EVERTOP APARTMENTS COOPERATIVE HOUSING SOCIETY LIMITED Vs. LOTUS LOGISTICS AND DEVELOPERS PRIVATE LIMITED

JUDGEMENT

(1.) Pursuant to the earlier orders of this Court, today when the matter is called out, Mr. Seksaria, learned Senior Counsel appears for the Respondent No.1 and submits that in view of the order dtd. 13/1/2026 of the learned Single Judge of this Court in Commercial Arbitration Petition (L) No. 34791 of 2024 under Sec. 34 of the Arbitration and Conciliation Act, 1996 (the "Arbitration Act"), modifying / extending the timeline for the Respondent No.1 to directly go for regularisation and obtain occupation certificate for 'A' wing building within a period of 9 months, the Respondent No.1 is not liable as on date to make payments of Rs.128.98 Crs as the said liability would arise only in the event the occupation certificate is not secured by the Respondent No. 1 or in the alternative, the 'A' wing of the building is not regularised by the Respondent No.1.

(2.) Learned Senior Counsel for the Respondent No.1 has submitted that as regards the other five items under the award under execution, with respect to the monthly compensation payable for the period from February, 2014 to October, 2015 at the rate of Rs.80.00 per sq. feet per month, per member, sum of Rs.45,82,500.00 towards alleged area shortfall, the property tax liability for the period from November, 2008 to 15/10/2015, interest at the rate of 8% p.a. or 12% p.a. as awarded by the Arbitral Tribunal on the above amounts and the costs of Rs.35,00,000.00, he is tendering to the learned Counsel for the Execution Applicant, pay orders of a consolidated sum of Rs.10,65,48,083.00 in satisfaction of the award which are accepted by Mr. Raheja, learned Counsel for the Execution Applicant without any demur. Mr. Seksaria draws this Court's attention to the affidavit in reply dtd. 22/1/2026 of the Judgment Debtor viz. the Respondent No.1 to the Interim Application and in particular to paragraph-11 where the pay order numbers and the corresponding amounts are mentioned. Mr. Seksaria, learned Senior Counsel has submitted that, therefore, the award as regards the aforementioned five items is concerned, be marked satisfied.

(3.) As regards the amount of Rs.128,98,00,000.00 together with interest, Mr.Seksaria, learned Senior Counsel reiterates that the same would become payable only after the expiry of the extended aggregate period of 9 months from 13/1/2026 and that too only upon contingencies mentioned in the said order.