I.A. Nos.1404/2017 (under Order XXXVII Rule 3 (5) CPC) and 1405/2017 (under Section 8 of the Arbitration and Conciliation Act, 1996)

1. Plaintiff has filed the present suit under Order XXXVII inter alia seeking a recovery of a sum of Rs.17,76,64,952/- along with interest @18% per annum from the defendant on the basis of unequivocal and written admissions on part of the defendant about its liability to hand over the Interest Bearing Maintenance Security (in short ‘IBMS’) to the plaintiff association once the association is formed. The said IBMS had been collected by the defendant from the individual apartment owners and was to be handed over when the association was formed to take over the maintenance of the apartment complex. It is the case of the plaintiff that though the plaintiff was formed in the year 2006, the plaintiff was prevented from taking over of the complex due to failure of the defendant to complete the complex in all respects in time and thereafter as well despite repeated requests to hand over the possession after the complex was equipped with all basic and essential facilities.

2. The plaintiff inter alia relies upon the admissions of the defendant vide its