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TMI Blog2020 (2) TMI 806X X X X Extracts X X X X X X X X Extracts X X X X ..... before this Court. Any default by M/s Good Living Infrastructure Pvt. Ltd. would be treated as a breach of the undertaking submitted to this Court. Appeal disposed off. - CIVIL APPEAL NO.1674 OF 2020 ( Arising out of SLP (C) No. 22038/2017 ) - - - Dated:- 18-2-2020 - Uday Umesh Lalit And Indu Malhotra, JJ. Counsel for the Parties : Dr. Abhishek Manu Singhvi, Sr. Adv. Mr. Dhruv Mehta, Sr. Adv. Mr. Pradyuman Dubey, Adv. Ms. Arpita Bishnoi, Adv. Mr. Nidhiram Sharma, Adv. Mr. Samarth Madan, Adv. Mr. Abhay Kumar, AOR Mr. Priyank Ladoia, Adv. Mr. Paresh B. Lal, Adv. Mr. V.P. Singh, Adv. Mr. Raghav Seth, Adv. Ms. Simran Bhat, Adv. Mr. Mayank Pandey, AOR Mr. Ravindra Kumar, AOR Mr. Rajat Mittal, AOR ORDER Leave Granted. 1. The present Appeal has been filed to challenge an award passed in an ICC arbitration with its seat in New Delhi. The Appellant has challenged the judgment dated 08.05.2017 passed under Section 37 of the Arbitration and Conciliation Act, 1996 ( Act ), whereby a division bench of the Delhi High Court rejected the Appeal. 2. The factual background in which the present Appeal has been filed is as follows : - 2.1. The Appellant-Promoters ent ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 09.02.2017 rejected the challenge on merits, and held that it was an undisputed fact that Respondents No. 1 and 2 had brought in a sum of ₹ 45,00,27,747/- for the project. The Appellants had terminated the RSHA and RSPA soon after the funds were brought in by Respondents No. 1 and 2. The Court found the findings of the arbitral tribunal to be consistent with the terms of the agreement. 2.6. Aggrieved, the Appellants preferred an Appeal under S. 37 of the Act before the Division Bench of the Delhi High Court. The Division Bench vide judgment and order dated 08.05.2017 rejected the Appeal as being devoid of any merit. 3. The Appellants have challenged the Order passed under S. 37 of the 1996 Act by way of the present Special Leave Petition. 3.1. This Court vide interim Order dated 15.09.2017 directed the Appellants to deposit an amount of ₹ 20,00,00,000/- (rupees twenty crore) in the Registry of this Court, which was directed to be invested in a short-term fixed deposit account with a nationalised bank. The Appellants were injuncted from alienating the Project Land, so that in the ultimate eventuality, if the award was sustained by this Court, it could be realis ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e of hearing. 3.5. M/s Good Living Infrastructure Pvt. Ltd. through its CEO/ Additional Director, duly authorized by a Board Resolution dated 20.12.2019, filed an Affidavit dated 06.01.2020 before this Court to place on record its Interest to acquire the sub-lease of the property bearing Plot No.001B situated Sector 140A in NODIA district Guatam Budh Nagar, U.P. admeasuring 45,202.50 sq. mts. held by M/s IT Infrastructure Park Ltd. (Respondent No.3) for a consideration of ₹ 99,44,55,000/-. This would be effectuated by acquisition of shares of Respondent No.3 which holds the aforesaid property under a sub-lease executed between NOIDA the Lessor, M/s Sarv Mangal Real Tech Pvt. Ltd. the Lessee, and Respondent No.3 the sub-lessee under Sub Lease dated 21.10.2009. In the said Affidavit, Bhutani Group stated that it is aware of the pending litigation before this Court, and is willing to deposit the entire sale consideration with the Registry of this Court, including the dues payable to NOIDA. 3.6. With respect to the dues of NODIA, we requested the Counsel for NOIDA to ascertain whether penal interest on land rent and interest could be waived. 3.7. During the course of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ₹ 10,00,00,000/- Upfront payment to be deposited within 10 days of the passing of this Order. ₹ 56,79,79,523/- To be deposited within 6 months from the date of this Order. The aforesaid amounts would be made over to Respondent Nos.1 and 2 towards payment of the balance sale consideration. v) The balance amount of ₹ 29,17,20,477/- payable by the Appellants to Respondents Ns.1 and 2 would be carried out within a period of 3 months from the passing of this Order. vi) The orders of injunction dated 24.03.2017 and 17.08.2017 passed by the Delhi High Court restraining the Appellants from alienating Industrial Plots No.4 and 5, Block A, Sector-16, NOIDA is hereby lifted, to enable the Appellants to raise funds for payment of the balance amount as stated in para (ii) hereinabove. 5. The Appellants were directed to file an Affidavit of Undertaking before this Court, with respect to the obligations to be discharged as per the Consent Terms set out hereinabove. 6. The Appellant No.1- Mr. Shakti Nath has filed an Affidavit of Undertaking dated 10.02.2020 on beha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the status quo upon their immovable properties, which has been ordered by the Hon ble Delhi High Court by its orders dated 24.03.2017 and 17.08.2017 passed in Execution Petition bearing OMP (ENF) (COMM) No.45 of 2017. The said status quo is required to be lifted in order to enable the Petitioners to raise loan against the said immovable properties so as to enable them to deposit the shortfall amount with this Hon ble Court. 5. The Petitioners hereby undertake that till such time that the entire settlement amount is paid to the Respondents No.1 2, the Petitioners shall not create any third party rights or interest over the above mentioned immovable properties for the purpose of raising loans to deposit with this Hon ble Court the amounts payable to the Respondents No.1 2 as per the settlement reached between the parties. 7. M/s Good Living Infrastructure Pvt. Ltd. ( GLI ) has also filed an Affidavit of Undertaking dated 10.02.2020 stating that : 1. I am the CEO/Additional Director of M/s Good Living Infrastructure Pvt. Ltd. ( GLI ) and have been duly authorized by GLI vide Resolution of Board of Directors dated 20.12.2019 to give the present undertaking on its ..... X X X X Extracts X X X X X X X X Extracts X X X X
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