JUDGMENT

1. Petitioner No.1- M/s Tarun Aggarwal Projects LLP and petitioner No.2- M/s Prajakta Colonilers Pvt. Ltd. entered into a Collaboration Agreement dated 07.05.2009 in the capacity of ‘owner’ of land admeasuring approx. 6.06875 acres, situated in revenue estates of Village- Nangli and Badshahpur, Tehsil & District Gurgaon, Haryana with respondent being the ‘developer’ for development of a residential colony in Sector-62 and 65, Gurugram. According to petitioner, under the aforesaid Collaboration Agreement, for amalgation of the aforesaid land a part of which was in joint ownership with the respondent and which is located adjacent to the colony being developed by the respondent, the respondent had agreed to apply for additional license of the land. As per the Collaboration Agreement in question, respondent was required to complete necessary development works on the licensed land of petitioners within 36 months from the date of obtaining possession of the licensed land, which was to be handed over by the petitioners after all necessary approvals, sanctions and licenses were obtained and facilitated by the respondent. Further as per the Collaboration Agreement, the cost for deve