Nav Munjal Co-operative Housing Society Ltd. (Society) filed a Petition under Section 34 of the Arbitration and Conciliation Act, 1996, to challenge an arbitral award dated May 25, 2017. The award granted specific performance of a Development Agreement and compensation to Ms. Saranga Anil Agarwal (Developer), the proprietor of M/s Rockline Construction Company, for the redevelopment of the Society's property, which had stalled. The Society had terminated the Development Agreement on July 21, 2014. Personal insolvency proceedings were initiated against the Developer as a personal guarantor of a company admitted to corporate insolvency resolution process, triggering an interim moratorium under Section 96 of the IBC. The Developer contended that this moratorium barred the
…Nav Munjal Co-operative Housing Society Ltd. (Society) filed a Petition under Section 34 of the Arbitration and Conciliation Act, 1996, to challenge an arbitral award dated May 25, 2017.
The arbitral award was issued against Ms. Saranga Anil Agarwal, proprietor of M/s Rockline Construction Company ("Developer").
The parties had executed a Development Agreement (DA) on July 24, 2006, and a Supplementary Development Agreement on July 12, 2012, for the redevelopment of the Society's property.
The redevelopment project stalled, and the Society eventually terminated the Development Agreement on July 21, 2014.
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Nav Munjal Co-operative Housing Society Ltd. (Society) filed a Petition under Section 34 of the Arbitration and Conciliation Act, 1996, to challenge an arbitral award dated May 25, 2017. The award granted specific performance of a Development Agreement and compensation to Ms. Saranga Anil Agarwal (Developer), the proprietor of M/s Rockline Construction Company, for the redevelopment of the Society's property, which had stalled. The Society had terminated the Development Agreement on July 21, 2014. Personal insolvency proceedings were initiated against the Developer as a personal guarantor of a company admitted to corporate insolvency resolution process, triggering an interim moratorium under Section 96 of the IBC. The Developer contended that this moratorium barred the
…Nav Munjal Co-operative Housing Society Ltd. (Society) filed a Petition under Section 34 of the Arbitration and Conciliation Act, 1996, to challenge an arbitral award dated May 25, 2017.
The arbitral award was issued against Ms. Saranga Anil Agarwal, proprietor of M/s Rockline Construction Company ("Developer").
The parties had executed a Development Agreement (DA) on July 24, 2006, and a Supplementary Development Agreement on July 12, 2012, for the redevelopment of the Society's property.
The redevelopment project stalled, and the Society eventually terminated the Development Agreement on July 21, 2014.
…The parties ex…
A Supplementary…