DEEPAK KUMAR & ANR. vs MOHIT JAIN

Judgment text excerpt

$-4 * IN THE HIGH COURT OF DELHI AT NEW DELHI + ARB.P. 104/2025 Date of Decision: 15.05.2025 IN THE MATTER OF: 1. MR. DEEPAK KUMAR S/O MR. MOHAR SINGH YADAV R/O 482/21, STREET NO. 10, OM NAGAR, GURUGRAM HARYANA-122001 2. MRS. REKHA RANI YADAV W/O MR. DEEPAK KUMAR R/O 482/2, STREET NO.10, OM NAGAR, GURUGRAM HARYANA-122001 ..... PETITIONERS Through: Mr.Akshya, Advocate. Versus 1. MOHIT JAIN S/O MR. VINAY JAIN R/O L4/27, DLF PHASE-II, JAIN MANDIR WALI GALI, GURUGRAM, HARYANA-122002 .... RESPONDENT Through: Ms.Niharika Rai, Advocate for R-1. Mr.Sandeep Phogat and Mr.Ravi, Advocates for R-2. HON'BLE MR. JUSTICE PURUSHAINDRA KUMAR KAURAV JUDGEMENT PURUSHAINDRA KUMAR KAURAV, J. (ORAL) 1. The present petition has been filed under Section 11 of the Arbitration Signature Not Verified Signature Not Verified Signed By:NEHA CHOPRA Signed Signing Date:19.05.2025 By:PURUSHAINDRA 11:39:38 1 KUMAR KAURAV and Conciliation Act, 1996 (the 1996 Act), seeking appointment of an Arbitrator to adjudicate upon the disputes that have arisen between the parties. 2. The facts of the case would indicate that on 18.06.2022, the petitioners were allotted the Commercial Unit bearing no. GB-53 in “68 Avenue” in Sector-68, Gurugram which was being developed by VSR Infratech Pvt Ltd.. Thereafter, the petitioners entered into a Memorandum of Understanding (MoU) cum Agreement dated 22.04.2023 with the respondent for investing in the property bearing No.F-02, BPTP, Astaire Gardens, Sector 70 & 70A, which was allotted to the respondent through Allotment Letter issued by Builder BPTP dated 31.03.2023. As per the case of the petitioners, they agreed to make an investment of 30% i.e Rs.1,08,00,000/- of the total considered Sale amount of property i.e. Rs. 3,60,00,000/- in the Property allotted to Respondent and