Case No.
OMP (ENF.) (COMM.) 159/2019, EX.APPL.(OS) 940/2023, EX.APPL.(OS) 941/2023, EX.APPL.(OS) 942/2023
Bench
Dinesh Kumar Sharma J.
Acts & Sections
Arbitration and Conciliation Act, 1996 §34
Arbitration and Conciliation Act, 1996 §36
CPC §47
CPC §151
CPC §Order XXI Rule 2(2)
Limitation Act, 1963 §5
Headnote
AI-drafted · Reviewed and approved
The Decree Holders (Landmark Group) obtained an Arbitral Award dated 07.09.2018, as corrected on 17.09.2018 and 13.11.2018, against Ansal Properties & Infrastructure Ltd. (Judgment Debtor No.1) arising out of disputes under a Business Transfer Agreement dated 02.04.2012 relating to a joint venture for real estate development. The award was passed by a sole arbitrator, the late Hon'ble Mr. Justice Ramesh Chandra Lahoti (Retd.), former Chief Justice of India, and enforcement proceedings were initiated under Section 36 of the Arbitration and Conciliation Act, 1996.
The Judgment Debtor filed applications under Section 47 and Order XXI Rule 2(2) read with Section 151 CPC seeking certification of adjustment, discharge and satisfaction of the award, contending that the parties had entered into a comprehensive settlement on 21.03.2023 involving a Supplementary cum Amendment Agreement and related documents, executed in good faith and held in escrow with a mutually trusted third party pending completion of agreed performances. The Judgment Debtor also sought condonation of delay under Section 5 of the Limitation Act, 1963 in filing the said application.
The Court examined whether the alleged settlement agreements and undertaking letter dated 21.03.2023 amounted to a valid adjustment, discharge or satisfaction of the award so as to warrant disposal of the enforcement proceedings, and analysed the competing contentions of the parties as to the binding nature and enforceability of the settlement documents, the authority of signatories, and the legal effect of the undertaking letter relied upon by the Judgment Debtors.
Catchwords:
Arbitration · Enforcement of award · Section 36 Arbitration and Conciliation Act · Section 47 CPC · Order XXI Rule 2 CPC · Adjustment and satisfaction of decree · Settlement agreement · Escrow arrangement · Condonation of delay · Section 5 Limitation Act · Joint venture · Business Transfer Agreement · Real estate · Sole arbitrator
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Full Judgment Text
[Cites 43, Cited by 0]
Delhi High Court
Landmark Property Development And ... vs Ansal Properties & Infrastructure Ltd. ... on 3 October, 2024
Author: Dinesh Kumar Sharma
Bench: Dinesh Kumar Sharma
$~
* IN THE HIGH COURT OF DELHI AT NEW DELHI
RESERVED ON - 10.09.2024.
% PRONOUNCED ON - 03.10.2024.
+ OMP (ENF.) (COMM.) 159/2019, EX.APPL.(OS) 940/2023,
EX.APPL.(OS) 941/2023, EX.APPL.(OS) 942/2023
LANDMARK PROPERTY DEVELOPMENT AND COMPANY
LTD. & ORS. .....Decree Holders
Through: Mr. Amit Sibal, Mr. Siddharth
Aggarwal, Sr. Advs. with Ms.
Manmeet Kaur, Mr. Gurtejpal Singh,
Mr
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