M/S SARVPRIYA SECURITIES PVT LTD vs M/S ANK HOTELS PVT LTD

Judgment text excerpt

* IN THE HIGH COURT OF DELHI AT NEW DELHI % Judgment reserved on: 11.05.2026 Judgment pronounced on: 18.05.2026 + O.M.P. (COMM) 432/2023 M/S SARVPRIYA SECURITIES PVT LTD .....Petitioner Through: Mr. Ashish Aggarwal, Mr. O.P. Faizi, Mr. Anand Aggarwal, Mr. Madhur Sapra, Ms. Nishtha Verma, Ms. Lisha Arora, Mr. Himanshu Singh, Ms. Anjali Kashyap & Ms. Ishita, Advs. versus M/S ANK HOTELS PVT LTD .....Respondent Through: Mr. Manu Bajaj & Ms. Parul, Advs. CORAM: HON'BLE MR. JUSTICE AVNEESH JHINGAN JUDGMENT 1. This petition is filed under Section 34 of the Arbitration and Conciliation Act, 1996 (for short „the Act‟) seeking setting aside of the arbitral award dated 01.07.2023 (for brevity „the award‟). 2. The relevant facts are that the petitioner is engaged in business of developing real estate projects. In the year 2017 petitioner was developing Signature Global Mall (for short „the Mall‟) in Ghaziabad, Uttar Pradesh under its own brand name. The parties to the lis entered into a Memorandum of Understanding (MoU) dated 18.05.2018 whereby the respondent agreed to operate and maintain service apartments/hotels at 3rd to 6th floor of the Mall under the name of Signature Not Verified Signed By:CHANCHAL O.M.P. (COMM) 432/2023 Page 1 of 14 Signing Date:18.05.2026 13:11:08 „Clark Premier‟. 2.1 In terms of clause 14 of the MoU, the petitioner had to pay a sum of Rs.50,00,000/- plus GST after deduction of TDS towards one time brand collaboration fee and an amount of Rs.50,00,000/- towards technical support fee. The respondent was entitled to an additional amount of Rs.1,70,00,000/- (rupees one-crore seventy lakhs) plus GST towards administrative marketing of the property, operational and pre- opening expenses to commence service apartment/hotel operation, within a period of six to ei