In a significant legal development, the Delhi High Court has delivered a crucial judgement on an arbitration dispute involving Ishayu Builders and Developers Private Limited. The case sheds light on unresolved issues regarding the development of an IT/Cyber Park colony and the non-execution of conveyance deeds. Stay informed with all the details and implications of this landmark ruling.
Facts
- The petitioner has sent a Notice of Arbitration to the respondents reiterating legitimate demands and seeking initiation of arbitration.
- The respondent No 2, Ishayu Builders and Developers Private Limited, owns the land where an IT/Cyber Park colony was to be developed.
- The Director, Town & Country Planning, Haryana, granted a license to respondent No 2 for the development of the colony.
- The petitioner paid an amount for the allotment of units in the project but has not received possession or conveyance.
- The respondent developed South Tower B & North Tower D in the IT Office Spaces under the name ‘Splendor Spectrum One’.
- The petitioner entered into three Tripartite Agreements for the sale of the units but the respondent has not executed conveyance deeds.
- The appointment of a sole arbitrator by the respondent No 1 Company is contested by the petitioner as it is considered invalid under the law.
- Despite objections raised by the respondents, an arbitrator, Mr. Anant Palli, has been appointed to adjudicate the disputes.
- The parties have the liberty to raise objections before the arbitrator as per the Arbitration and Conciliation Act, 1996.
- The arbitrator’s appointment is subject to necessary disclosures and eligibility under the Act.
Decision
- The application filed by Original Name 1 is allowed.
- The application is disposed of accordingly.
Case Title: VIJAY MAHESHWARI Vs. SPLENDOR BUILDWELL PRIVATE LIMITED & ANR. (2024:DHC:3826)
Case Number: ARB.P.-388/2024
