- (1.) Special leave granted. By agreement of parties the order dated 4th December 1984 passed by the learned single Judge of the High Court and all subsequent orders passed by the High Court in the suit and the order under appeal are set aside. The matter in dispute shall be referred to the sole arbitration of Shri Y.V. Chandrachud, former Chief Justice of India. The proceedings shall be carried on under the provisions of the Arbitration Act, 1940. The Arbitrator shall however give reasons for the award. Shri Y.V. Chandrachud may fix the remuneration payable to him in consultation with the parties. The appeal is allowed accordingly. There will be no order as to costs.
(2.) The parties are directed to appear before the Arbitrator within two weeks. The remuneration payable to the Arbitrator shall be shared by both the parties initially subject to the final order as to costs. The orders regarding the refund of any amount paid by the parties to the Arbitrator appointed by the High Court may be obtained from the High Court. A copy of this order shall be sent to Shri Y.V. Chandrachud, former Chief, Justice of India.;