AMAR NAGAR Vs. VIKAS NARAYAN RAIKAR

JUDGEMENT

(1.) By this petition filed under Section 37 of the Arbitration and Conciliation Act, 1996, the Petitioners have impugned the order dated 10th February, 2014 passed by the learned Arbitrator under Section 17 of the said Act directing the petitioner no.1 not to proceed with the SRA project with the heirs of the original owners or M/s. Gupta Housing Pvt. Ltd. or persons claiming through them as developers on the portion of land belonging to the original owner late Mrs. Rajrani Harbanslal Gupta admeasuring 2500 sq. mtrs. Some of the relevant facts for the purpose of deciding this petition which is in the nature of an appeal under Section 37 of the Act are as under :-

(2.) By a notification dated 18th March, 1976, the Maharashtra Slum Improvement Board of Mumbai declared the area bearing Survey No.58, Amar Nagar, Borla Village Chembur, Mumbai as a slum area. Members of the petitioner no.1-Society are residing in the said slum area. Area admeasuring 5651 sq. yards equivalent to 4724.80 sq. mtrs. was held by Mrs. Rajrani Harbanslal Gupta.

(3.) On 16th December, 2004, Mrs. Rajrani H. Gupta entered into a Memorandum of Understanding (MOU) with the respondent no.1 and permitted the respondent no.1 to develop a portion admeasuring 2989 sq. yards equivalent to 2500 sq. mtrs. out of the portion of the property admeasuring 5651 sq. yards equivalent to 5730 sq. mtrs. which was covered by about 120 hutments out of the total 400 hutments covering on the larger plot. On 10th October, 2007, Mr. Rajrani H. Gupta expired. A portion of larger plot admeasuring 5161 sq. yards devolved upon Mr. Sudhir H. Gupta and Ashwin H. Gupta upon demise of Mrs. Rajrani H. Gupta.