V4 Infrastructure Pvt Ltd v. Jindal Biochem Pvt Ltd [i]
FACTS OF THE CASE:
V4 Infrastructure Pvt Ltd purchased property no. 228, Sector 9, Service Centre, Dwarka in an auction which was conducted by the Delhi Development Authority. At that time, V4 Infrastructure Pvt Ltd was in the nature of a joint venture between Attar Singh Group and Jindal Group. Both these groups had equal representation on the Board of Directors of V4 Infrastructure Pvt Ltd. Certain disputes arose between the 2 groups and therefore the Jindal Group exited from the management of V4 Infrastructure Pvt Ltd. V4 Infrastructure Pvt Ltd further claims that the two share purchase agreements dated 25th August 2009 and 30th August 2009 were entered into between its shareholders of V4 Infrastructure Pvt Ltd belonging to the said groups.
Jindal Biochem Pvt Ltd and V4 Infrastructure Pvt Ltd in relation to the Property entered into two Space Buyer Agreements. The First Agreement agrees to the sale of three shops on the front side of the ground floor which was agreed to be sold to the Jindal Biochem Pvt Ltd at 4.25 crores. In the Second Agreement, V4 Infrastructure Pvt Ltd agreed at 3.15 crores to sell 1435.758 square feet on the second floor of the Property.
Jindal Biochem Pvt Ltd then paid the entire amount as agreed under the two Agreements. Jindal Biochem Pvt Ltd claimed that V4 Infrastructure Pvt Ltd had forcibly re-possessed the same by breaking open the locks. V4 Infrastructure Pvt Ltd claims that the Property was completed and an occupancy certificate was granted on 19th April 2010 but the physical possession of the Property wasn't handed over. Because Jindal Biochem Pvt Ltd has failed to pay the maintenance charges. With regard to this V4 Infrastructure Pvt Ltd terminated the two Agreements by letter dated 19th August 2011.
The disputes between the parties were referred to arbitration and the Arbitral Tribunal rendered an award for a refund of the amount which was paid by Jindal Biochem Pvt Ltd.
ISSUE OF THE CASE:
The issue, in this case, was regarding the award for a refund of the amount which was paid by the Jindal group. Aggrieved by the decision of the arbitral tribunal, V4 Infrastructure Pvt Ltd appealed under section 34 of the arbitration and conciliation act, 1996.
JUDGMENT OF THE CASE:
The Appellant assailed the award under Section 34 of the Act, inter alia, on the ground that the premise of the award was intrinsically flawed.
It was decided in this judgment that the appeal by the appellant V4 infrastructure Pvt ltd was disposed of against the common order which was dated 19th March 2018 in which the appellant raised an objection under section 34 of the arbitration and conciliation act 1996 was rejected and common arbitral award which was declared by the arbitral tribunal stood confirmed.
This Article Does Not Intend To Hurt The Sentiments Of Any Individual Community, Sect, Or Religion Etcetera. This Article Is Based Purely On The Authors Personal Views And Opinions In The Exercise Of The Fundamental Right Guaranteed Under Article 19(1)(A) And Other Related Laws Being Force In India, For The Time Being.