DAYALGOPALDAS MULCHANDANI AND TWO ORS Vs. SAVITA

JUDGEMENT

(1.) THIS is an application seeking for appointment of Arbitrator under Section 11 (6) of the Arbitration and Conciliation Act, 1996. The background facts leading to the filing of the application can be summed up as under : There was an agreement (Annexure-A to the application) executed between the parties namely Shri Amritlal s/o Valabhdas Panchmatia on one part, and Shri Dayal Gopaldas Mulchandani on the other part, in respect of 12. 50 % undivided share and interest in total land admeasuring 899. 70 sq. meter bearing Revenue Kh. No. 343, Mouza Sitabuldi, Nagpur, City Survey No. 2416, Sheet No. 247/46, Chalta No. 56 of Mouza Sitabuldi, Nagpur and bearing Municipal Corporation House No. 876 (old No. 893) of new Ward No. 65 (old Ward No. 35), Nagpur, Tahsil and District Nagpur, within the limits of Nagpur Municipal Corporation and Nagpur Improvement Trust, purchased vide sale deed under Sr. No. 3164 dated 15/3/1991 registered in Book No. 1-A Volume 1344 on pages 126 to 139, at Serial No. 3052 on 15/3/1991, in the office of Sub Registrar, Nagpur, having purchased the same from one late Dr. Narayan Madhaorao Ghatate, by the non-applicant nos. 1 to 5 on 4/10/1989.

(2.) IN accordance with the sale, the undivided proportionate share of the owners, i. e. non-applicant nos. 1 to 5, as mentioned in the sale deed is as under: i)Non-applicant No. 1 :50% shares ii)Non-applicant No. 2 to 5:12. 50% each. It appears that non-applicant No. 3, thereafter, sold 50% of the property owned by him i. e. 6. 25% of the undivided share and interest in the aforesaid land to the non-applicant No. 6, i. e. his son. The remaining 50% of the share was sold to non-applicant No. 7 and after these transactions, the non-applicants became the owners of the said property and the percentage of undivided shares of the non-applicants in the said property was constituted as under :

(3.) THE agreement dated 18/1/1996 between the parties, was entered as the aforesaid property was capable of being developed into a multistoreyed building containing of various self contained commercial office blocks and residential tenements. It was agreed between them that the total consideration will be Rs. 5,50,000/- only. The other clauses of the agreement are not relevant for the decision of this application.