ORDER :

I.A. No. 15425/2022 (Exemption)

Exemption allowed subject to just exceptions.

The application stands disposed of.

ARB. PET. No. 1102/2022

1. The present petition has been filed on behalf of the petitioner seeking the constitution of an Arbitral Tribunal under the provision of Section 11 of the Arbitration and Conciliation Act, 1996 (hereinafter as “the Act”) qua the dispute arising out of the agreement dated 26th August, 2013 that was executed between the parties and vide which the petitioner was allocated a lockable unit bearing Unit No. (office no.) 730, on 7th floor, admeasuring about 525 Sq. Feet in Tower T-02.

2. Learned counsel for the petitioner submitted that in the year 2012-2013, the respondent actively publicized its project, World Trade Center, inviting the general public to invest in the project and obtain an office/shop there. It is asserted that the aforementioned initiative was advertised via various channels, such as newspapers, brochures, billboards, etc. Desiring to settle one of his children, the petitioner, on 11th July, 2013 addressed the respondent for allotment of space in order to get a store in the aforementioned project.

3. It has further been submitted on behalf of the petitioner that the petitioner on the very same day deposited Rs. 9,50,000/- (Rupees nine lakhs fifty thousand) towards the booking amount, and the respondent issued a receipt no. 0232B dated 11th July, 2013 in response to the receipt of this payment. Subsequently, the respondent issued a demand letter for the Rs. 36,75,000/- (Rupees thirty six lakhs seventy five thousand) as a full and final consideration for the booked space in the aforementioned project, and consequently demanded Rs. 21,61,270/- (Rupees twenty one lakhs sixty one thousand two hundred and seventy) as the remaining balance amount.

4. It has been submitted on behalf of the petitioner that in pursuance of the demand letter dated 11th July, 2013, the petitioner credited the entire balance amount in the account of respondent. The respondent acknowledged the said deposit vide receipt dated 7th August, 2013.

5. It has been submitted on behalf of the petitioner that agreement dated 26th August, 2013 was executed between the parties according to which the petitioner was given a lockable unit bearing unit no. (office No.) 730, on 7th floor, admeasuring about 525 Sq. Ft. in a Tower called T-02. It is further asserted that according to the above-mentioned agreement, the respondent was required to transfer the ownership rights of the above-mentioned unit to the petitioner within 36 months, including a six-month grace period, or by August, 2017.

6. It is submitted on behalf of the petitioner that vide letter dated 22nd January, 2016, the respondent herein offered possession of the unit booked by the petitioner and demanded Rs. 5,78,643/- (Rupees five lakhs seventy eight thousand six hundred and forty three) be paid to the respondent towards different charges, after payment of which the respondent would give over the possession to the petitioner on 1st January, 2017. It is alleged that pursuant to the offer letter mentioned above, the petitioner approached the respondent and offered to pay the amount as demanded by the respondent in the said letter. However, the respondent herein began making excuses and offered the petitioner some other unit as the unit booked by the petitioner with the respondent was already leased to the Vivo company way back in August, 2016. Therefore, it is evident that the respondent herein acted in bad faith. It is contended by the petitioner that he never consented to any alternative unit presented and offered by the respondent, and that the petitioner was also willing to pay conversion fees specified above to the respondent.

7. It has been submitted on behalf of the petitioner that after the above-mentioned visit of petitioner, the respondent stopped making the assured return payments to the petitioner as agreed between them vide agreement dated 26th August