(1.) The present petition has been filed under Sec. 34 of the Arbitration and Conciliation Act, 1996 [hereinafter, the "Act"] impugning the Award dtd. 19/3/2020 passed by a Sole Arbitrator appointed for adjudicating disputes arising out of an 'Agreement for Development' dtd. 1/7/2015 executed between the Respondent - M/s Grand Reality Pvt. Ltd. (Claimant in arbitration) and the Petitioner herein - Shri Nanak Mehta (Respondent in arbitration) for construction of Country Homes/ Villas on agricultural land (admeasuring 15 Bighas and 4 Biswas) - bearing Khasra Nos. 113/ 23/2 (5-12), 24 (4-16), 25/1 (2.08), 25/2 (2-08) situated in Village Bijwasan, Tehsil Vasant Vihar, New Delhi [hereinafter, "Agreement"].
(2.) Owing to disputes between the parties, Petitioner terminated the afore-noted Agreement vide notice dtd. 19/3/2018. This was followed by a notice of termination dtd. 3/4/2018 issued by Respondent as well. An Arbitral Tribunal was constituted with the consent of parties, vide order dtd. 6/9/2018 passed in petition under Sec. 9 being O.M.P. (I) (COMM) 309/2018. In this proceeding, the Court vide Order dtd. 1/8/2018, had restrained the Petitioner from creating any third-party interest(s) or parting with the possession of the subject land, till such time he deposits a sum of Rs.2.05 Crores with the Registry of this Court, in the form of a Fixed Deposit Receipt (FDR). The said sum was duly deposited by the Petitioner, as recorded in the Order dtd. 6/9/2018.
(3.) In arbitration, the Respondent herein sought a refund of the principal amount of Rs.2,04,85,000.00 (including payment of Rs.84,50,000.00 paid directly to the Bank at the behest of the Petitioner) with interest, which had been paid under the Agreement to the Petitioner. The Petitioner filed a statement of defence and contested the claims. On the basis of evidence led before the Arbitral Tribunal, the impugned Award was passed in favour of the Respondent, directing Petitioner to pay to the Respondent a sum of Rs.2,04,85,000.00, along with interest accrued, from the proceeds of the FDR.