CAPRIHANS INDIA LIMITED Vs. HINDOOSTAN MILLS LIMITED

JUDGEMENT

(1.) The above Arbitration Petition has been filed challenging the Award dated 20/10/2016 passed by the Arbitral Tribunal.

(2.) On behalf of the Respondent a preliminary issue is raised as regards the maintainability of the above Arbitration Petition on the ground that the Petition has been filed by the Power of Attorney of the Petitioner one Mofatraj Munot who is not authorized to do so having regard to the terms of the Power of Attorney dated 24/09/1997 executed by the Petitioner Company in his favour.

(3.) The Award dated 20/10/2016 has been passed in the arbitral proceedings arising out of the dispute between the Petitioner and the Respondent which dispute revolves around the terms of the Development Agreement dated 29/10/199 The dispute in the said arbitration proceedings was in respect of the claim of the Petitioner against the Respondent in respect of the payment to be made by the Respondent in respect of the cost of construction which was to the tune of Rs.7.26 crores. In the said arbitration proceedings the Respondent had made a Counter Claim on the basis that the relationship of the parties was that of being Joint Venture Partners and that in the said circumstances the Respondent did not have to reimburse any prorata cost of construction and instead was entitled to 50% share in the profits in the development project. Under the said Development Agreement, the building known as "Kalpataru Heights" has been constructed.