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* IN THE HIGH COURT OF DELHI AT NEW DELHI % Judgment reserved on: 17.02.2026 Judgment pronounced on: 18.03.2026 Judgment uploaded on: 18.03.2026 + FAO(OS) (COMM) 189/2024 & CM APPL. 48495/2024 PROTO DEVELOPERS AND TECHNOLOGIES LTD .....Appellant Through: Mr. Ashwani Kumar Singh, Adv.

versus M/S ANTRIKSH REALTECH PVT LTD & ANR .....Respondent Through: None.

CORAM:

HON'BLE MR. JUSTICE ANIL KSHETARPAL HON'BLE MR. JUSTICE AMIT MAHAJAN

J U D G M E N T

ANIL KSHETARPAL, J.

1. The present Appeal under Section 37 of the Arbitration and Conciliation Act, 1996 [hereinafter referred to as the „Act‟] is directed against the judgment dated 10.05.2024 passed by the learned Single Judge in O.M.P. (COMM) 98/2024 captioned Proto Developers & Technologies Ltd. Vs. Antriksh Realtech Pvt. Ltd & Anr. [hereinafter referred to as the „Impugned Judgment‟], whereby the Petition instituted by the Appellant herein under Section 34 of the Act [hereinafter referred to as „Section 34 Petition‟] assailing the Arbitral Award dated 01.07.2023 [hereinafter referred to as „the Award‟] came to be dismissed.

2. The factual matrix, to the extent required for the purposes of the present Appeal, is noticed hereafter.

FACTUAL MATRIX

3. The dispute arises out of a group housing development project proposed on land admeasuring approximately 61,500 sq. yards situated at Village Chhajarsi, Ghaziabad, owned by M/s Raksha Vigyan Karamchari Sahakari Awas Samiti Ltd., Ghaziabad [hereinafter referred to as „the Society‟]. In the year 2006, the Society entered into a development arrangement for the construction, management and allotment of flats with M/s Rose Enterprises (a unit of Proto Infosys Limited), the predecessor-in-interest of the present Appellant, under which development rights in respect of the said land were conferred and possession was delivered for purposes of construction and the aforesaid allied activities. Certain steps towards development, including land filling, boundary demarcation and procurement of initial sanctions, were undertaken in pursuance thereof.

4. Thereafter, owing to financial constraints and the inability of the original developer, the Appellant herein, to mobilise adequate funds for execution of the project, the Society and the Appellant decided to induct a third-party developer.

5. On 09.02.2010, a Collaboration Agreement [hereinafter referred to as „the Collaboration Agreement‟] came to be executed between the Society, M/s. Proto Developers & Technologies Ltd. & Associates, the Appellant as the confirming party, and Respondent No. 1, Antriksh Realtech Pvt. Ltd.[hereinafter referred to as „the subsequent developer‟], whereby Respondent No. 1 was inducted as the developer for the construction of the multi-storied group housing complex proposed to be known as “Antriksh Sanskriti”. The Collaboration Agreement recorded the subsisting rights created under the earlier agreement of 2006 and envisaged a composite development structure. Under the Collaboration Agreement, the Society and the Appellant together were entitled to 37.5% of the constructed and unconstructed area, while the subsequent developer was to retain 62.5% of the same, and these were called their Allocable Shares.

6. The Collaboration Agreement delineated the respective responsibilities of the parties in relation to construction, procurement and continuation of statutory sanctions, and the discharge of statutory dues payable to the Ghaziabad Development Authority [hereinafter referred to as „GDA‟]. The subsequent developer was to undertake construction at its own cost. The Collaboration Agreement further contained stipulations governing the liability for payment of statutory charges and the consequences thereof. The said clauses in the Collaboration Agreement provided for the subsequent developer to make certain payments towards statutory dues, subject to a financial cap of Rs. 11 Crores. The interpretation and application of the provisions of the Collaboration Agreement subsequently became