Marve Apartment Co-Operative Housing Society Ltd. v. M/S Om Sri Maa Shakti Namah And 2 Others

arbp 1757 of 2015 (927).sxw

IN THE HIGH COURT OF JUDICATURE AT BOMBAY

ORDINARY ORIGINAL CIVIL JURISDICTION ARBITRATION PETITION NO.1757 OF 2015 Marve Apartment Co-operative Housing Society Ltd.

...

Petitioner versus M/s. Om Sri Maa Shakti Namah and Ors.

...

Respondents Mr. P.M.Shah, for Petitioner.

Mr. V.J.Dhok with Mr. A. Singh, Mr. R.A.Shah, Mr. N.I.Marjedi i/by M/s. Mansukhlal Hiralal and Co.,for Respondents.

Mr. Mehul Shah, for Flat Purchasers.

CORAM: S.J. KATHAWALLA, J.

DATE: 12 th JULY, 2016 P.C.:

1.

Heard the learned Advocates for the parties and by consent, the following order is passed :

(i) The rent deposited by the developer with the Prothonotary and Senior Master shall without prejudice to the rights and contentions of the developer be handed over to the Society for disbursement to its members. (ii)The developer undertakes that pursuant to Clause 59 of the Development Agreement, he shall within four weeks from the date of this order, furnish in favour of the Society, bank guarantee of a nationalized bank in the sum of Rs.75,00,000/-.

(iii)The Society shall not invoke the bank guarantee without giving written ssp 1/2

arbp 1757 of 2015 (927).sxw notice to the developer and without seeking prior permission of this Court. (iv)The developer undertakes to pay the arrears of property taxes to the Municipal Corporation within 30 days from the date of this order. (v) Upon the developer complying with the aforesaid undertakings, the letter written to the Corporation by the Society dated 01-08-2015 shall without prejudice to all the rights and contentions of the Society, deemed to have been withdrawn and the Corporation shall proceed to process the Application filed by the developer.

(vi)The developer shall continue to pay monthly rent to the tenants as agreed under the Development Agreement.

(vii)Until the alleged claim of the the developer pertaining to payment required to be made by members for being provided with additional areas is decided, the developer shall not hand over possession of the suit flats to the members of the society.

(viii)In view of the above order, the Arbitration Petition is disposed of with liberty to the parties to file a fresh Petition if so advised. ( S.J.KATHAWALLA, J. ) ssp 2/2