EMAAR INDIA LTD vs CITRON HOLDING LLP

Judgment text excerpt

* IN THE HIGH COURT OF DELHI AT NEW DELHI % Reserved on : 24.02.2025 Pronounced on : 16.05.2025 + O.M.P. (COMM) 548/2024, I.A. 48962/2024 EMAAR INDIA LTD .....Petitioner Through: Mr. Dhruv Rohatgi with Ms. Chandrika Sachdeva and Mr. Dhruv Kumar, Advocates. versus CITRON HOLDING LLP .....Respondent Through: Mr. Ankur Mahindro with Mr. Rohan Taneja, Mr. Mohit Dagar, Mr. Aditya Kapur, Mr. Soumil C. Gonsalves, Mr. Ankush Satija, Mr. Raghav Kalra and Mr. Rohit Bishnoi, Advocates. CORAM: HON'BLE MR. JUSTICE MANOJ KUMAR OHRI JUDGMENT 1. The present proceedings are instituted under Section 34 of the Arbitration & Conciliation Act, 1996 (hereinafter, referred to as the ‘A&C Act’) thereby seeking setting aside of the arbitral award dated 30.08.2024 (hereinafter, ‘impugned award’) delivered by the Arbitral Tribunal comprising of a Sole Arbitrator (hereinafter, ‘AT’). 2. The Petitioner/builder and Respondent/buyer had entered into two Builder Buyer Agreements, both dated 30.12.2008 and pari materia to one another (hereinafter, ‘BBA’), whereby two commercial properties being i) PSQ C-1-F04-009, Unit no. 409, 4th Floor (commercial section), Signature Not Verified Signed By:GAUTAM O.M.P. (COMM) 548/2024 Page 1 of 14 ASWAL Signing Date:19.05.2025 18:36:55 commercial project “The Palm Square”, Sector 66, Gurugram, Haryana and ii) PSQ C-1-F04-010, Unit No. 410, 4th Floor (Commercial Section), “The Palm Square”, Sector 66, Gurugram, Haryana (hereinafter, ‘subject premises’) were agreed to be sold to the Respondent by the Petitioner. 3. Briefly stated, as per Clause 16(a)(i) of the BBA, the Builder was supposed to deliver possession of the Units to the Claimant/Respondent within 36 months from the execution of the BBA, i.e., by 31.12.2011. There was an additional grace period of 120 days a