Altamas Kabir, J. - (1.) Leave granted.
(2.) This Appeal has been filed by Leela Hotels Ltd. against the judgment and order dated 20th July, 2009, passed by the Division Bench of the Delhi High Court in EFA(OS) No. 4 of 2009, heard along with several Miscellaneous Applications setting aside the order dated 19th November, 2008, passed by the learned Single Judge, who had directed payment to the Appellant herein as per its calculations. It is the common case of the parties that on 17th October, 1996, the Housing and Urban Development Corporation Ltd. (HUDCO) invited offers for grant of sub-lease of land measuring 11,480 sq. meters in HUDCO Place situated in Andrews Ganj, New Delhi, for construction of a Five-Star Hotel thereupon. The Appellant herein being the highest bidder, a letter of allotment of the said land was issued to it on 31st March, 1997, which was followed by a perpetual sub-lease dated 4th July, 1997. Out of the total consideration, the first instalment comprising 40% of the consideration amount was paid by the Appellant herein on 10th April, 1997. The second and third instalments, each amounting to Rs. 65,38,29,000/-, were payable by 31st March, 1998, and 31st March, 1999, respectively. It was stipulated in the sub-lease that in case of default in payment of the second and third instalments, the same could be paid along with interest at the rate of 20% per annum within three months of the due date. It was further stipulated that in default of payment even in terms of the said relaxation, the allotment would automatically stand cancelled and in such event 50% of the amount paid upto that date would stand forfeited and the balance 50% would be refunded without interest. Admittedly, the second instalment was paid by the Appellant herein along with interest for the delayed payment and ground rent was also paid till 31st March, 1998. Since, however, the Appellant defaulted in payment of the third instalment, the lease agreement was cancelled and as per the terms of the agreement 50% of the total amount paid by the Appellant amounting to Rs. 76,28,00,500/- was refunded by the Corporation to the Appellant, while forfeiting the balance 50%.
(3.) Being aggrieved by the steps taken by the Respondent Corporation, the Appellant filed a Petition before the Chief Justice of the Delhi High Court to appoint an Arbitrator in terms of the arbitration clause, which was registered as Arbitration Application No. 193 of 1999. On 23rd June, 1999, an Arbitrator was appointed by the Delhi High Court before whom the Appellant herein claimed a sum of Rs. 142,16,08,896/- from the Respondent Corporation along with interest at the rate of 20% per annum along with a further sum of Rs. 19,24,45,800/- comprising the ground rent paid along with interest thereon at the rate of 25% per annum along with a sum of Rs. 5,98,22,058/- towards refund of property tax. A sum of Rs. 5,62,27,715/was also claimed by way of damages.;