LAND MARK APARTMENT PVT.LTD. Vs. SOMBIR

JUDGEMENT

(1.) This petition is filed under Section 11 of Arbitration and Conciliation Act, 1996 (hereinafter referred to as 'the Act') for appointment of an Arbitrator to settle the dispute between the applicant and the respondents as per the provisions of Clause 27 of the Collaboration Agreement dated 08.8.2010 entered into between the parties. In the application, 17 persons are arrayed as the respondents. However, during the pendency of the present application, the applicant have settled the matter with most of the respondents except Respondent Nos.3, 4, 6, 7, 12 & 15. Therefore, the instant petition survives only qua these respondents.

(2.) The respondents are the owners in possession of land comprising in Rect. No.10, Killa No.2/2(4-14), Killa NO.3 (7-11), Killa No.4/1 (3- 16), KIlla No.6 (7-11), Killa NO.7 (7-6), Killa No.15 (8-0), Killa No.17 (8-0), Killa No.17(8-0), Killa No.16 (8-0), Killa No.25/1 (3-11), Killa No.8/1 (4-0), Killa No.26 (0-10) total measuring 66 kanals 5 marlas (8.28125 acre) out of the total land of 70 kanals 19 marlaas situated in Revenue Estate of Village Tikampur, Tehsil & District Gurgaon (hereinafter referred to as 'the said land'). The applicant and respondents entered into a Collaboration Agreement dated 08.8.2010.

(3.) As per the applicant, after the execution of Collaboration Agreement dated 08.8.2010, the respondents again approached the applicants and showed their willingness to transfer the said land in favour of the applicant instead of getting 32% share in the project as earlier agreed as per Collaboration Agreement dated 08.8.2010. It is also the case of the applicant that on the request of the respondents, agreement for sale was duly executed between the parties on 09.8.2010 and the amount of Rs.2,60,85,937.50/- paid by the applicant to the respondent as interest free security was adjusted towards agreement for sale dated 09.8.2010 as advance/earnest amount adjustable towards the total sale consideration towards the cost of the said land. The total sale consideration of the said land was fixed at Rs.3,15,00,000/- per acre, i.e., Rs.26,08,59,375/- as the cost of the said land measuring 66 kanals 5 marlas.