VINEET PRIVATE LTD. Vs. ABL INTERNATIONAL LTD.

JUDGEMENT

(1.) There is a building popularly known as the Air Conditioned Market, at 1, Shakespeare Sarani, Kolkata - 700 071. At one point of time, it was the only air conditioned market in this city. It was also one of the most fashionable places for shopping. With the advent of modern malls and super markets, its popularity may now be shared with them but the value of the property is one of the highest in Kolkata.

(2.) The fifth floor is owned by Vineet Private Limited, the respondent in AP No. 456 of 2014. It has a very large area of 19, 035 square feet. The respondent in AP No. 455 of 2014 ABL International Ltd. is the owner of the seventh floor of the building, having an area of 17, 320 square feet. The two arbitration proceedings referred to above, AP 455 of 2014 and AP 456 of 2014 are Section 34 applications to set aside arbitral awards, both dated 20th December, 2013, taken out by Jute Corporation of India Ltd (the respondent). One award is in respect of each floor. These arbitral awards are also challenged by Vineet and ABL (the claimants) (AP 616 of 2014 and AP 618 of 2014).

(3.) At one point of time, a company by the name of Sudera Enterprise Private Ltd. owned the fifth and the seventh floors. Legal proceedings between them and the respondent culminated in a Special leave petition before the Supreme Court of India. As a result of it, on 24th January, 2000, after several rounds of discussion between the parties, Sudera executed separate alleged leases in favour of the respondent for the fifth and seventh floors. Neither was registered. Both were under stamped. The fifth floor was allegedly demised with effect from 1st September, 1994 for ten years, expiring on 1st September, 2004. The seventh floor, was allegedly demised from 1st January, 1997, for ten years expiring on 1st January, 2007.