Disposed

Shashikala Rathi and 3 Ors. v. M/S Kieon Developers Pvt.Ltd

Bombay HC11 Feb 2015ARBP/257/2015

Case brief

AI extract

What is this about?

In an arbitration petition by consent, the court referred the dispute arising from a MoU to a sole arbitrator, directed the respondent to deposit Rs.71 lakhs or refrain from alienating property, and fixed terms for the arbitration process and venue at Mumbai.

What did the court decide?

Dispute referred to Ms. Ankita Singhania. Respondent to deposit Rs.71,00,000 or refrain from alienating property. Arbitration to conclude within six months.

Shashikala Rathi and 3 Ors. Vs M/S Kieon Developers Pvt.Ltd — Arbitration | Bombay HC (2015)

920-ARBPL-260-2015

Nitin

IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION

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ARBITRATION PETITION (L) NO. 260 OF 2015

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Shashikala Rathi and Ors. … Petitioners

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Versus

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M/s. Kieon Developers Private Limited … Respondent

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Mr. S. Joshi i/b. Chetan Mhatre for the Petitioners. Mr. P.M. Shah a/w. Mr. M.K. Tanna for the Respondent. Mr. Amit Chheda, Director of the Respondent, present in person.

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CORAM : S.J. KATHAWALLA, J. DATED : 11TH FEBRUARY, 2015

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P.C.

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Heard the learned Advocates appearing for the parties and the following order is passed by consent :

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i. The disputes and differences between the parties arising out of the Memorandum of Understanding dated 11^th August, 2011 are referred to the sole Arbitration of Ms. Ankita Singhania, Advocate.

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ii. The parties and their Advocates shall appear before the learned Arbitrator in her chambers, on 13^th February, 2015 at 5.00 p.m. and obtain necessary directions.

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iii. The learned Arbitrator shall endeavour to pass her Award within a period of six months from the date of the first meeting held by him with the parties and their Advocates.

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iv. The Respondent shall deposit an amount of Rs.71,00,000/- with the

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2 920-ARBPL-260-2015

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Nitin

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Prothonotary and Senior Master of this Court upon selling of his 40% share in the property situated at Khar (West), Mumbai, more particularly described in Exhibit-O to the Petition.

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v. Upon deposit of said amount of Rs.71,00,000/- by the Respondent, the Prothonotary and Senior Master shall invest the same in a fixed deposit of a Nationalized Bank initially for a period of six months.

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vi. In the event of the sale pertaining to the Khar property not going

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through, the Respondent shall not alienate, encumber, part with possession or create third party rights in respect of his 40% without depositing the agreed amount with the Prothonotary and Senior Master.

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vii.The amount of Rs.71,00,000/- deposited with the Prothonotary and

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Senior Master shall be disbursed as per the final Award passed in the arbitration proceedings.

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viii. The cost of arbitration shall initially be borne by the parties equally.

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ix. All contentions of the parties are kept open.

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x. The venue of Arbitration shall be at Mumbai.

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The above Arbitration Petition is accordingly disposed of.

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(S.J. KATHAWALLA, J.)

Shashikala Rathi and 3 Ors. v. M/S Kieon Developers Pvt.Ltd

Case brief

What is this about?

What did the court decide?

Shashikala Rathi and 3 Ors. v. M/S Kieon Developers Pvt.Ltd

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Parties & counsel

Coram

Case details

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