REVA KHETRAPAL, J.

1. By this common order and judgment, it is proposed to decide two petitions, being OMP No.105/2005 titled Sh. Harjinder Pal vs. Sh. Harmesh Kumar under Section 34 of the Arbitration and Conciliation Act, 1996 and OMP No.34/2005 titled Harmesh Kumar vs. Sh. Harjinder Pal under Section 9 of the said Act.

2. The facts leading to the filing of the present petitions are within a narrow compass and are as follows.

3. The petitioner and the respondent are real brothers, who were carrying on the business of timber traders jointly from a shop bearing No.456-C, Chirag Delhi, New Delhi. On 31st May, 2000, a Memorandum of Understanding (hereinafter referred to as MOU) was signed between the petitioner and the respondent whereunder they came to the following understanding (Annexure-P1):- Re: Residential property bearing No.C-3/19, Janakpuri, New Delhi (i) The petitioner will get the said property converted into freehold. (ii) Once it is converted into freehold, the entire first floor (with second mezzanine room) and the entire top third floor (with third mezzanine room) and roof/terrace rights alongwith one-half share in land would be transferred by way of execution of pro

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