JOLLY BROTHERS PVT. LTD. vs SURENDRA NATH JOLLY AND 2 ORS

Judgment-ARBP-785-2016.doc IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION 3. Mr. Ranit Basu a/w Maitri Malde, Dua Shaikh, Harshada Nirmal i/b Bridgehead Law Partners, for Respondent No. 1B. CORAM : SOMASEKHAR SUNDARESAN, J. DATE : FEBRUARY 24, 2026. JUDGEMENT : Context and Factual Background: 1. This is a Petition filed under Section 34 of the Arbitration and Conciliation Act, 1996 (“the Act”), impugning an Arbitral Award dated October 10, 2015 (“the Impugned Award”), by which the Learned Arbitral Tribunal has dismissed the Petitioner's contention that a Memorandum of Understanding dated December 7, 2006 (“MOU”) February 24, 2026 Chaitanya Judgment-ARBP-785-2016.doc for transfer of land is subsisting and is amenable to specific performance. 2. The MOU was executed between the Petitioner, Jolly Brothers Pvt. Ltd. (“Company”) and the Respondents, certain members of the wider Jolly Family (“Jollys”), by which, a particular parcel of land admeasuring about 4.1 acres (“Subject Land”) was meant to be surrendered by the Jollys in favour of the Company on the terms and conditions set out therein. 3. The wider family of which the Jollys were a part, had been