JOLLY BROTHERS PVT. LTD. Vs. SURENDRA NATH JOLLY

JUDGEMENT

(1.) This is a Petition filed under Sec. 34 of the Arbitration and Conciliation Act, 1996 ("the Act"), impugning an Arbitral Award dated October 10, 2015 ("the Impugned Award"), by which the Learned Arbitral Tribunal has dismissed the Petitioner's contention that a Memorandum of Understanding dated December 7, 2006 ("MOU") for transfer of land is subsisting and is amenable to specific performance.

(2.) The MOU was executed between the Petitioner, Jolly Brothers Pvt. Ltd. ("Company") and the Respondents, certain members of the wider Jolly Family ("Jollys"), by which, a particular parcel of land admeasuring about 4.1 acres ("Subject Land") was meant to be surrendered by the Jollys in favour of the Company on the terms and conditions set out therein.

(3.) The wider family of which the Jollys were a part, had been involved in various internal disputes and differences. The wider Jolly Family was classified under three different branches, loosely called the "Pune Group", the "Bangalore Group" and the "Hyderabad Group". The Respondents, the Jollys, fall within the "Hyderabad Group".