ROYAL ORCHIDS Vs. KULBIR SINGH KOHLI

JUDGEMENT

(1.) The present petition has been preferred by the petitioner under Sec. 9 of the Arbitration and Conciliation Act, 1996 (hereinafter called as "Act "), against the respondents seeking urgent interim orders for protection to preserve the subject matter of arbitration i.e. property bearing no. K-1, Basaidarapur, Rajouri Garden, New Delhi.

(2.) As per the petitioner, the parties entered into a MOU dtd. 3/3/2022, in terms of which the property had to be developed by the petitioner at its own cost in lieu of being paid 30% of the sale proceeds. The petitioner paid an advance sum of Rs.1.00 crore to the respondents and the remaining part of the initial deposit were ready and available with the petitioner. However, the respondents did not take the same and began to avoid the petitioner.

(3.) It is the case of the petitioner that the respondents have been deferring their obligation under false pretext. The petitioner has got information that instead of proceeding with their obligations under the MOU, the respondents are re-negotiating other deals with respect to the property in question. It is alleged that the respondents are in breach of the terms of MOU dtd. 3/3/2022.