IMRAN AHMED ANSARI & ANR. vs INTEX TECHNOLOGIES (INDIA) LTD & ANR.

Judgment text excerpt

$~15 * IN THE HIGH COURT OF DELHI AT NEW DELHI Date of decision: 08.05.2026 + O.M.P. (COMM) 199/2025, I.A. 13085/2025 (Stay) & I.A. 13087/2025 (Seeking permission to file lengthy synopsis and list of dates) IMRAN AHMED ANSARI & ANR. .....Petitioners Through: Mr. Rohan Jaitley, Mr. Arun Srivastava, Mr. Yogya Bhatia, Mr. Akhil Srivastava and Mr. Prashant Srivastava, Advocates. versus INTEX TECHNOLOGIES (INDIA) LTD & ANR. .....Respondents Through: Mr. Rudreshwar Singh and Mr. Amit Chadha, Senior Advocates along with Mr. Atit Jain, Mr. Shanky Jain, Mr. Harjas Singh, Ms. Tanishka, Mr. Atin Chadha, Ms. Manisha Chadha and Mr. Ayush Bhagat, Advocates along with Mr. Karmveer. CORAM: HON'BLE MR. JUSTICE HARISH VAIDYANATHAN SHANKAR % JUDGMENT (Oral) 1. The present Petition being has been instituted under Section 34 of the Arbitration and Conciliation Act, 19961 read with Section 10 of Commercial Courts Act, 2015, challenging and seeking, inter alia, 1 A&C Act Signature Not Verified Digitally Signed By:HARVINDER KAUR O.M.P. (COMM) 199/2025 Page 1 of 28 BHATIA Signing Date:13.05.2026 19:00:02 setting aside of the Arbitral Award dated 27.01.20252, passed by the Ld. Sole Arbitrator. BRIEF FACTS: 2. Disputes between the parties arise out of an Agreement to Sell dated 28.09.2016, executed in respect of Industrial Plot bearing No. D-205, Sector-63, Noida, Gautam Budh Nagar, Uttar Pradesh admeasuring 4000 sq. metres. 3. As per the Petitioners, the Agreement to Sell recorded a sale consideration of Rs. 8 crores and various payments were made by the Petitioners towards the transaction. Subsequently, the Agreement was sought to be substituted in favour of Petitioner No. 1 and Transfer Memorandum proceedings were initiated before the NOIDA Authority. 4. Disputes thereafter arose between the p