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DELHI HIGH COURT
C.HARI SHANKAR
Himanshu Modi – Appellant
Versus
Sudhanshu Modi – Respondent
| Table of Content |
|---|
| 1. petition seeks 50% property share. (Para 1) |
| 2. respondents agree to petitioner's property share. (Para 2) |
| 3. court records respondents' statement. (Para 3) |
| 4. petition disposed of as withdrawn. (Para 4) |
C. Hari Shankar, J. This is a petition under Section 9 of the Arbitration & Conciliation Act, 1996 seeking pre-arbitral interim reliefs. The main claim of the petitioner against the respondents is for 50% share in the property at E-II/36, Lajpat Nagar, New Delhi and Flat No. 2, Ground Floor, Madhav Kunj, Nandan Van Sunrakh Bangar, Vrindavan, Tehsil and District - Mathura, U.P.
2. Dr. Tripathi, learned Counsel for the respondents is present during the hearing alongwith the respondents who are present in person. The respondents submit that they have no objection to the petitioner being granted 50% share in the aforesaid properties.
3. As such, the statement of the respondents in that regard is recorded. They shall remain bound by the said statement. In view thereof, Mr. Singh, learned Counsel for the petitioner seeks leave to withdraw this petition.
4. The petition alongwith the pending application is accordingly disposed of as withdrawn.
Parties' consent regarding property division in arbitration proceeding is binding and sufficient basis for court to dismiss interim relief petition.
Principle of minimum judicial intervention is one of fundamental tenets of arbitration law.
Section 9 of the Arbitration and Conciliation Act allows for interim measures to prevent dissipation of assets pending enforcement of arbitral awards, even before the actual enforcement process.
Interim relief under Arbitration and Conciliation Act can be granted to maintain possession until arbitration proceedings conclude, based on assurances given by parties.
The court upheld the specific performance of the Joint Venture Agreement and granted interim measures under Section 17 of the Arbitration and Conciliation Act to prevent the appellant from disrupting....
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