Anak Lal & ANR. v. The Almond Infrabuild Pvt Ltd

$~39 * IN THE HIGH COURT OF DELHI AT NEW DELHI + O.M.P.(I) (COMM.) 389/2024 I.A. 44802/2024 ANAK LAL & ANR.

.....Petitioners Through:

Mr. Manu Aggarwal, Ms. Ruchira Gupta, Ms. Pooja Tripathi and Ms.

Ishita Pandey, Advocates versus THE ALMOND INFRABUILD PVT LTD .....Respondent Through:

Mr. Krish Kalra, Adv. (thru VC)

CORAM:

HON'BLE MR. JUSTICE ANISH DAYAL

O R D E R

% 18.02.2025 1.

This petition has been filed under Section 9 (ii) (b) of the Arbitration and Conciliation Act, 1996 ("A&C Act") seeking the following reliefs: (i) direct the Respondent to deposit Rs. 1,85,54,001/- along with interest on Rs. 1,61,96,453/- @ 18% p.a. from the date of award till the date of payment in this Hon'ble Court to secure the claims of the Petitioner; & (ii) direct the Respondent to deposit Petitioners' loan closure amount of Rs. 1,14,44,608/- along with any further accrued sum and foreclosure charges in this Hon'ble Court to secure the amount of Loan Account No. LGBUR00002081163 in ICICI Bank.

2.

The background facts are that petitioner and respondent entered into a Buyer's Agreement dated 1st March 2014, and the MOU dated 22nd March 2014, with respect to Apartment No. 4241 ATS, Tourmaline having built up area of 1466 Sq. ft. and super built-up area of 1750 Sq. ft., proportionate The authenticity of the order can be re-verified from Delhi High Court Order Portal by scanning the QR code shown above.

undivided interest in the common areas and facilities and limited common areas and facilities (if any). along with the exclusive right to use and occupy two car parking spaces ('the flat').

3.

The petitioners, respondent and ICICI Bank Ltd executed a Tripartite Agreement dated 01st March 2014, availing loan of Rs.1,14,19,259/- with respect to the flat for which loan amount was disbursed to the respondent. 4.

It had been agreed between the parties, respondent will pay the preEMI interest amount during the subvention period. Thereafter, the claimant exercised the 'Buy Back' option under clause 8 of the MOU, vide letter and e-mail dated 14th February 2017.

5.

However, the respondent did not honour its commitment of Buy Back; dispute resolution mechanism was invoked by the Claimant. 6.

Arbitration commenced and Arbitral Award dated 04th April 2024 was rendered. Relevant extract from the relief awarded under the Award is as under:

The authenticity of the order can be re-verified from Delhi High Court Order Portal by scanning the QR code shown above.

7.

Respondent has not challenged the Arbitral Award under OMP (COMM) 489/2024.

8.

Plaintiff has not filed any enforcement petition, considering that there was a direction passed under Section 17 of the A&C Act, by the Arbitral Tribunal for disclosure of assets by respondent and deposit of amount under The authenticity of the order can be re-verified from Delhi High Court Order Portal by scanning the QR code shown above.

the Award. Enforcement was filed by petitioner which subsequently, has become infructuous since the arbitral award was delivered. 9.

Concern of petitioner is that respondent has not declared its assets and the award will result in nullity.

10.

To this counsel for respondent, states on instructions that the flat of which buy back is in dispute, is still allotted in the name of petitioner. He further states that respondent undertakes not to create any third-party rights in respect of said flat. The said flat, as per respondent, is currently having a value of Rs.5 crores which according to them shall duly cover the arbitral award along with interest thereon (which as per petitioner is around Rs.3.26 crores).

11.

Accordingly, directions are passed that no third-party rights shall be created with respect to the flat, nor the possession of the flat be handed over to any party.

12.

Respondent shall file its undertaking on record along with an affidavit of a senior officer, within 2 weeks from today with copy to the opposing counsel.

13.

With these observations and directions, this petition stands disposed of along with pending applications.

14.

Order be uploaded on the website of this Court. ANISH DAYAL, J FEBRUARY 18, 2025/sm/bp/tk The authenticity of the order can be re-verified from Delhi High Court Order Portal by scanning the QR code shown above.