M/S Kbm Infrastructure Pvt. Ltd. v. Heera Lal And Others

ARB-84-2023 -1IN THE HIGH COURT OF PUNJAB & HARYANA AT CHANDIGARH (245) ARB-84-2023 Date of decision:- 23.10.2024 M/s KBM Infrastructure Pvt. Ltd.

... Petitioner

Versus

Heera Lal and others ... Respondents CORAM: HON'BLE MR. JUSTICE SUVIR SEHGAL Present:- Mr. Rajesh Goswami, Advocate and Ms. Rashi Goswami, Advocate for the petitioner. Mr. Kunal Dawar, Advocate and Ms. Shruti Mandhotra, Advocate for the respondents. **** SUVIR SEHGAL, J. (ORAL) 1.

By way of instant petition filed under Section 11 (6) of the Arbitration and Conciliation Act, 1996 (for short "the Arbitration Act"), petitioner has approached this Court for appointment of Arbitrators in term of Clause 47 of the Collaboration/Joint Venture Agreement dated 17.06.2011, Annexure P-1.

2.

Counsel for the petitioner submits that a Collaboration/Joint Venture Agreement was entered into between the petitioner and the respondents on 17.06.2011, Annexure P-1, for development of land for commercial/residential complex. An amount of Rs.11,00,000/- was paid to the respondents. He submits that in terms of the agreement, the petitioner was to receive 65% share, out of the total sale proceeds of the saleable areas in the complex to be developed by the petitioner and the balance 35% was to be paid to the respondents. He submits that vide application dated