Bela M. Trivedi, J. - (1.) With the consent of the learned counsels for the parties the revision petition is decided at the admission stage.
(2.) The present revision petition filed under Sec. 115 of C.P.C. by the petitioners -objectors arises out of the order dated 21.02.2014 passed by the Additional District Judge No. 2, Jaipur Metropolitan (hereinafter referred to as "the executing court") in Objection Petition No. 73/2008 filed by the petitioners -objectors under Sec. 47 of C.P.C., whereby the executing court has dismissed the same.
(3.) The short facts giving rise to the present petition are that the respondent -decree holder had entered into an agreement with the petitioners on 09.02.2005 to develop the property situated at C -9, New Colony, Block -C, Scheme -D, Jaipur. Some dispute having arisen between the parties in respect of the said agreement, the same was referred to the sole arbitrator under the Arbitration and Conciliation Act, 1996 (hereinafter referred to as "the said Act"). The arbitrator vide the award dated 14.06.2007 passed the following award: - "After hearing both the parties in detail and taking into consideration the contentions raised, I am of the view and order that: - a. As a penalty, the claim ant may not reclaim the Rs. 50,00,000/ - they pay as Security Deposit to the Respondents. The claimant has paid Rs. 15,00,000/ - at the time of the Agreement; they should pay Rs. 5,00,000/ - at the time of re -instating the Power of Attorney and another Rs. 30,00,000/ - at the time of taking over vacant possession of the property. The above amounts totaling Rs. 50 lacs will be non -refundable. This is in lieu of the Rs. 60 lacs Security Deposit agreed to in the agreement. b. The claimant be given four months (including one month grace period) for conversion of the land and approval of building plan from the local authority i.e. from 15.06.2007 to 15.10.2007, further one month i.e. upto 15.11.2007 be given to the claim ant at the cost of Rs. 10,00,000/ - as penalty and if the land is not converted and plans are not approved by 15.11.2007, the Developer Agreement stands cancelled and the respondents shall be at liberty to enter into a fresh agreement at there sweet will.";