M/S. N D Properties Pvt. Ltd. Vs Sri. Rangappa

M/S. N D PROPERTIES PVT LTD A PRIVATE LIMITED COMPANY INCORPORATED UNDER THE COMPANIES ACT HAVING ITS OFFICE AT NO.398, 2^ND FLOOR, 7^TH CROSS, MICO LAYOUT BTM 2^ND STAGE, REPTD. BY ITS MANAGING DIRECTOR M.K.K. DURANI.

¶11

…PETITIONER

¶12

(BY SRI. RAVIKUMAR M.,ADVOCATE)

¶13

AND:

¶14

SRI. RANGAPPA DECEASED

¶15

Digitally signed by VANAMALA R. CHANDRASHEKAR N S/O LATE RANGAPPA Location: AGED 47 YEARS, High Court of R/AT BABASAHEBARAPALYA, Karnataka BASAVESHWARANAGAR, KENGERI HOBLI, BANGALORE-560 060.

¶16

…RESPONDENT

¶17

(BY SRI.CHOKKAREDDY .,ADVOCATE)

¶18

2 -

¶19

NC: 2025:KHC:18946 CMP No. 274 of 2022

¶20

HC-KAR

¶21

THIS CMP IS FILED UNDER SECTION 11(6) (A) OF ARBITRATION & CONCILIATION ACT, 1996 PRAYING TO APPOINT AN ARBITRATOR TO RESOLVE THE EXISTING DISPUTE BETWEEN THE PARTIES HEREIN IN THE TERMS OF ARBITRATION CLAUSE CONTAINED IN THE JDA DATED 24.04.2008.

¶22

THIS PETITION, COMING ON FOR ORDERS, THIS DAY, ORDER WAS MADE THEREIN AS UNDER:

¶23

CORAM: HON'BLE MR JUSTICE B M SHYAM PRASAD

¶24

ORAL ORDER

¶25

The petitioner has filed this petition for the appointment of a Sole Arbitrator relying upon the Agreement for Arbitration as contained in the Joint Development Agreement dated 24.04.2008. The petitioner also relies upon a contemporaneous General Power of Attorney executed by the first respondent who is no more, and in whose place by a separate daily order today, the second respondent is impleaded. This Court had disposed of this petition

¶26

3 -

¶27

NC: 2025:KHC:18946 CMP No. 274 of 2022

¶28

HC-KAR

¶29

on 12.01.2024 appointing a former Judge of this Court as the Sole Arbitrator, but in the circumstances captured by a separate daily order of even date, this order is recalled and the petition is once again taken up for final disposal.

¶30

The petitioner asserts that it is entitled to develop the subject property in Sy. No.27 of K. Krishnasagara Village, Kengeri Hobli, Bengaluru South Taluk, measuring 5 acres 7 guntas on terms as contained in the Joint Development Agreement dated 24.04.2008, which is executed by the deceased first respondent. The second respondent, one of the legal heirs of the deceased first respondent, has agreed to settle all the petitioner's rights under the aforesaid Joint Development Agreement by paying a sum of Rs.38,81,250/-.

¶31

The terms of the Settlement as mentioned in the Joint Memo read as under:

¶32

4 -

¶33

NC: 2025:KHC:18946 CMP No. 274 of 2022

¶34

HC-KAR

¶35

"The petitioner has satisfied the settlement amount Rs.38,81,250/given by the Respondents, it is full and final settlement of the parties in following conditions.

¶36

a. The petitioner has already filed original JDA and GPA in this court, same shall be released / handed over to the Respondent. Since the matter is settled with the petitioner.

¶37

b. The Respondent has paid the amount of Rs.38,81,250/- to the petitioner. It is full and final settlement amount by way of DD bearing No. 501533, for Rs.38,81,250/dated 03-06-2025 drawn on ICICI Bank, Kumbalagodu Branch, Bangalore-60.

¶38

c. The petitioner declares that, he has no objections to release the development sites or payment of the compensation amount to the Respondent / landlord in respect of JDA property from the BDA.

¶39

d. The Respondent has liberty to hold the development sites and lease, mortgage, sale, etc., to the third parties and banks.

¶40

5 -

¶41

NC: 2025:KHC:18946 CMP No. 274 of 2022

¶42

HC-KAR

¶43

e. The petitioner declare that, he has not developed residential layout of the JDA property, same was developed by the BDA.

¶44

f. The Respondent and petitioner have settle their dispute in above terms."

¶45

The petitioner and the second respondent are

¶46

present, and they are identified by their respective counsels. These parties acknowledge the terms as aforesaid but also handing over of the Demand Draft dated 03.06.2025 as is mentioned in this Joint Memo.

¶47

When queried, it is placed on record on behalf of the second respondent that the second respondent has tendered a sum of Rs.38,81,250/- in full and final settlement as aforesaid without prejudice to the legal rights of the other legal heirs of the deceased first respondent but subject to protecting his rights as against the other legal heirs for the value as is now tendered. In the light of the

¶48