital contribution to the firm. To equalize, the Petitioner apparently injected Rs. 5 crores. The parties agreed to deveelop the property.