RAVINDRA EKNATH KUMAVAT vs M-S. FUTURE DEVELOPMENT CONSTURCTION COMPANY.

Judgment text excerpt

15-ARP-221-2023-F.docx IN THE HIGH COURT OF JUDICATURE AT BOMBAY CIVIL APPELLATE JURISDICTION ARBITRATION PETITION NO. 221 OF 2023 Digitally signed by Ravindra Eknath Kumavat .… Petitioner SHRADDHA SHRADDHA KAMLESH KAMLESH TALEKAR Vs. TALEKAR Date: 2025.07.07 20:53:59 M/s. Future Development +0530 Construction Company & 8 Ors. .. Respondents Mr. Hemant Ghadigaonkar, for Petitioner. Mr. Prathamesh Bhargude, for Respondent Nos. 1, 2, 3 and 5. Mr. Sugandh Deshmukh, for Respondent Nos. 4, 6 and 7. None for Respondent Nos. 8 and 9 CORAM : SOMASEKHAR SUNDARESAN, J. Date : July 2, 2025 Oral Judgement : Context and Background: 1. This Petition has been filed under Section 11 of the Arbitration and Conciliation Act, 1996 (“the Act”) seeking a reference to arbitration, of disputes and differences purporting to arise from a Memorandum of Understanding dated February 24, 2022 (“ MoU”). The arbitration agreement is contained in Clause 12 (found at Page Nos. 64 and 65 of the Petition). In the interest of brevity, the arbitration agreement is not being extracted here. Suffice it to say that this matter falls within the jurisdiction of this Court Page 1 of 12 July 2, 2025 15-ARP-221-2023-F.docx 2. It is apparent from the record that the arbitration agreement was invoked by the Petitioner on September 2, 2023. The MoU related to sale of certain property held by the Petitioner in favour of the Respondents (other than Respondent Nos. 1, 2, 3 and 5) who are parties to the MoU. The MoU contains an arbitration agreement. The Petitioner contends that obligations contained in the MoU need to be performed and it entails consideration of value of Rs. 60 Lakhs per acre for the land covered by the MoU. 3. Multiple Sale Deeds were executed between May 16, 2023 and May 18, 2023. The land covered by