Bdr Builders & Developers Private Ltd. Vs Lalit Modi

This is a petition under section 9 of the Arbitration and Conciliation Act, 1996 seeking interim orders against property being 32, Paschimi Marg, Vasant Vihar, New Delhi. On 15.3.2017 this court had directed the respondent to maintain status quo with regard to title and possession of the property.

Dispute centres around an Agreement to Sell dated 24.6.2014 said to have been executed between the parties. It is urged that the respondent has received Rs.3,05,00,000/- by RTGS on 24.6.2014. Pursuant to dispute between the parties the Arbitrator has by his Award dated 21.11.2016 passed a decree of Specific Performance. The respondents have filed objections under section 34 of the Act. Execution is also filed by the petitioner. Learned counsel for the parties submit that the parties are also trying to settle the matter and in all probability the issue would be sorted out by 15.11.2017.

In view of the above, the interim order dated 15.3.2017 is made absolute and shall continue till pendency of the aforesaid two petitions.

Petition stands disposed of. All pending applications, if any, also stand disposed of.

JAYANT NATH, J

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SEPTEMBER 04, 2017 n

Bdr Builders & Developers Private Ltd. v. Lalit Modi