- (1.) This is an appeal arising out of a judgment and order dated 3rd, March, 2014 passed by the learned Single Judge in AP No. 87 of 2012 whereby the learned Judge dismissed the appellant's application under Section 34 of the Arbitration and Conciliation Act, 1996 for setting aside the arbitral award dated 8th November, 2011.
(2.) By two separate Memoranda of Understanding (in short 'MOU') both dated 19th April, 1996, the respondent agreed to sale several lots of properties situate in the industrial area of Kanpur including a Mini Coal Storage, Ice Factory, Petrol Pump, Service Station, Tannery etc and the appellant agreed to purchase the same in his own name or in the name of his nominees. The consideration money mentioned in the two MOUs were Rs. 2,65,00,000/- and Rs. 2,02,23,200/- respectively and the time prescribed for completion of the sale was two years calculated from the date of the MOUs.
(3.) On 22nd June, 1996 the respondent executed two powers of attorney in favour of the appellant in aid of implementation of the two MOUs.;