SHARAD SHAH Vs. SONATA REALTY PRIVATE LIMITED

JUDGEMENT

(1.) The Petitioner has invoked Section 9 of the Arbitration and Conciliation Act, 1996 (for short, "the Arbitration Act") on 21 December 2010, against the Respondent and prayed for reliefs; prohibitory injunctionreceiver and security. A prayer is also made to prevent termination of the Memorandum of Understanding (for short, "the MOU") and the Power of Attorney dated 2 February 2009.

(2.) The Respondent is the owner of the land admeasuring 9827 square meters and bearing Survey No. 41/1A bearing CTS No. 1C/3A situated at Village Oshiwara, Taluka Andheri, "the larger property" (Exhibit "A"); and the land admeasuring 3500 square meters and bearing Survey No. 41/1A bearing CTS No. 1C/3A at Village Oshiwara, Taluka Andheri, "the smaller property" (Exhibit "B").

(3.) In the month of December 2008, negotiations commenced between the Petitioner and the Respondent for joint development of the larger property. On 2 February 2009, the MOU was executed whereby, the Petitioner "agreed" to finance to the Respondent a sum of Rs.15 crore, on depositing original title deeds of the property admeasuring 3500 square meters and executed for the same a Power of Attorney also.