AKKADIAN HOUSING AND INFRASTRUCTURE PVT. LTD. AND ORS. Vs. PANTHEON INFRASTRUCTURE PRIVATE LIMITED AND ORS.

JUDGEMENT

(1.) WHETHER a reply filed by a respondent to an application seeking for interim relief could be considered to be the first statement of substance disentitling the said respondent from invoking the provisions of Section 8 of Arbitration and Conciliation Act, 1996 seeking for referring the parties to arbitration is the main issue that has arisen for consideration in this order.

(2.) THE facts of the case are: The petitioners have filed this petition under Section 397/398 of the Companies Act, 1956 alleging oppression and mismanagement in the affairs of Pantheon Infrastructure Pvt. Ltd. (the company). The 2petitioner, a Canadian National (Group A) entered into an agreement dated 23.12.1999 with the 2respondent (Group B) to form a joint venture to purchase and develop a property then belonging to M/S Park Davis Limited. Some of the salient terms of the agreement are:

(3.) WHEN the petition was mentioned and interim reliefs were sought on 9.12.2005, the respondents desired to have some time to file their replies to the prayer for interim reliefs. Accordingly, the matter was adjourned to 15.12.2005. The 2respondent filed an affidavit in reply to the interim reliefs on 14.12.2005. On 15.12.2005, the matter relating to grant of interim reliefs was part heard and concluded on 19.12.2005. On 19.12.2005, 1st, 2and 6th respondents - each filed an application under Section 8 of the Arbitration & Conciliation Act, 1996 (the Act) seeking for referring the parties to arbitration in terms of the arbitration clause in the agreement dated 23.12.1999 and also in terms of Article 26 of the AOA of the company. These applications have been opposed by the petitioners on various grounds.