SKYTOP BUILDERS PRIVATE LIMITED AND ORS. Vs. THE ADDITIONAL REGISTRAR OF CO-OPERATIVE SOCIETIES (HOUSING AND MISCELLANEOUS) AND ORS.

JUDGEMENT

(1.) THIS revision petition is filed under Section 107 of the Karnataka Co -operative Societies Act, 1959, challenging the order dated 7 -4 -2014 passed by the R1 -Additional Registrar of Co -operative Societies (Housing and Miscellaneous), No. 1, Ali Asker Road, Bangalore, in Dispute No. on his file. The facts and circumstances which have lead to the filing of this revision petition are as follows:

(2.) The petitioner 1 is a company registered under the Companies Act, 1956 and the petitioner 2 is its Managing Director. Petitioner 1 -company is in the business of developing the properties in the State of Karnataka. R2 is a Housing Co -operative Society registered under and governed by the provisions and Karnataka Co -operative Societies Act, 1959. As part of its housing activities the R2 -Society approached the petitioners for procuring the lands in and around Bangalore for the purpose of formation of sites to distribute the same among its members. R2 -Society also requested the petitioners to purchase and develop the lands as per the procedures laid down and in accordance with the provisions of Karnataka Land Reforms Act, 1961 and Karnataka Land Revenue Act, 1964.

(3.) IN the modified agreement an arbitration clause was introduced which said: