BRIJ MOHAN BAJAJ AND ORS. vs M S PRIME PROPERTY REALTY

Judgment text excerpt

$~43 * IN THE HIGH COURT OF DELHI AT NEW DELHI % Date of decision: 23.04.2026 + O.M.P. (COMM) 501/2024 & I.A. 46321/2024 BRIJ MOHAN BAJAJ AND ORS. .....Petitioners Through: Ms. Megha Saxena, Ms. Rashmi Kaushik & Ms. Shreya Bhatnagar, Advs with P-4 in person. versus M S PRIME PROPERTY REALTY .....Respondent Through: Mr. Sachin Sain, Adv. with R- partner in person. CORAM: HON'BLE MR. JUSTICE AVNEESH JHINGAN AVNEESH JHINGAN, J. (ORAL) 1. This petition is filed under Section 34 of the Arbitration and Conciliation Act, 1996 (for short „the Act‟) against the arbitral award dated 29.07.2024. 2. The brief facts are that the petitioners were the owners of the property bearing Plot No. 97, Block-C, Chander Nagar, Janak Puri, New Delhi-110058. The Collaboration Agreement dated 10.05.2019 (hereinafter referred to as „CA‟) was executed between the parties to the lis. The respondent was required to demolish the existing building and re-construct a new one and in return on payment of Rs. 3.55 crores was to get the first, second, and third floors with roof rights. The petitioners apart from consideration were entitled to fully Signature Not Verified Signed By:HONEY O.M.P. (COMM) 501/2024 Page 1 of 11 ARORA Signing Date:25.04.2026 10:34:43 furnished upper ground floor with 1/4th share of the stilt floor. As per Clause 15 of the CA, an advance payment of Rs. 35 lacs was to be made by the respondent. The details of the payments to be made is tabulated below: Total sale proceeds (Owners share) - Rs.355 Lacs Initial rental advance Rs. 3 Lacs Contract binding advance to be paid Rs. 35 Lacs after Signing of collaboration agreement After casting of roof of UGF Rs. 35 Lacs Balance rental amount Rs. 2 Lacs After casting roof of 1st floor Rs. 35 Lacs After casting roof of 2nd floor Rs. 35 Lacs At