PURI CONSTRUCTIONS PVT LTD & ORS. vs LARSEN AND TOUBRO LIMITED

Judgment text excerpt

$~ * IN THE HIGH COURT OF DELHI AT NEW DELHI % Judgment reserved on: 13.01.2026 Judgment pronounced on:28.01.2026 + ARB.P. 1610/2025 PURI CONSTRUCTIONS PVT LTD & ORS. .....Petitioners Through: Mr. M.R. Shamshad, Senior Advocate with Mr. Sarwar Raza, Mr. Arijit Sarkar and Ms. Devanshi Yadav, Advs. Mr. Himanshu Juneja A.R. versus LARSEN AND TOUBRO LIMITED .....Respondent Through: Mr. Akhil Sibal, Senior Advocate with Mr. Sameer Parekh, Mr. Sumit Goel, Mr. Abhishek Thakral, Ms. Sreeparna Basak, Mr. Jayant Bajaj and Ms. Sugandh Shahi, Advs. CORAM: HON'BLE MR. JUSTICE HARISH VAIDYANATHAN SHANKAR JUDGMENT HARISH VAIDYANATHAN SHANKAR, J. 1. The present Petition, under Section 11(6) of the Arbitration and Conciliation Act, 19961, has been filed seeking the appointment of a Sole Arbitrator to adjudicate the unadjudicated issues/ quantification of claims of the Claimant/ Petitioner herein pursuant to the Hon’ble Supreme Court judgment dated 21.04.2025 in Civil Appeal Nos. 2575-2581 of 2016 in relation to common Arbitration 1 Act Signature Not Verified Digitally Signed ARB.P. 1610/2025 Page 1 of 10 By:HARVINDER KAUR BHATIA Signing Date:30.01.2026 17:58:24 Agreement as set out in the Development Agreement dated 10.03.19982. 2. The material on record indicates that the Petitioners, on behalf of and in the name of PCPL, purchased land in Sector 53 and 54, Gurgaon, Haryana, with the objective of developing a Group Housing Project. In the year 1995, ITC Ltd., through its wholly owned subsidiary, ITC Classic Real Estate Finance Ltd.3, intended to jointly develop the project with the Petitioners. However, ITCREF subsequently exited the real estate sector. 3. Pursuant to this, an Exit Agreement dated 30.07.1997 was entered into between the Petitioners and ITCREF, under which ITCREF was as