MALAV CULTURES PVT LTD Vs. SOMYAK REAL ESTATE

JUDGEMENT

(1.) HEARD.

(2.) PETITIONER has filed this petition under Section 11 (4) of the Arbitration and Conciliation Act, 1996 for appointment of an Arbitrator as per the terms and conditions of the arbitral agreement.

(3.) THE submission of the learned Counsel for the applicant in the petition is that the petitioner is the owner of Plot Nos. 87, 88 and 89 situated at Anoop Nagar, Indore. On 28-1-1997, parties entered into an agreement for the development of the land, i. e. , for construction of a multi-storied building on plot Nos. 88 and 89 and a house on plot No. 87. As per the terms and conditions of the said agreement, the owner was entitled to 40 percent of the constructed built-up area of the portions of the building which was to be constructed by the respondent on plot Nos. 88 and 89 and the respondent was entitled to the remaining 60 percent. It was also agreed by the parties that the house may be constructed on plot No. 87 by the respondent at his own cost and which will be completed in the ownership of the petitioner and the respondent will not be entitled to any share in it.