This petition seeks appointment of a Sole Arbitrator to resolve the disputes between the petitioner and respondent that have arisen pursuant to a Letter of Intent dated 02.08.2014.
2. A Letter of Intent, dated 02.08.2014, was executed inter se the parties, for purchase of piece or parcel of land total admeasuring 15.36 grounds (36,864 sq.ft.) situated Opp. Bahwan Cybertek Tower, Near Perungudi Toll Plaza, Rajiv Gandhi Salai, Okkiyam, thoraipakkam, Perungudi, Chennai-600 097. The agreement contains an arbitration clause 10, which reads as under:
“10.In case of any dispute or claim arising out of or in connection with or relating to this Letter of Intent, the parties shall attempt to first resolve such dispute amicably. In the event no amicable resolution or settlement is reached within a period of thirty (30) days from the date of reference of such dispute, such dispute shall be referred to a sole arbitrator to be mutually appointed by the parties. The arbitration proceedings shall be held in accordance with the provisions of the Arbitration and Conciliation Act, 1996 or any statutory modification/ amendment thereof.”
3. Disputes inter se the parties arose, resulting in the issuance of a notice, through counsel, by the petitioner, dated 26.10.2015, invoking the arbitration clause. This was not replied to by the respondent. Insofar as the issue of arbitration is concerned, the only defence taken is that the Letter of Intent, dated 02.08.2014, has lost its enforceability.
4. The agreement produced before the Court as well as the communications between the parties leaves no manner of doubt that the Letter of Intent, dated 02.08.2014 was executed between the parties and that contains the aforesaid arbitration clause. The existence of disputes can also not be doubted. In fact, both parties are claiming amounts as against each other.
5. When the matter was called for hearing today, learned counsel for the petitioner would suggest the nomination of Mr.K.Balasubramanian, District Judge/Registrar General High Court (Retired) as the Sole Arbitrator.
6. Mr.A.Tamilvanan, learned counsel appearing for the respondent agrees to the nomination.
7. I thus appoint Mr.K.Balasubramanian, District Judge/Registrar General – High Court (Retired), residing at Door No.33A, Block No.52, Jeevan Bheema Nagar (LIC Colony), Anna Nagar West Extension, Chennai 600 001, as the Sole Arbitrator to enter upon reference and after issuing notice to the parties and upon hearing them, pass an award as expeditiously as possible, preferably within a period of six months from the date of receipt of this order. The learned Arbitrator is Dr.ANITA SUMANTH,J.
vga at liberty to fix his remuneration and other incidental expenses, which shall be borne by both the parties equally. The proceedings may be conducted under the aegis of the Madras High Court Arbitration Centre in accordance with the Madras High Court Arbitration Rules.
8. The Original Petition is accordingly allowed.
28.06.2017 vga O.P. No.881 of 2016