ADITYA BIRLA RETAIL LIMITED Vs. ASHAPURA DEVELOPERS

JUDGEMENT

(1.) The petitioner has invoked section 9 of the Arbitration and Conciliation Act, 1996 (for short, "the Act") for securing the amount of Rs. 4,34,59,200/-(Four crores thirty four lacs fifty nine thousand two hundred only) with interest @ 18% p.a. from 27th October, 2008 with a liberty to withdraw the same; also prayed that in the event the respondent failed to deposit the amount, to issue a Warrant of Attachment before judgment under the Provisions of Order XXXVIII of the Code of Civil Procedure (for short, "C.P.C.") and attach the premises described in the plaint; also prayed for an injunction against them from selling, transferring, alienating, encumbering, disposing off or creating any third party right, title or interest of the premises described in Exhibit "A".

(2.) Admittedly, there is an arbitration clause in the agreement, executed between the parties called "the leave and license Agreement" dated 5/7/2008. On the same day, three other agreements being (i) Facilities Agreement, (ii) Parking and Amenities Agreement and (iii) Option Agreement were also executed between them.

(3.) The petitioner duly deposited with the respondent a refundable security deposit of Rs. 4,34,59,200/. The petitioner was put in possession of the premises by the respondent, accordingly.