A party's claim to receive contractual consideration remains valid despite non-execution of a sale deed; limitation periods should not bar claims that arise from the contract unless unambiguously established.

JUDGMENT

Vibhu Bakhru, J. The petitioner has filed the present petition under Section 34 of the Arbitration and Conciliation Act, 1996 (hereinafter `the A&C Act') impugning an arbitral award dated 31.12.2019 (hereinafter `the impugned award') rendered by an Arbitral Tribunal comprising of a Sole Arbitrator (hereinafter `the Arbitral Tribunal').

2. The impugned award was rendered in the context of disputes that have arisen between the parties in relation with the Collaboration Agreement dated 24.10.2010 (hereinafter `the Collaboration Agreement').

Factual Context

On 13.01.2006, the petitioner purchased the property bearing number F-20, Geetanjali Enclave, New Delhi-110017. Thereafter, on 24.10.2010, the petitioner and the respondent entered into the Collaboration Agreement, wherein the parties had agreed to demolish the existing structure and reconstruct the building with a basement, ground floor, first floor, second floor, third floor and terrace (hereafter `the Entire Property') in terms of the quality standards as detailed out in Annexure A of the Collaboration Agreement. Further, the respondent agreed to pay the petitioner a sum of Rs.1,90,00,000 against the rights of the second floor of the Entire Property (hereinafter `the Second Floor'). The relevant Clauses of the Collaboration Agreement are set out below:

"That in addition to the Builder incurring the entire costs and expenses, etc. the Builder has agreed to pay a sum of Rs.1,90,00,000 (Rupees one crore ninety lacs only) to the Owner as the consideration, in the manner detailed in this Agreement, against the rights, in the portion of the property to be transferred in favour of the Builder or its nominee/s on the completion or during the course of construction of the building.

This consideration shall be payable to the Owner at the time the Builder enters into any Agreement to sell the Builder's Allocation to any person(s). Out of the payments so received at this time, the Owner shall receive a sum equivalent to the percentage this consideration bears to the sale consideration of the Builder's Allocation. The balance consideration shall also be received and shared between the Owner and Builder in the same manner.

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That the Builder shall handover the vacant and physical possession of the Owners' allocation at first and only thereafter the builder shall deliver the vacant and physical possession of the Portion falling on its share to the prospective buyer(s) of the Builder's portion.

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That the Builder undertake to complete the proposed building to the satisfaction of the Owner by 31st March 2012 extendable by a grace period of one month, subject to FORCE MAJEURE and further if delay is occasioned for any reason of any act or legislation or restriction, prohibition or restrained imposed by any Statutory Body and or Governmental Authority, no liability shall attach to the Builder.

That in case the Builder fails to complete the construction of the proposed building within the above