JUDGMENT

Chandra Dhari Singh, J. The petitioner vide the present petition under Section 9 of the Arbitration & Conciliation Act, 1996 (herein after referred to as `the Act') has sought the following reliefs:

"Direct the Respondent No. 1, its representatives, attorneys, heirs, executors, administrators, successors and permitted assigns, to jointly and severally maintain status quo as to the possession and title of the land admeasuring 94 Kanal and 7 Marla equivalent to 11. 793 7 5 acres situated in the revenue estate of village Dhunela, Tehsil Sohna, District Gurugram, Haryana 122001 during the pendency of the Arbitration proceedings;

(ii) Restrain the Respondent No. 1, its representatives, attorneys, heirs, executors, administrators, successors and permitted assigns etc. from directly or indirectly, selling, transferring, alienating or creating any third party rights in any manner whatsoever with respect to the land admeasuring 94 Kanal and 7 Marla equivalent to 11.79375 acres situated the revenue estate of village Dhunela, Tehsil Sohna, District Gurugram, Haryana 122001, which is a subject matter of the Collaboration Agreement dated 15.05.2018 and First Supplementary Collaboration Agreement dated 03.06.2019;

(iii) Direct the Respondent No. 1 to render all assistance to the Petitioner to obtain all statutory clearances/regulatory approvals/consents/licenses in terms of Clause 9.3 of the Collaboration Agreement dated 15.05.2018.

(iv) Pass ex parte ad interim orders in terms of prayers (i) to (iii) above;

(v) Pass any such other or further order/orders as this Hon'ble Court may deem fit and proper in the facts and circumstances of the case."

FACTUAL MATRIX

2. The following course of events have culminated into the present dispute between the parties and has also led to the filing of the instant petition:

i. The petitioner is a limited liability Partnership incorporated under the Limited Liability Partnership Act, 2008, having LLP Identification No. AAM-4745 and having its registered office at 477/4 Basai Road, Ram Nagar, Gurugram-122001. The respondent no. 1 is the owner of the land admeasuring 94 Kanal & 7 Marla, or 11.79375 acres, situated in the Revenue Estate of Village Dhunela, Tehsil Sohna, Gurugram, Haryana-122001. The respondent no. 2 is the erstwhile partner of the petitioner firm.

ii. On 15th May, 2018, the petitioner entered into a Collaboration Agreement with the respondent no. 1 for the development of a land admeasuring 119 Kanal and 6 Marla, equivalent to 14.9125 acres situated in the village Dhunela, Tehsil Sohna, District Gurugram, Haryana-122001 (hereinafter referred to as `the Property'), whereby the petitioner agreed to develop the project over the Collaboration Property at its own costs and expenses. As consideration the respondent No.1 was to receive certain amounts of the money within a stipulated period and the portion of the developed Collaboration Property was earmarked and to be allocated to the respondent No.1.

iii. Clause (2) required the petitioner to pay a sum of Rs.5,96,50,000/- to the respondent No.1 as an interest free non-refundable earnest money out of which Rs.2,00,00,000/- was paid at t