IN THE HIGH COURT OF KARNATAKA AT BENGALURU DATED THIS THE 25TH DAY OF JULY 2019 BEFORE THE HON'BLE Mr. JUSTICE B.VEERAPPA CIVIL MISCELLANEOUS PETITION NO.103/2018 BETWEEN:
SRI M. CHANDRASHEKHAR AGED ABOUT 51 YEARS S/O M. PULLAMA RAJU R/AT NO.987, D BLOCK SAHAKARANAGAR BENGALURU-560 092. PETITIONER (BY SRI. K.K. VASANTH, ADVOCATE) AND:
M/S SOWPARNIKA PROJECTS AND INFRASTRUCTURES PVT. LTD.
A COMPANY INCORPORATED UNDER THE COMPANIES ACT, 1956 HAVING ITS OFFICE AT NO.49/38-E2 & E3 LAKSHMINARAYANAPURA NEAR AECS LAYOUT, KUNDALAHALLI BENGALURU-560 037 REPRESENTED BY ITS DIRECTOR SMT. MEENAKSHI RAMJI PRESENTLY AT NO.780, 1ST MAIN ROAD ‘C’ BLOCK, AECS LAYOUT KUNDALAHALLI BENGALURU-560 037. RESPONDENT (BY SRI DHIRENDRA N KATTI, ADVOCATE) THIS CIVIL MISCELLANEOUS PETITION IS FILED UNDER SECTION 11(6) OF THE ARBITRATION AND CONCILIATION ACT, 1996 PRAYING TO APPOINT AN ARBITRATOR TO ADJUDICATE THE DISPUTE BETWEEN THE PETITIONER AND RESPONDENT HEREIN, ARISING OUT OF THE BREACH OF TERMS AND CONDITIONS OF JOINT DEVELOPMENT AGREEMENT DATED 10/02/2011, REGISTERED ON 11/02/2011 COMITTED BY THE RESPONDENT VIDE ANNEXURE-A BY EXERCISING THE POWER U/S 11(6) OF THE ARBITRATION AND CONCILIATION ACT, 1996.
THIS PETITION COMING ON FOR ADMISSION, THIS DAY, THE COURT MADE THE FOLLOWING:-
O R D E R The petitioner has filed the present civil miscellaneous petition under the provisions of Section 11(6) of the Arbitration and Conciliation Act, 1996 for appointment of sole arbitrator to adjudicate the dispute in terms of clause 23 of the Joint Development Agreement entered into between the parties dated 10.02.2011, which is registered on 11.02.2011.
2. When the matter came up before this Court on 18.03.2019, at the joint request of learned counsel for both the parties, the matter was referred to Bangalore Mediation Centre for settlement.
3. The Bangalore Mediation Centre by its letter dated 15.06.2019 stated that the matter is settled between the parties in terms of the settlement entered into between the parties under Section 89 of CPC read with Rules 24 and 25 of the Karnataka Civil Procedure (Mediation) Rules, 2005.
4. The settlement entered between the parties reads as under:
“1. The petitioner who is entitled three apartments to his share as stated herein before has agreed to receive a total sum of Rs.80,11,400/- (Rupees Eighty Lakhs Eleven Thousand Four Hundred Only) from the respondent and the respondent has agreed to pay the said sum to the petitioner in lieu of his entitlement of Three apartments, subject to deduction of the refundable Security Deposit of Rs.2,82,258/- (Rupees Two Lakh Eighty Two Thousand Two Hundred and Fifty Eight Only).
2. The respondent has agreed to pay a net sum of Rs.77,29,142/- (Rupees Seventy Seven Lakhs Twenty Nine Thousand One Hundred and Forty Two Only) to the petitioner in lieu of his three apartments towards his full and final satisfaction of all his claims in the above petition by way of Demand Draft/RTGS.
3. The respondent is permitted to sell the three apartment units fallen to the share of the petitioner to any prospective purchaser/s at the discretion of the respondent, however the respondent hereby undertake and assure that he shall pay the entire sum of Rs.77,29,142/- (Rupees Seventy Seven Lakhs Twenty Nine Thousand One Hundred and Forty Two Only) payable to the petitioner shall be paid within a period of five and half months from this date. The respondent undertakes to pay the above said amount to the petitioner on or before 30.11.2019 either in one installment or as and when the apartments sold within the stipulated period.
4. In case, the respondent fails to pay the agreed amount of Rs.77,29,142/- (Rupees Seventy Seven Lakhs Twenty Nine Thousand One Hundred and Forty Two Only) to the petitioner within the stipulated period of five and half months, then the respondent undertakes to pay interest @ 18% per annum on the said sum of Rs.77,29,142/- (Rupees Seventy Seven Lakhs Twenty Nine Thousand One Hundred and Forty Two Only) from 01.12.2019 till the actual payment is made.
5. The petitioner shall sign the Agreement of Sale or the Sale Deeds or any other documents necessary for the purpose of registration as and when the respondent called upon to do so with three days prior notice.
6. The petitioner hereby declare that he shall have no claims whatsoever against the respondent in respect of the three apartments mentioned herein above apart from the amount of Rs.77,29,142/- (Rupees Seventy Seven Lakhs Twenty Nine Thousand One Hundred and Forty Two Only).
7. Apart from the above payment, the parties shall not have any other claims against each other.”
5. In view of the aforesaid settlement entered into between the parties, the civil miscellaneous petition is disposed of in terms of the settlement.
Sd/- JUDGE VBS