JUDGMENT :

R.F. Nariman, J.

1. Leave granted.

2. The respondent had filed a suit in the Bombay High Court, being Suit No.1927 of 2007, against the appellant and some others seeking a declaration that a development agreement dated 27.12.2004 together with a Power of Attorney of even date had stood terminated, and for certain other reliefs.

3. On 3.10.2008, the parties to the suit entered into consent terms largely settling the disputes between them. However, with regard to two specific differences, the plaintiff and defendant No.1 agreed to refer the said differences to the arbitration of a retired Supreme Court Judge as follows:-

“8). The Plaintiff and the Defendant No.1 agree to and hereby do refer to Arbitration of Mrs. Justice Sujata Manohar (Retd.) the dispute as to (i) the difference in carpet area of the 5 flats agreed to be allotted as per the Development Agreement dated 27-12-2004 being Exhibit-B to the Plaint by Defendant No.1 to the Plaintiff and his family members (i.e. 800 sq. ft. area) as provided in the said Development Agreement dated 27-12-2004 and the actual carpet area of the said 5 flats hereby allotted and handed over and (ii) the valuation of the deficient area