w w w . L a w y e r S e r v i c e s . i n



L. Dharmichand & Others v/s ASV Constructions Pvt Ltd. & Another


Company & Directors' Information:- C & C CONSTRUCTIONS LIMITED [Active] CIN = L45201DL1996PLC080401

Company & Directors' Information:- U G CONSTRUCTIONS PRIVATE LIMITED [Active] CIN = U45400TN2010PTC074921

Company & Directors' Information:- N J R CONSTRUCTIONS PRIVATE LIMITED [Active] CIN = U45209TG2009PTC065101

Company & Directors' Information:- C P R CONSTRUCTIONS PRIVATE LIMITED [Active] CIN = U45200TG2008PTC057937

Company & Directors' Information:- S T CONSTRUCTIONS PRIVATE LIMITED [Active] CIN = U45201DL2004PTC127181

Company & Directors' Information:- J P G CONSTRUCTIONS PRIVATE LIMITED [Active] CIN = U45201DL2004PTC124763

Company & Directors' Information:- B O CONSTRUCTIONS PRIVATE LIMITED [Active] CIN = U00000DL2000PTC103440

Company & Directors' Information:- V R G CONSTRUCTIONS PRIVATE LIMITED [Active] CIN = U45208TN2013PTC090378

Company & Directors' Information:- G N R CONSTRUCTIONS PRIVATE LIMITED [Strike Off] CIN = U70200KA2004PTC034839

Company & Directors' Information:- E C CONSTRUCTIONS PRIVATE LIMITED [Active] CIN = U45201DL1998PTC092928

Company & Directors' Information:- I P CONSTRUCTIONS PVT LTD [Active] CIN = U45201DL2005PTC141372

Company & Directors' Information:- S K CONSTRUCTIONS LIMITED [Amalgamated] CIN = U45200DL1972PLC006224

Company & Directors' Information:- D N R CONSTRUCTIONS PRIVATE LIMITED [Active] CIN = U45200TG2011PTC074563

Company & Directors' Information:- D A P CONSTRUCTIONS PRIVATE LIMITED [Strike Off] CIN = U45201WB1997PTC086056

Company & Directors' Information:- M R CONSTRUCTIONS PVT LTD [Active] CIN = U45202WB1987PTC041958

Company & Directors' Information:- ASV CONSTRUCTIONS PRIVATE LIMITED [Active] CIN = U45201TN2003PTC051260

Company & Directors' Information:- J N C CONSTRUCTIONS PRIVATE LIMITED [Active] CIN = U74899DL1998PTC093071

Company & Directors' Information:- S V P CONSTRUCTIONS PRIVATE LIMITED [Active] CIN = U15100KA2013PTC072347

Company & Directors' Information:- V G V CONSTRUCTIONS PRIVATE LIMITED [Strike Off] CIN = U45201TZ2003PTC010825

Company & Directors' Information:- C L S CONSTRUCTIONS PRIVATE LIMITED [Active] CIN = U74899DL1995PTC074067

Company & Directors' Information:- R M CONSTRUCTIONS PRIVATE LIMITED [Active] CIN = U45201DL2005PTC136640

Company & Directors' Information:- R K CONSTRUCTIONS (INDIA) PRIVATE LIMITED [Active] CIN = U45400UP2009PTC039089

Company & Directors' Information:- H M R CONSTRUCTIONS PRIVATE LIMITED [Active] CIN = U27209WB1944PTC011901

Company & Directors' Information:- H A M CONSTRUCTIONS PRIVATE LIMITED [Active] CIN = U45201DL2005PTC140214

Company & Directors' Information:- B M R C CONSTRUCTIONS PRIVATE LIMITED [Active] CIN = U45201DL2004PTC126958

Company & Directors' Information:- N B CONSTRUCTIONS PRIVATE LIMITED [Active] CIN = U70109DL2006PTC153179

Company & Directors' Information:- V P V CONSTRUCTIONS PRIVATE LIMITED [Strike Off] CIN = U45202TZ2002PTC010021

Company & Directors' Information:- P K CONSTRUCTIONS PRIVATE LIMITED [Active] CIN = U45202WB1990PTC048623

Company & Directors' Information:- D B S CONSTRUCTIONS PRIVATE LIMITED [Active] CIN = U45201BR1990PTC003954

Company & Directors' Information:- P R P CONSTRUCTIONS PRIVATE LIMITED [Strike Off] CIN = U45201TN1995PTC032833

Company & Directors' Information:- N S CONSTRUCTIONS (INDIA) LIMITED [Active] CIN = U70101DL1997PLC088867

Company & Directors' Information:- B B CONSTRUCTIONS LTD [Active] CIN = U70101WB1988PLC045084

Company & Directors' Information:- S V P CONSTRUCTIONS PRIVATE LIMITED [Active] CIN = U45203KA2013PTC072347

Company & Directors' Information:- S. C. CONSTRUCTIONS PRIVATE LIMITED [Active] CIN = U45400AS2012PTC010876

Company & Directors' Information:- K & R CONSTRUCTIONS PRIVATE LIMITED [Active] CIN = U45201AS2011PTC010822

Company & Directors' Information:- G V B CONSTRUCTIONS PRIVATE LIMITED [Active] CIN = U70100TG1998PTC028935

Company & Directors' Information:- P K D CONSTRUCTIONS PVT LTD [Strike Off] CIN = U74999WB1980PTC032820

Company & Directors' Information:- H K P CONSTRUCTIONS PRIVATE LIMITED [Strike Off] CIN = U45202OR2001PTC006458

Company & Directors' Information:- C AND M CONSTRUCTIONS PRIVATE LIMITED [Active] CIN = U45201DL2004PTC130723

Company & Directors' Information:- A G P CONSTRUCTIONS COMPANY PRIVATE LIMITED [Active] CIN = U45201AN2006PTC000078

Company & Directors' Information:- S I A CONSTRUCTIONS PVT LTD [Active] CIN = U45202WB1993PTC061189

Company & Directors' Information:- P H CONSTRUCTIONS PRIVATE LIMITED [Under Process of Striking Off] CIN = U45201DL2004PTC125388

Company & Directors' Information:- G G CONSTRUCTIONS PRIVATE LIMITED [Active] CIN = U74899DL1987PTC028772

Company & Directors' Information:- S M C CONSTRUCTIONS PRIVATE LIMITED [Active] CIN = U45201MH2000PTC123619

Company & Directors' Information:- T AND P CONSTRUCTIONS PRIVATE LIMITED [Active] CIN = U45309PN2020PTC191603

Company & Directors' Information:- R K CONSTRUCTIONS PVT LTD [Strike Off] CIN = U24248UP1984PTC006613

Company & Directors' Information:- H V CONSTRUCTIONS PRIVATE LIMITED [Active] CIN = U45400MH2008PTC183930

Company & Directors' Information:- K M S CONSTRUCTIONS PVT LTD [Active] CIN = U26931TG1983PTC004119

Company & Directors' Information:- M S R CONSTRUCTIONS PRIVATE LIMITED [Active] CIN = U45201TG2000PTC035352

Company & Directors' Information:- A G M CONSTRUCTIONS PRIVATE LIMITED [Strike Off] CIN = U45202KL2002PTC015340

Company & Directors' Information:- A N CONSTRUCTIONS PRIVATE LIMITED [Active] CIN = U45400UP2008PTC035171

Company & Directors' Information:- D N CONSTRUCTIONS PVT LTD [Active] CIN = U45203AS1983PTC002024

Company & Directors' Information:- P S V CONSTRUCTIONS PRIVATE LIMITED [Active] CIN = U45209TG2009PTC064768

Company & Directors' Information:- K B C CONSTRUCTIONS LIMITED [Strike Off] CIN = U45209CH2011PLC032890

Company & Directors' Information:- T T S CONSTRUCTIONS PRIVATE LIMITED [Active] CIN = U45403KL2020PTC064299

Company & Directors' Information:- V B R CONSTRUCTIONS PRIVATE LIMITED [Strike Off] CIN = U45200TG1997PTC027406

Company & Directors' Information:- M R Y CONSTRUCTIONS PRIVATE LIMITED [Active] CIN = U45400DL2008PTC172953

Company & Directors' Information:- V S CONSTRUCTIONS PRIVATE LIMITED [Active] CIN = U45201KA1980PTC003939

Company & Directors' Information:- J B CONSTRUCTIONS LTD [Strike Off] CIN = U45201WB1981PLC034263

Company & Directors' Information:- S D R CONSTRUCTIONS PRIVATE LIMITED [Strike Off] CIN = U45201OR2010PTC012083

Company & Directors' Information:- M. G. B. CONSTRUCTIONS PRIVATE LIMITED [Under Process of Striking Off] CIN = U45400DL2015PTC281859

Company & Directors' Information:- V N CONSTRUCTIONS (INDIA) PRIVATE LIMITED [Active] CIN = U45200KA2015PTC083425

Company & Directors' Information:- R D S CONSTRUCTIONS PRIVATE LIMITED [Active] CIN = U45202PN2001PTC016041

Company & Directors' Information:- T R CONSTRUCTIONS PRIVATE LIMITED [Active] CIN = U45400DL2007PTC161605

Company & Directors' Information:- J B J CONSTRUCTIONS PRIVATE LIMITED [Active] CIN = U45201DL2004PTC130303

Company & Directors' Information:- A I B CONSTRUCTIONS PRIVATE LIMITED [Active] CIN = U45309KA2021PTC146378

Company & Directors' Information:- A AND V CONSTRUCTIONS PVT LTD [Strike Off] CIN = U65992TG1987PTC007890

Company & Directors' Information:- P D R CONSTRUCTIONS PRIVATE LIMITED [Strike Off] CIN = U72100KA1986PTC007383

Company & Directors' Information:- A P CONSTRUCTIONS PVT LTD [Strike Off] CIN = U74210WB1979PTC032397

Company & Directors' Information:- J N D CONSTRUCTIONS PRIVATE LIMITED [Strike Off] CIN = U45201DL1997PTC088802

Company & Directors' Information:- P. R. CONSTRUCTIONS PVT LTD [Strike Off] CIN = U45202MP1982PTC002078

Company & Directors' Information:- M AND M CONSTRUCTIONS PRIVATE LIMITED [Strike Off] CIN = U45201DL1992PTC051503

Company & Directors' Information:- J AND T CONSTRUCTIONS PRIVATE LIMITED [Strike Off] CIN = U45200TG1999PTC031067

Company & Directors' Information:- K S CONSTRUCTIONS PRIVATE LIMITED [Strike Off] CIN = U29248UP1982PTC005640

Company & Directors' Information:- J. P. CONSTRUCTIONS PRIVATE LIMITED [Under Process of Striking Off] CIN = U45202CT2007PTC020304

Company & Directors' Information:- L S CONSTRUCTIONS INDIA PRIVATE LIMITED [Active] CIN = U45202KA2012PTC063895

Company & Directors' Information:- G D CONSTRUCTIONS PVT LTD [Strike Off] CIN = U45201WB1985PTC039687

Company & Directors' Information:- J & J CONSTRUCTIONS PVT LTD [Not available for efiling] CIN = U70109WB1991PTC052664

Company & Directors' Information:- M C CONSTRUCTIONS PVT LTD [Strike Off] CIN = U70101WB1985PTC039150

Company & Directors' Information:- N C CONSTRUCTIONS PVT LTD [Strike Off] CIN = U70101WB1987PTC042382

Company & Directors' Information:- M R B CONSTRUCTIONS PRIVATE LIMITED [Active] CIN = U45201CH1995PTC017071

Company & Directors' Information:- B A CONSTRUCTIONS PRIVATE LIMITED [Active] CIN = U45201PB2002PTC024960

Company & Directors' Information:- A S D CONSTRUCTIONS PRIVATE LIMITED [Strike Off] CIN = U45201DL2004PTC125030

Company & Directors' Information:- P K CONSTRUCTIONS PVT LTD [Strike Off] CIN = U45200AP1987PTC008025

Company & Directors' Information:- G K CONSTRUCTIONS PVT LTD [Strike Off] CIN = U45201AS1988PTC003035

Company & Directors' Information:- H H CONSTRUCTIONS PRIVATE LIMITED [Active] CIN = U45200MH1980PTC022610

Company & Directors' Information:- R R CONSTRUCTIONS PVT LTD [Strike Off] CIN = U74210OR1989PTC002234

Company & Directors' Information:- J H CONSTRUCTIONS PRIVATE LIMITED [Active] CIN = U45200MH1998PTC115057

Company & Directors' Information:- S. CONSTRUCTIONS PRIVATE LIMITED [Strike Off] CIN = U70101MH2003PTC139538

Company & Directors' Information:- L D F CONSTRUCTIONS PRIVATE LIMITED [Active] CIN = U45400UP2009PTC037275

Company & Directors' Information:- K P N R CONSTRUCTIONS PRIVATE LIMITED [Active] CIN = U45200TG2014PTC092096

Company & Directors' Information:- J D CONSTRUCTIONS (INDIA) PRIVATE LIMITED [Active] CIN = U45209TG2010PTC071441

Company & Directors' Information:- R . C . S . CONSTRUCTIONS PRIVATE LIMITED [Active] CIN = U36911UP1999PTC024964

Company & Directors' Information:- U R CONSTRUCTIONS PRIVATE LIMITED [Active] CIN = U45400WB2007PTC120032

Company & Directors' Information:- A J N CONSTRUCTIONS PRIVATE LIMITED [Strike Off] CIN = U74899DL2005PTC142336

Company & Directors' Information:- J. L. CONSTRUCTIONS PRIVATE LIMITED [Active] CIN = U45500AP2016PTC104385

Company & Directors' Information:- U E CONSTRUCTIONS PRIVATE LIMITED [Strike Off] CIN = U45201KA2002PTC030635

Company & Directors' Information:- U D CONSTRUCTIONS PRIVATE LIMITED [Strike Off] CIN = U45201OR1990PTC002649

Company & Directors' Information:- C & A CONSTRUCTIONS PRIVATE LIMITED [Strike Off] CIN = U45201TN1989PTC017300

Company & Directors' Information:- R S S CONSTRUCTIONS (INDIA) PRIVATE LIMITED [Strike Off] CIN = U45202JH1990PTC003927

Company & Directors' Information:- P AND P CONSTRUCTIONS PVT LTD [Strike Off] CIN = U45200TG1992PTC015113

Company & Directors' Information:- I. A. CONSTRUCTIONS PRIVATE LIMITED [Strike Off] CIN = U70100TG1998PTC029569

Company & Directors' Information:- B J CONSTRUCTIONS PRIVATE LIMITED [Strike Off] CIN = U45200MH1972PTC015731

Company & Directors' Information:- S A K CONSTRUCTIONS (INDIA) PRIVATE LIMITED [Strike Off] CIN = U45400TG2007PTC055386

Company & Directors' Information:- L & I CONSTRUCTIONS PRIVATE LIMITED [Strike Off] CIN = U45201UR2006PTC032334

Company & Directors' Information:- A.T. CONSTRUCTIONS PRIVATE LIMITED [Strike Off] CIN = U45201UP1990PTC011951

Company & Directors' Information:- P B R CONSTRUCTIONS PRIVATE LIMITED [Strike Off] CIN = U45201AP1998PTC028800

Company & Directors' Information:- I R CONSTRUCTIONS PRIVATE LIMITED [Active] CIN = U45201DL1996PTC084160

Company & Directors' Information:- M A M CONSTRUCTIONS PRIVATE LIMITED [Strike Off] CIN = U45201TZ2003PTC010667

Company & Directors' Information:- V. M. R. CONSTRUCTIONS PRIVATE LIMITED [Strike Off] CIN = U45202AP1996PTC023724

Company & Directors' Information:- Y P S CONSTRUCTIONS PVT LTD [Strike Off] CIN = U45201CH1993PTC013953

Company & Directors' Information:- A. W. CONSTRUCTIONS PRIVATE LIMITED [Active] CIN = U45200MP2009PTC022110

Company & Directors' Information:- S B R CONSTRUCTIONS PVT LTD [Active] CIN = U70100MH1982PTC027337

Company & Directors' Information:- G V K CONSTRUCTIONS P LTD [Strike Off] CIN = U45201TN1985PTC011867

Company & Directors' Information:- G T CONSTRUCTIONS PRIVATE LIMITED [Strike Off] CIN = U51101UP1980PTC004982

Company & Directors' Information:- I. N. CONSTRUCTIONS PRIVATE LIMITED [Active] CIN = U45400JK2013PTC003931

Company & Directors' Information:- B. R. B. CONSTRUCTIONS PRIVATE LIMITED [Active] CIN = U74899DL1990PTC039632

Company & Directors' Information:- N. M. CONSTRUCTIONS PRIVATE LIMITED [Strike Off] CIN = U74899DL1995PTC067227

Company & Directors' Information:- B N CONSTRUCTIONS PVT LTD [Strike Off] CIN = U45201OR1981PTC001015

Company & Directors' Information:- D F CONSTRUCTIONS PVT LTD [Strike Off] CIN = U45201CH1991PTC011820

Company & Directors' Information:- L AND S CONSTRUCTIONS PRIVATE LIMITED [Active] CIN = U45400PB2009PTC032554

Company & Directors' Information:- M T M CONSTRUCTIONS PRIVATE LIMITED [Strike Off] CIN = U45201TZ2005PTC011626

Company & Directors' Information:- I S K CONSTRUCTIONS PRIVATE LIMITED [Strike Off] CIN = U45202TN2006PTC059103

Company & Directors' Information:- K R V CONSTRUCTIONS PRIVATE LIMITED [Active] CIN = U45400TN2010PTC075836

Company & Directors' Information:- R S I CONSTRUCTIONS PRIVATE LIMITED [Strike Off] CIN = U45400TN2010PTC078562

Company & Directors' Information:- D & Y CONSTRUCTIONS PRIVATE LIMITED [Active] CIN = U45200PN2009PTC134889

Company & Directors' Information:- K & Y CONSTRUCTIONS PRIVATE LIMITED [Strike Off] CIN = U45200PN2014PTC150194

Company & Directors' Information:- K & H CONSTRUCTIONS PRIVATE LIMITED [Active] CIN = U45400MH2011PTC218327

Company & Directors' Information:- J J K CONSTRUCTIONS PRIVATE LIMITED [Active] CIN = U45400MH2013PTC244977

Company & Directors' Information:- M K CONSTRUCTIONS PRIVATE LIMITED [Strike Off] CIN = U45200MH2000PTC127425

Company & Directors' Information:- S R R CONSTRUCTIONS PVT LTD [Active] CIN = U45202MH1982PTC027359

Company & Directors' Information:- 4 F CONSTRUCTIONS PRIVATE LIMITED [Strike Off] CIN = U45400TG2012PTC081501

Company & Directors' Information:- N N C CONSTRUCTIONS PRIVATE LIMITED [Under Process of Striking Off] CIN = U45400TG2015PTC099840

Company & Directors' Information:- J S J CONSTRUCTIONS PRIVATE LIMITED [Active] CIN = U74900TN2016PTC103860

Company & Directors' Information:- Q AND Q CONSTRUCTIONS PRIVATE LIMITED [Strike Off] CIN = U45200TG2004PTC043373

Company & Directors' Information:- V M N R CONSTRUCTIONS PRIVATE LIMITED [Active] CIN = U45209TG2013PTC087032

Company & Directors' Information:- S I CONSTRUCTIONS PRIVATE LIMITED [Strike Off] CIN = U45209CH2014PTC035188

Company & Directors' Information:- R S A CONSTRUCTIONS PRIVATE LIMITED [Strike Off] CIN = U45400DL2009PTC193200

Company & Directors' Information:- B B R L CONSTRUCTIONS PRIVATE LIMITED [Strike Off] CIN = U45400DL2011PTC217588

Company & Directors' Information:- M AND R CONSTRUCTIONS PRIVATE LIMITED [Strike Off] CIN = U45400DL2012PTC243738

Company & Directors' Information:- A M T CONSTRUCTIONS PRIVATE LIMITED [Strike Off] CIN = U45400DL2014PTC268935

Company & Directors' Information:- K. D. CONSTRUCTIONS PRIVATE LIMITED [Active] CIN = U74120DL2009PTC190268

Company & Directors' Information:- G T B CONSTRUCTIONS PRIVATE LIMITED [Strike Off] CIN = U70100DL2009PTC193204

Company & Directors' Information:- G N D CONSTRUCTIONS PRIVATE LIMITED [Strike Off] CIN = U70100DL2009PTC193472

Company & Directors' Information:- R P T CONSTRUCTIONS PRIVATE LIMITED [Active] CIN = U45200AP2007PTC055960

Company & Directors' Information:- M N R CONSTRUCTIONS PRIVATE LIMITED [Active] CIN = U45200AP2014PTC094893

Company & Directors' Information:- Y & M CONSTRUCTIONS PRIVATE LIMITED [Strike Off] CIN = U45400HR2011PTC044664

Company & Directors' Information:- M P K CONSTRUCTIONS PRIVATE LIMITED [Under Process of Striking Off] CIN = U45201KA2001PTC029100

Company & Directors' Information:- H K G N CONSTRUCTIONS PRIVATE LIMITED [Active] CIN = U74210KA2003PTC032055

Company & Directors' Information:- R B CONSTRUCTIONS PRIVATE LIMITED [Strike Off] CIN = U70102AP1989PTC010527

Company & Directors' Information:- V N V CONSTRUCTIONS PRIVATE LIMITED [Strike Off] CIN = U70101DL1992PTC050037

Company & Directors' Information:- U AND I CONSTRUCTIONS PRIVATE LIMITED [Strike Off] CIN = U99999MH2000PTC129703

Company & Directors' Information:- H B CONSTRUCTIONS PRIVATE LIMITED [Strike Off] CIN = U70100MH1974PTC017866

Company & Directors' Information:- D B CONSTRUCTIONS PRIVATE LIMITED [Strike Off] CIN = U45200TG2007PTC053917

Company & Directors' Information:- T V L S CONSTRUCTIONS PRIVATE LIMITED [Strike Off] CIN = U45200TG2008PTC057723

Company & Directors' Information:- N N CONSTRUCTIONS PRIVATE LIMITED [Strike Off] CIN = U45201TG2006PTC050240

Company & Directors' Information:- R S CONSTRUCTIONS PVT LTD [Strike Off] CIN = U45201CT1983PTC002128

Company & Directors' Information:- A R H CONSTRUCTIONS PRIVATE LIMITED [Strike Off] CIN = U45200DL2006PTC155870

Company & Directors' Information:- E M CONSTRUCTIONS PRIVATE LIMITED [Strike Off] CIN = U45200DL2008PTC185365

Company & Directors' Information:- K V S CONSTRUCTIONS PVT LTD [Strike Off] CIN = U45201RJ1983PTC002720

    A. Nos. 4505, 4507 & 4508 of 2019

    Decided On, 09 August 2019

    At, High Court of Judicature at Madras

    By, THE HONOURABLE MRS. JUSTICE PUSHPA SATHYANARAYANA

    For the Petitioners: -------- For the Respondents: ------------



Judgment Text

1. The parties in all these applications are one and the same and the dispute among them is with respect to the same property.

2. The applicants filed O.A.No.4505 of 2019 seeking for an interim direction to the first respondent to deposit a sum of INR 56,34,06,234/- (Rupees Fifty Six Crores Thirty Four Lakhs Six Thousand Two Hundred and Thirty Four Only) to the account of the present original application pending the arbitral proceedings between the applicants and the first respondent and passing of an award therein.

2.1. Similarly, O.A.No.4507 of 2019 was instituted by the applicants praying for an interim direction to the first respondent to deposit 48% of the consideration received by it in exchange for alienating, transferring, selling, pledging or otherwise creating any encumbrances, either directly or indirectly, whether in part or in full, on the property situated at Survey Nos.476/35, 476/2A1, 476/2A2, 476/4A2, 476/2A3A1 in Sholinganallur Village, Tambaram Taluk, Kancheepuram District and/or on the developments constructed thereupon to the account of the present original application pending the arbitral proceedings between the applicants and the first respondent and passing of an award therein.

2.2. In O.A.No.4508 of 2019, the applicants sought for appointment of an ad-hoc third party receiver and committing the said property to his possession, custody and management, which includes a direction that any sale transaction of an Undivided Share or otherwise of the same shall be made only with his consent and signature and he shall be empowered to receive 48% of the consideration from all such transactions to deposit the same before this Court.

3. The case of the applicants, in a nutshell, is as follows:

(i) The applicants are the joint owners of the property located at Survey Nos.476/35, 476/2A1, 476/2A2, 476/4A2, 476/2A3A1 in Sholinganallur Village, Tambaram Taluk, Kancheepuram District. The first respondent is a construction company, which entered into a Joint Development Agreement dated 09.04.2012 (in short, “JDA”) with the applicants for executing a construction project known as “Alexandria” on the applicants’ property, agreeing to complete the construction within a period of 30 months. The said period was subsequently modified to 36 months by way of Supplementary Agreement dated 12.12.2012.

(ii) As per Clause 5(a) of the JDA, the constructed area shall be marketed by the first respondent, who is the Developer and the sale proceeds shall be divided in the ratio of 52:48 between the first respondent and the applicants. It is stated that notwithstanding the sharing ratio created under the JDA, the marketing has to be done by the first respondent for the entire project. The JDA further provided for retaining certain apartments out of their share by the applicants, which could be specifically identified.

(iii) As per Clauses 7 and 10 of the JDA, the applicants are not liable for charges or expenses under the JDA, as all the costs, charges and expenses are to be borne by the first respondent. In other words, the applicants are only contributing their valuable property for the project and the costs for the construction of the project are the contribution of the first respondent.

(iv) Clause 15 of the JDA mandates the applicants to execute a Power of Attorney empowering the first respondent to execute sale or conveyance deeds to an extent of 52% of the Undivided Share in favour of the prospective buyers of the flats. Accordingly, the first and second applicants also executed a Power of Attorney on 09.04.2012, while the third and fourth applicants executed the Power of Attorney on 10.04.2012.

(v) Clause 43 of the JDA provides for arbitration, in the event of disputes.

(vi) The second and third respondents are the adjacent land owners and the first respondent had consolidated the project, by including their lands also into the project. It is also complained that the first respondent had not shared the agreements, it entered into with the said respondents, despite several requests.

(vi) Though there was a delay in the execution of the project, the applicants did not precipitate the said issue. According to the applicants, though the project has been completed, the first respondent has not been transparent in all the transactions and dealings. The first respondent also had not shared the revenue received from the sale of certain units in the said project, though sales have been made without the knowledge of the applicants. The applicants had, on enquiry, learnt that the first respondent had entered into multiple transactions and also entered into unregistered sale agreements with third parties, who are desirous of purchasing the units from the Project. The applicants also had sent various e-mails requesting them to be transparent on the transactions. As there was no response, the applicants apprehended that they have been defrauded of their rightful revenue share. The applicants also had set out various breaches committed by the first respondent from the JDA and thus, the applicants also apprehend that they were kept in dark, despite several requests.

(vii) An e-mail from the first respondent dated 21.04.2019 had triggered the dispute, wherein, it was stated that besides the revenue sharing, the parties also had an agreement of area sharing. It further stated that the sales having been made only of flats other than the flats to be shared between the first respondent and the applicants, nevertheless, admittedly, the applicants having received no revenue in relation to any sales. The applicants apprehension is that the first respondent had concluded sale transactions or accepted bookings with respect to the flats falling outside those allotted to the second and third respondents. It is further alleged by the applicants that the first respondent had not shared the copies of the relevant accounts and in several cases, the first respondent had only provided sale deeds for the UDS and not the Construction Agreements with the customer for the built-up space and thus, the actual sale value has not been disclosed to the applicants even as on date.

(viii) The first respondent also alleged to have collected additional amounts in the name of statutory charges in violation of Clauses 7 and 10 of the JDA. In view of the first respondent’s failure to procure a tripartite agreement, there is no exclusive area share which the first respondent can claim to be entitled to. Therefore, the applicants would be entitled to revenue share on any apartment sold by the first respondent as per Clause 5(a) of the JDA.

(ix) Hence, as an interim measure, the applicants are entitled for seeking a direction to the first respondent to deposit INR 56,34,06,234/-; a direction to the first respondent to deposit 48% of the sale consideration received by it in exchange of alienating, transferring, selling pledging or otherwise creating any encumbrances with respect to the subject property; and also seeking appointment of an ad-hoc third party receiver for the purpose of selling the units only with the consent of the receiver.

4. These applications were vehemently opposed by the first respondent. The main contention of the first respondent is that the applicants, fearing the liability of income tax, failed to execute and register the Power of Attorney granting power to transfer the balance of 48% of the UDS. It is their further case that the applicants informed that for Capital Gain purposes, they would not like to enter into an Allocation Agreement. As the Power of Attorney was not executed by the first applicant for the 48% of the UDS, the first respondent was not in a position to sell those units without the Allocation Agreement. As there was no agreement on the minimum price, at which, the first respondent shall negotiate and the manner and method of collection of monies and sharing the revenue was also not agreed upon, it is premature to make a claim by the applicants. It is also pointed out that the applicants had admitted before the income tax authorities that no sales have been made with respect to their share in the built-up area.

5. Now the question arises for determination is whether the applicants are entitled for 48% of the sale proceeds and other reliefs, by virtue of Clause 5(a) of the JDA?

6. At this juncture, it is relevant to note Clause 5(a) and (c) of the JDA, which reads as hereunder:

5. ......

a. The parties further covenant while the sharing ratio shall remain 52% to the Developer & 48% to the Land Owners and that instead of allotting specified and identified constructed area to the Land Owners and the Developer in accordance with the aforesaid proportion as agreed in the Development Agreement, with a view to evolve a market strategy which is acceptable to and beneficial to both the parties, agree that the entire/part constructed area/apartments shall be marketed by the Developer without specific allotment of physical areas to either of them and the sale proceeds shall be divided in the proportion 52% to the Developer & 48% to the Land Owner. The parties have agreed for the sake of convenience and better marketing procedures and efficiency that the marketing shall be done by the Developer with the assistance of the Land Owners wherever necessary at mutually agreed price. It is also agreed that the Land Owners can retain certain apartments out of their share and the same can be identified and earmarked.

b. The Developer agrees to sell on mutually agreed price and collect the sale proceeds and pay the share of the Land Owners within 30 days of such collection. Also the Developer will not charge any service charges, marketing expenses, brokerage or commission for selling the constructed area belonging to the Land Owners.

c. The parties hereto mutually agree and confirm that the sharing of 52% to the Developer & 48% to the Land Owner between the parties hereto is only in respect of the amount as stipulated in the respective agreement of sale cum construction which in respect of the cost of the flat including the cost of undivided of land and the cost of car parking.”

7. There is no dispute with respect to the sharing ratio between the applicants and the first respondent. Though the first respondent had contended that it could not sell the flats, which are entitled to the applicants and the respondent, it is pointed out that some of the apartments belonging to the combined list of applicants and the first respondent have been sold by the first respondent. When Clause 5(a) envisages the sharing ratio, it is specifically stated that the sale proceeds shall be proportionate, i.e., 52% to the Developer and 48% to the Land Owner. It is also agreed that the Developer would do the marketing for the entire project. It is only agreed that the land owner can retain certain apartments out of the share and the same can be identified and earmarked. Therefore, Clause 5(a) of the JDA is very clear that the sale proceeds shall be divided in the proportion of 52:48. In such circumstances, when the sales have been made by the first respondent, the applicants are entitled to a revenue share of 48%.

8. However, it is contended by the learned counsel for the first respondent that the first respondent is entitled to 2,54,690 sq.ft of the constructed area, by virtue of the JDA entered into between the respondents 1, 2 and 3. It is stated that the first respondent availed loan facility for the project from LIC Housing Finance and other financial institutions and had paid a sum of Rs.53 Crores as interest component and as the applicants failed to sign the Allocation Agreement, the first respondent was not in a position to sell the flats and realize its costs. The JDA, even according to the financial institution, as stated in the counter-affidavit, is an area sharing agreement and there is no Allocation Agreement between the parties. The first respondent has mutually made a counter claim that the applicants are liable to pay the said sum of Rs.53 Crores consequent to their breach of the JDA, besides other amounts.

9. Learned counsel for the first respondent also contended that the built up area of 1,82,130 sq.ft. is ready to be identified and it is open to the applicants to choose their choice of units. However, learned Senior Counsel for the applicants would insist upon compliance of Clause 5(a) of the JDA, as per which, the sale proceeds have to be shared in proportion of 52:48. In addition to that, the land owners/the applicants are entitled to certain apartments out of their share and the same can be identified and earmarked. In the absence of any Memorandum of Agreement with respect to the identification and earmarking of the apartments to the share of the applicants, the argument of the first respondent cannot be accepted. In fact, as averred by the applicants in their affidavit, in so far as the sales that are made by the first respondent and not by the other respondents out of their share area, the applicants are entitled to a revenue share of 48%. Clause 5(b) envisages that the sale proceeds should be paid to the land owners, as agreed, within 30 days of its collection. Therefore, whenever the first respondent sells any apartment, it should have shared the sale consideration with the applicants.

10. Admittedly, the land owners have already executed a Power of Attorney for sale of 52% of the land belonging to them and have retained 48%. Once the first respondent had started marketing the constructed units, the parties have to share it in the ratio of 52:

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48. It is not the case of the first respondent that none of the units have been sold to any third party. Even if only one unit is sold, as per the JDA, the first respondent is to account for the sale. 11. Though Clause 5(c) of the JDA provides for the fixation of the costs of the flat, including UDS and the cost of Car Parking, based on the respective agreements of sale cum construction, in the absence of fixation of the same that too, when no material or any evidence available on record to substantiate the claim, the applicants are not entitled to the relief sought for in A.No.4505 of 2019. 12. However, the applicants are entitled to 48% of revenue share from and out of the sale proceeds of the apartment in terms of the JDA that they have entered into with the first respondent. To enable the applicants to have such revenue share, the first respondent shall not sell any apartment/flat covered under the JDA without the knowledge of the applicants. In other words, the apartment/flat covered under the JDA shall be sold with the consent of the applicants. 13. As far as the prayer sought for in A.No.4508 of 2019, in view of the order in A.No.4507 of 2019, the same cannot be granted. 14. It is open to the parties to initiate arbitration proceedings and file application under Section 17 of the Arbitration and Conciliation Act, 1996, for any appropriate relief. 15. In fine, A.Nos.4505 and 4508 of 2019 are dismissed. A.No.4507 of 2019 is disposed of, in the above terms.
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