Disposed

Tulsabai v. Chandak and 2 Ors. v M/S. Kieon Developers Pvt.Ltd.

Bombay HC11 Feb 2015ARBP/269/2015

Case brief

AI extract

What is this about?

The Court passed a consent order referring disputes arising from a Memorandum of Understanding to sole arbitration, specifying the arbitration timeline, venue, initial cost sharing, and requiring the respondent to deposit a specific sum against share sale proceeds.

What did the court decide?

Dispute referred to sole arbitration; Respondent to deposit Rs. 77,75,000/- against share sale; Arbitrator to award within six months.

Tulsabai v. Chandak and 2 Ors. Vs M/S. Kieon Developers Pvt.Ltd. — Arbitration | Bombay HC (2015)

921-ARBPL-261-2015

Nitin

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

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ARBITRATION PETITION (L) NO. 261 OF 2015

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Tulsabai Chandak & 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 13^th July, 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.77,75,000/- with the

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2 921-ARBPL-261-2015

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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.77,75,000/- 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.77,75,000/- 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.)

Tulsabai v. Chandak and 2 Ors. v M/S. Kieon Developers Pvt.Ltd.

Case brief

What is this about?

What did the court decide?

Tulsabai v. Chandak and 2 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

Statutes considered

Parties & counsel

Coram

Case details

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