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JUDGMENT (Oral)

1. The present Petition being has been instituted under Section 34 of the Arbitration and Conciliation Act, 1996¹A&C Act read with Section 10 of Commercial Courts Act, 2015, challenging and seeking, inter alia, setting aside of the Arbitral Award dated 27.01.2025²Arbitral Award, passed by the Ld. Sole Arbitrator.

BRIEF FACTS:

2. Disputes between the parties arise out of an Agreement to Sell dated 28.09.2016, executed in respect of Industrial Plot bearing No. D-205, Sector-63, Noida, Gautam Budh Nagar, Uttar Pradesh admeasuring 4000 sq. metres.

3. As per the Petitioners, the Agreement to Sell recorded a sale consideration of Rs. 8 crores and various payments were made by the Petitioners towards the transaction. Subsequently, the Agreement was sought to be substituted in favour of Petitioner No. 1 and Transfer Memorandum proceedings were initiated before the NOIDA Authority.

4. Disputes thereafter arose between the parties regarding alleged encumbrances over the subject property, payment of the balance sale consideration, readiness and willingness of the parties and execution of transfer documents. The Respondents thereafter issued a Termination Notice dated 12.0