YOGESH MEHTA Vs. S A CONTRACTOR

JUDGEMENT

(1.) Heard finally by consent of the parties.

(2.) The petitioner has invoked Section 34 of the Arbitration and Conciliation Act, 1996 (for short, "the Arbitration Act") and thereby challenged the Award dated 11.02.2009 passed by the sole Arbitrator and thereby directed the respondent to refund the amount of Rs.12,50,000/together with interest at 15% p.a. from 01.10.2002 till payment and the counter claim of the petitioner was dismissed.

(3.) The petitioner/original claimant is doing the business as builders and developers. The respondent is doing business as a broker/dealer in Transferable Development Rights (TDR). By an Agreement dated 3rd July, 2002, the petitioner entered into an agreement with the respondent for sale of 650 sq.mts. Of TDR to be generated from the Slum Rehabilitation Project of M/s. S. B. Developers. Under the agreement, a sum of Rs.12,50,000/was advanced to the respondent.