ALOK SHARMA,J. - (1.) M/s. SNG Real Estate Private Limited of the one part (hereafter 'the appellant') and Shri Ghanshyama Singhal as also his wife Smt. Pritibha Singhal of the second part (hereafter 'the respondents') entered into a Development Agreement dated 3.6.2013 in respect of 110 bighas of agriculture land situated in village Mahla, Tehsil Mojmabad, District Jaipur. To facilitate the execution of the development agreement, a Power of Attorney was also executed by the two respondents in favour of the appellant.
(2.) Under the Development Agreement, the appellant having been handed over possession of the lands, at its own cost, was to obtain all requisite permissions for developing it for industrial purposes or as otherwise agreed. Thereafter the developed plots were to be jointly allotted by the appellant and the respondents. The purchasers / allottees were entitled to obtain leases for the land allotted from the JDA. As per Clause (7) of the Development Agreement parties thereto covenanted that the appellant would be entitled to 32% of the gross revenue from the sale of developed plots and the respondents to 68% thereof. Clause (29) of the Development Agreement provided for arbitration in respect of any dispute relating to or arising out thereof. Clause 29 reads as under: ....[VARNACULAR TEXT OMITTED]....
(3.) Work under the development agreement having commenced, on 2.6.2015, the appellant is stated to have executed in favour of the respondents a sale deed in respect of 129 plots (from which he was to avail his share of the 32% gross revenue generated from the sales of developed plots) for the agreed sale consideration of Rs. 1,46,96,111/-. Pursuant thereto the respondents made over to the appellant a cheque bearing no. 000112 of HDFC Bank for a sum of Rs. 1,41,25,000/- dated 8.6.2015; and another cheque no. 001377 on HDFC Bank for a sum of Rs. 5,71,111/- dated 11.6.2015.;