[ad_1]
1. This is an application under Section 11 of the Arbitration and
Conciliation Act, 1996 for appointment of a learned Arbitrator
(hereinafter referred to as the said application).
2. The disputes and differences arose between the parties with regard to
the development agreement which was entered into on October 10,
2013. According to the petitioners, various deeds of sale had been
executed by the petitioners and the developer/respondent in favour of
the prospective buyers. The constructed portion also contained the
owners’ allocation. According to the petitioners, the conveyances in
favour of the buyers were registered in 2020, 2023 and 2024.
According to the petitioners, who are the owners, the construction was
not as per the terms and conditions of the development agreement and
the flats sold to the buyers lacked the minimum amenities. The
essential works with regard to the installation of elevators, fixtures,
drainage, sewerage etc. were incomplete. The petitioners contend that
a dispute was raised before the local Panchayat authority and a
meeting was held. It also appears that by a notice dated April 22, 2024
the petitioners gave one last opportunity to the respondent to complete
the project as agreed upon. Thus, it is contended by the petitioners
that on the failure of the respondent to complete the project in its
totality, despite notice dated April 22, 2024 and the extension given by
the said notice, the petitioners were left with no other option, but to
invoke the arbitration clause. The petitioners invoked arbitration on
October 1, 2024 and nominated a learned Advocate as the sole
Arbitrator.
[ad_2]
Source link