Delhi High Court - Orders
M/S Jmd Ltd vs Raj Buidlwell Pvt Ltd on 30 May, 2023
Author: Navin Chawla
Bench: Navin Chawla
$~21
* IN THE HIGH COURT OF DELHI AT NEW DELHI
+ O.M.P.(I) (COMM.) 179/2023
M/S JMD LTD ..... Petitioner
Through: Mr.Saurabh Kirpal, Sr. Adv.
with Mr.Arjun Sawhney,
Mr.Rohan Bhambri, Mr.Nikhil
Arora, Advs. alongwith
Mr.Sunil Bedi and Ms.Pooja
Sharma, AR
versus
RAJ BUIDLWELL PVT LTD ..... Respondent
Through: Mr.Viksit Arora, Adv.
CORAM:
HON'BLE MR. JUSTICE NAVIN CHAWLA
ORDER
% 30.05.2023 I.A. 10704/2023 (exemption)
1. Allowed, subject to all just exceptions.
O.M.P.(I) (COMM.) 179/2023
2. This petition has been filed under Section 9 of the Arbitration and Conciliation Act, 1996 (hereinafter referred to as the 'Act') praying for the following reliefs:
"a. Pass an Order restraining the Respondent Company and its directors/ agents/ representatives/ assignees/ servant or any other but not limited to the above-mentioned from creating third-party interest, in the Said Land i.e., admeasuring 10.89 acres situated at Sector-71, Village Fazilpur Jharsa, Tehsil and District, Gurugram, Haryana and/or;
b. Pass an Order to restrain its directors /agents /representatives /assignees/ servants or any other but not limited to the abovementioned of the Respondent Company from creating any third party right/interest in the said project on the said land and/or;
c. Pass an Order in favour of the Petitioner Company by securing and attaching land This is a digitally signed order.
The authenticity of the order can be re-verified from Delhi High Court Order Portal by scanning the QR code shown above. The Order is downloaded from the DHC Server on 08/10/2023 at 03:24:28 worth Rs. 40,00,00,000/- (Rupees Forty Crores Only) out of 10.89 acres situated at Sector-71, Village Fazilpur Jharsa, Tehsil and District, Gurugram, Haryana i.e., calculated at Rs. 3300 per sq. ft. of the covered area proportionately to plotted land and/or;
d. Pass an Order in the favour of the Petitioner Company and against the Respondent Company and restrain the Respondent Company to the effect that the Respondent Company should not in any way dilute the shareholding/property/assets/said property of the company under the name and style of 'M/s Raj Buildwell Private Limited' and/or;
e. Pass an Order directing the Respondent Company to disclose and deposit sale proceeds generated from the sale of plots on the Said Land i.e., admeasuring 10.89 acres situated at Sector-71, Village Fazilpur Jharsa, Tehsil and District, Gurugram, Haryana post passing of the said award 03.04.2023 and/or;
f. Pass an Order in the favour of the Petitioner Company and against the Respondent Company and direct the Respondent Company to deposit the amount of Rs. 40,00,00,000/- (Rupees Forty Crores Only) with this Hon'ble Court and or to the Petitioner Company and/or;
g. Pass an Order in the favour of the Petitioner Company and against the Respondent Company and attach the bank accounts/assets/shares/sale of the said property of the Respondent Company to the tune of Rs. 40,00,00,000/- (Rupees Forty Crores Only)."
3. It is the case of the petitioner that by the Arbitral Award dated 03.04.2023, the respondent has been found liable to pay an amount of Rs.34,65,00,000/- alongwith pendent lite and simple interest at the rate of 10% p.a. to the petitioner company. The respondent has further been held liable to pay a sum of Rs.17 Lakhs as Arbitrator's fee and Rs.25 Lakhs as legal fee to the petitioner. The respondent in turn has been awarded a sum of Rs.2 Crores alongwith pendent lite interest at This is a digitally signed order.
The authenticity of the order can be re-verified from Delhi High Court Order Portal by scanning the QR code shown above. The Order is downloaded from the DHC Server on 08/10/2023 at 03:24:28 the rate of 10% p.a. to be paid by the petitioner.
4. The learned senior counsel for the petitioner submits that, in effect, the respondent shall be liable to pay a sum of approximately Rs.40 Crores to the petitioner. The present petition has been filed seeking security for the said amount.
5. The learned counsel for the respondent, who appears on advance notice, fairly bring to the notice of this Court the order dated 12.12.2022 passed by the learned Sole Arbitrator whereby on a concession/statement of the respondent, it was directed that the respondent shall keep aside 20 residential plots in the proposed development under Deen Dayal Upadhyay Jan Awas Yojana on the subject land, and will not sell, transfer, assign, allot, book or otherwise create any third party interest in the same. This order has continued till the passing of the Arbitral Award. He submits that the respondent is willing to continue the said arrangement till such time its petition under Section 34 of the Act, which it proposes to file, is considered or a petition under Section 36 of the Act filed by the petitioner herein is considered by the Court.
6. Binding the respondent to the above statement, the present petition is disposed of.
NAVIN CHAWLA, J MAY 30, 2023/Arya Click here to check corrigendum, if any This is a digitally signed order.
The authenticity of the order can be re-verified from Delhi High Court Order Portal by scanning the QR code shown above. The Order is downloaded from the DHC Server on 08/10/2023 at 03:24:29