Neutral Citation Number : 2022/DHC/005185

_________________________________________________________________________________________________

ARB.P.323/2010 Page 1 of 39

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IN THE HIGH COURT OF DELHI AT NEW DELHI

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Judgment delivered on 16^th November 2022

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ARB.P. 323/2010

VIKRAM BAKSHI

..... Petitioner

Versus

SONIA KHOSLA & ANOTHER

..... Respondents

Advocates who appeared in this case:

For the Petitioner:

Mr. Jay Savla, Senior Advocate with Mr.

Anand M. Mishra, Advocate.

For the Respondents:

Mr. Deepak Khosla and Mr. Rohan Nandy

Advocates

CORAM:-

HON’BLE MR. JUSTICE SANJEEV SACHDEVA

JUDGMENT

SANJEEV SACHDEVA, J (Oral)

I.A. No.16577/2021

1.

This is an application to bring on record legal heirs of deceased

Respondent No.1, Mrs. Sonia Khosla.

2.

Mr. Deepak Khosla, who is arrayed as one of the legal heirs,

submits that he has no objection to the application being allowed.

3.

The application is allowed. The amended memo of parties is

taken on record.

Digital Signed By:KUNAL

MAGGU

Signing Date:28.11.2022 17:43:14

This file is digitally signed by PS

to HMJ Sanjeev Sachdeva.

Signature Not Verified

Neutral Citation Number : 2022/DHC/005185

_________________________________________________________________________________________________

ARB.P.323/2010 Page 2 of 39

ARB.P. 323/2010

1.

This is a Petition under Section 11 of the Arbitration and

Conciliation Act, 1996 read with Section 15 of the Arbitration and

Conciliation Act, 1996 by Mr. Vikram Bakshi, seeking nomination of

two arbitrators for the Petitioner as well as for the Respondents together

and for the Arbitral Tribunal to appoint a presiding Arbitrator and to

continue to hold arbitration proceedings from the stage where the

previous Arbitral Tribunal had resigned.

2.

The case between the parties has a chequered history prolonging

over nearly 15 years.

3.

The disputes pertain to a company called Montreaux Resorts (P)

Ltd. [hereinafter referred to as ‘the company’], which it may be noticed

is not a party to this petition. Said company was incorporated on

13.04.2005 with two promoter shareholders i.e., Mrs. Sonia Khosla and

Mr. Vini Ahuja. At the time of incorporation, Mrs. Sonia Khosla held

7600 shares i.e., 76% of the authorized and paid up capital and Mr. Vini

Ahuja held 2400 shares i.e., 24% of the authorized and paid-up capital.

4.

On 21.12.2005, a Memorandum of Understanding (MoU) was

executed between Mr. Deepak Khosla, M/s. Montreaux Resorts (P)

Ltd., Mr. Vikram Bakshi and Mr. R.P. Khosla. The MoU stipulated

establishing a resort-cum-real estate development venture at Kasauli,

Himachal Pradesh and its environs as a joint venture project between

the Bakshi family, acting through Mr. Vikram Bakshi and the Khosla

family, acting through Mr. Deepak Khosla.

Digital Signed By:KUNAL

MAGGU

Signing Date:28.11.2022 17:43:14

This file is digitally signed by PS

to HMJ Sanjeev Sachdeva.

Signature Not Verified

Neutral Citation Number : 2022/DHC/005185

_________________________________________________________________________________________________

ARB.P.323/2010 Page 3 of 39

5.

As per the MoU, the project was to be a joint venture involving

the lands contracted to be purchased in the name of the company as well

as already purchased in the name of the members of the Khosla family

and also contracted to be purchased in the name of the members of the

Khosla family, which all were to be assigned in favour of the company.

6.

The MoU stipulated that the implementing Special Purposes

Vehicle (SPV) for the project would be the company and the shares in

the compan