INTOUCH TECHNOLOGIES P LTD Vs. ASHWARYA BUILDERS

JUDGEMENT

(1.) M/s. In Touch Technologies (India) Pvt. Ltd., represented by its Director, has filed this application under Section 11 of the Arbitration and Conciliation Act, 1996 (for short 'the Act') r/w the Scheme for Appointment of Arbitrators, seeking appointment of an Arbitrator for resolution of the disputes between them and the respondent.

(2.) The applicant claims to have entered into a lease agreement under Lease Deed dated 18-6-2001 with the respondent, namely M/s. Ashwarya Builders, for leasing out their premises on the III Floor of premises bearing No. 8-2-5-2/1/AG, Road No. 7, Banjara Hills, Hyderabad, to the applicant for housing their office, for a period upto 17-7-2004. At the time of entering into lease agreement, the applicant claims to have paid security deposit in an amount of Rs. 8,79,300/- to the respondent, as per the terms and conditions of the Lease Deed, which was refundable at the time of vacating the premises by them.

(3.) While the agreement was in force, the applicant by their letter dated 14-8-2003 appears to have terminated the lease invoking Clause 21 of the Lease Deed, on the ground that they no longer required the premises as they were downsizing their operations in India, and requested the respondent to refund the security deposit, after adjusting the amounts, if any, payable by them, as per Clause 2 of the Lease Deed. Thereafter, the applicant addressed another letter to the respondent on 7-11-2003 seeking their permission and informing them that they would vacate the premises on 31 -12-2003 instead of 13-11 -2003 and that the rent payable by them for the months from October, 2003 to December, 2003 be adjusted against the security deposit.