- (1.) Present is an application for appointment for appointment of an Arbitrator in respect of the disputes arising out of between the parties pertaining to agreement to sell dated 21.01.2001. Vide the aforesaid agreement, the petitioner has agreed to purchase a plot measuring 1770 sq. meters in Sector 18, Gurgaon for a total sale consideration of Rs.1,58,00,000/-. The petitioner is said to have paid a sum of Rs.10 lacs as earnest money. The petitioner as a vendee was to provide funds for liquidating the liabilities of the vendors towards Haryana Urban Development Authority, Haryana Financial Corporation & State Bank of India before the sale deed could be executed.
(2.) The agreement had the following clauses, which are relevant at this stage: 9. That in case any of the parties fails to perform its respective part of the contract, the other party shall be at liberty to have the contract enforced specifically through court of law at the cost and expense of the defaulting party. 13. That in case of any dispute or difference arising between the parties with regard to the transaction in question, the matter shall be referred to the sole arbitration of (to be decided jointly). The decision of the said Arbitrator shall be final and binding on both the parties and shall not be liable to be challenged in any Court.
(3.) The petitioner is said to have made certain payments from time to time total amounting to Rs.40,26,429/-, but it is pleaded by the petitioner that the respondent sent a letter dated 09.06.2001 alleging that the petitioner has failed to perform its obligation. The petitioner controverted the said letter vide communication dated 13.06.2001. Subsequently, on 13.08.2001, the respondent addressed a letter to the petitioner so as to communicate of forfeiture of the amount paid by the petitioner, which led to serving a notice on 23.10.2001 calling upon the respondent to perform its obligation under the agreement. Vide another letter dated 18.05.2002, the petitioner invoked the arbitration clause and suggested the names of the Arbitrators as well.;