JUDGMENT :

1. A brief question that arise in the present Application is, whether a clause providing for settlement of disputes in the Tender, for redevelopment work of the Tenants Co-Operative Housing Society Limited (for short TCHS) , would justify invocation of arbitration by the Applicant-Developer, when the dispute arose between the parties.

2. Heard the learned counsel Mr.Prashant Naik a/w Alfiya Diamondwala i/b Diamondwala & Co. for the Applicant and Mr.Swanand Ganoo a/w Kishor Tembe for the Respondents.

3. The facts in the background would reveal that the Respondent No.1-Society registered under the Maharashtra Co-operative Societies Act, floated a Tender for redevelopment of their Society on 09.02.2012. The Applicant in the capacity of a Developer, having its registered office in Mumbai, submitted a Bid on 30.04.2012 which came to be accepted by the Respondent No.1 vide their letter dated 29.09.2012.

Upon the Letter of Acceptance, Respondent No.1 considered the earnest money deposit of Rs.2,00,00,000/- by the Applicant, as security deposit and also directed the Applicant to