N. J. JAMADAR
Malvika Rajnikant Mehta – Appellant
Versus
Jess Construction – Respondent
JUDGMENT
1. This is an application under Section 11(5) read with Section 15 of the Arbitration and Conciliation Act, 1996 ('the Act, 1996') to appoint an Arbitrator, either nominated by the applicants or any other suitable person, as the sole Arbitrator to resolve all the disputes between the applicants and respondent arising out of the Conveyance Deed dated 31st December, 2012.
2. Shorn of superfluities, the background facts can be stated as under:
(a) Mr. Rajnikant Dhirajlal Mehta, the predecessor in title of applicant no.1 and applicant nos.2 and 3 were the owners of the property situated at Oghadbhai Chawl, bearing Survey No.76 Hissa No.6 City Survey No.4296 to 4316 of village Kirol, Ghatkopar (East), ('the subject property'). On 31st December, 2012, the said Rajnikant and applicant nos.2 and 3 executed a Deed of Conveyance in favour of the respondent. The Deed of Conveyance, inter alia, contained respondent's obligation to construct a new building on the suit premises and hand over the premises admeasuring 1275 sq. ft. carpet area, along with two car parking spaces (one stilt and one open) within a period of 42 months. In the event of default, the respondent had agreed to pay int
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