R.Pal, J. - (1.) This appeal has been preferred from three orders dated 18th May 1998, 18th January 1999 and 21st January 1999. All three orders were passed in connection with an application made by the respondent No.1 under section 9 of the Arbitration and Conciliation Act, 1996 (hereinafter referred to as the Act). The orders were passed in the background of the facts, which are briefly noted.
(2.) The appellant company was granted the right to develop land on Tollygunge Circular Road by establishing a multistoried commercial complex (hereafter referred to as the complex) by the Calcutta Municipal Corporation. Under this agreement, which is dated 18th June 1987, after the existing stallholders were relocated in the complex, the balance area would be at the disposal of the appellant. The appellant would be entitled to allot the balance area to prospective lessees even before the completion of construction. The Corporation would grant leases to such lessees as would be selected by the appellant. All premium realized from such prospective lessees would be the absolute property of the appellant. After completion of the construction, the complex is to be handed over to the Corporation.
(3.) Possession of the land was given by the Corporation to the appellant. The appellant did not have enough money to complete the project. It entered into an agreement for this purpose with the respondent No.2. Disputes arose between the respondent No.2 and the appellant. The appellant and the respondent No.2 then entered into an agreement on 1st August 1992 with the respondent No.1 to complete the project (hereafter referred to as the Joint Venture Agreement). Under the agreement, the respondent No.1 was to arrange finance and complete construction. There would be a sharing of profits from the construction in the ratio of 60:20:20 between the appellant and each of the two respondents respectively. Pending repayment of the investments made, the respondent No.1 would be entitled to nominate Arun Kumar Bhutoria as a Director of the appellant and 20 shares in the appellant would also be subscribed to by the said Bhutoria. The parties to the Joint Venture Agreement agreed that they: "shall be at liberty to negotiate with the prospective lessee/lessees. It is hereby confirmed that the party who will bring the highest offer of premium shall be before the committee which will be formed by the Board in a resolution.";