SSD ESCATICS PRIVATE LIMITED vs GOREGAON PEARL COOPRATICE HOUSING SOCIETY LIMITED

Judgment text excerpt

Neeta Sawant CARBP 354 of 2024 IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION COMMERCIAL ARBITRATION PETITION NO. 354 OF 2024 SSD Escatics Private Limited …..PETITIONER ORIG. RESPONDENT : VERSUS : Goregaon Pearl Cooperative Housing Society Limited ….RESPONDENT ORIG. CLAIMANT Mr. Rajiv Narula a/w. Mr. Abhishek Bhadang and Mr. Tarang Jagtiani I.b. Jhangiani Narula and Associates, for the Petitioner. Mr. Mayur Khandeparkar i/b Mr. Tushar Gujjar a/w. Mr. Deepak Singh and Mr. Lancelot Lewis i/b St. Partners, for the Respondent. CORAM : SANDEEP V. MARNE, J. JUDG. RESD. ON: 9 MARCH 2026. JUDG. PRON. ON : 30 MARCH 2026 JUDGMENT: 1) The Petitioner has filed this Petition under section 34 of Arbitration and Conciliation Act, 1996 (Arbitration Act) challenging the award of the learned sole arbitrator dated 24 June 2023. By the impugned award, the Arbitral Tribunal has declared the Termination Notice dated 9 June 2018 terminating the Development Agreement (DA) and Power of Attorney (POA), both dated 26 September 2007, and of the Consent _______________________________________________________________________________________________________ PAGE NO. 1 OF 78 30 MARCH 2026 Neeta Sawant CARBP 354 of 2024 Terms dated 16 May 2017 as valid, legal and binding. The Tribunal has further declared that the contract of redevelopment is terminated with effect from 9 June 2018. The Arbitral Tribunal has restrained the Petitioner from interfering with possession of Respondent-Society over the land and building in question. Petitioner is directed to the handover all original documents relating to redevelopment of the Society. The Arbitral Tribunal has also awarded claim in the sum of Rs.7,08,53,695.03/- in favour of the Respondent-Society. The Arbitral Tribunal has aw