BHANUMATI JAISUKHBHAI BHUTA Vs. IVORY PROPERTIES & HOTELS PRIVATE LIMITED
HIGH COURT OF BOMBAY
Bhanumati Jaisukhbhai Bhuta
Ivory Properties And Hotels Private Limited
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(1.) By these two petitions filed under Section 34 of the Arbitration and Conciliation Act, 1996 (hereinafter referred to as 'Arbitration Act', for
short), the petitioners have impugned the Arbitral Award dated 14 th
February, 2017 passed by the learned Arbitrator allowing the claim for
specific performance of the Development Agreement and Memorandum of
Understanding both dated 19th April, 1995 as modified by the draft
Supplemental Agreement filed by the respondent no.1. By consent of parties,
both these arbitration petitions were heard together and are being disposed of
by a common order. Some of the relevant facts for the purpose of deciding
these two petitions are as under:-
(2.) The petitioner in the Commercial Arbitration Petition No. 350 of 2017 was the original respondent no.1, whereas the petitioner in Commercial Arbitration Petition No. 812 of 2019 was the original respondent no.2 in the
arbitration proceedings. The respondent no.1 in both these petitions was
original claimant in the arbitral proceedings. Learned Counsel for the parties
agreed that the facts of both these Commercial Arbitration Petitions are
identical and thus this Court shall summarize the facts in the Commercial
Arbitration Petition No. 350 of 2017 in the later part of this judgment. There
is no conflict of interest between the petitioner and the respondent no.2.
Some of the relevant facts in the said Commercial Arbitration Petition No.
350 of 2017 are as under:-
(3.) The petitioner and the respondent no.2 are the owners of the immovable property bearing CTS No.6491, 6492, 650, 652, 652/1 and 655
admeasuring 5456.94 sq. mtrs. at village Gundavli, Andheri Kurla Road,
Andheri (East), Mumbai 400 069. It is the case of the petitioner and the
respondent no.2 that they had got the building plan approved in the year
1978 for construction of one building comprising of ground floor + 6 upper floors on the said land by utilizing the FSI of the land as well as the
compensatory FSI of 1677.79 sq. yards, equivalent to 14085 sq. mtrs.
granted to the petitioner and the respondent no.2 by the Mumbai Municipal
Corporation of Greater Mumbai. The petitioner and the respondent no.2
obtained permission for construction of office premises and/or residential
premises. The total saleable built-up area available on the said land was
82000 sq. ft. including the compensatory FSI. The petitioner and the respondent no.2 had obtained IOD on 18th April, 1978 and the
Commencement Certificate on 19th April, 1978.;
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