1 IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION CHAMBER SUMMONS NO.1684 OF 2008 IN EXE.APPLICATION NO.207 OF 2008 IN AWARD DATED 15/10/2006 Mrs.Rani Bhaskar .. Petitioner Versus Mrs.Neeru Sharma .. Respondent Mr.Naresh Ratnani with Ms.Aditi Chavan for petitioner Mr.Birendra Saraf and Ms.Prembhavi Thakkar with Mr.Rajeev Talasikar i/b. Chambers of Javed Gaya for respondent CORAM : S.C.DHARMADHIKARI, J. DATE : 3rd February 2009. P.C. . After the arguments were concluded, the matter was reserved for judgement. 2. I had placed the matter for judgement at which stage both sides who are real sisters 2 indicated that they desire to make an attempt to amicably resolve the dispute. It appears that no agreed formulae could be placed on record but at the hearing held today, both sides have agreed that the chamber summons be disposed of by the following order:- (a) The communication dated 15th October 2006 which is styled as Award by the applicant stands quashed and set aside; (b) Valuation report dated 27th September 2006 is also set aside; (c) However, both sides agree that as per the will of their late father, they have share equal to 50% each in the said immovable property/ flat. Hence, the flat must be valued afresh and the Valuer to determine the market rate as per the 3 prevalent price; (d) In these circumstances, both sides agree that a valuer from the panel of the Court Receiver, High Court, Bombay shall stand appointed as valuer to value this immovable property. The Valuer to submit valuation of property within a period of six weeks from the date the appointment is conveyed to him and accepted by him. (e) After receipt of the valuation report by parties, it is agreed that the applicant will, in accordance with the price determined by the valuer, pay to the respondent her 50% share in the subject property within a period of four weeks from the date of receipt of valuation report; 4 (f) Upon failure to make payment, the respondent will pay the applicant her share i.e. 50% in terms of the said valuation report and, thereafter, she would be entitled to the property ; (g) Both sides agree that upon option being exercised and payment received, they will execute all documents/ conveyance/ permission/ NOC and hand over possession of the subject property so that the cooperative society can transfer membership rights; (h) In case, any one of the parties desire to contest the valuation report and is not agreeable to the rate determined, then, it is agreed by both the sides that Mr.N.R.Shrikhande, Architect will stand appointed as an Arbitrator, who shall decide the dispute 5 between parties in accordance with law and render his Award as expeditiously as possible and in any event, within three months from the date of his appointment. (i) Parties to share expenses of Arbitration and valuation equally; (j) Further, both sides agree that the learned Arbitrator should not assign any reasons for his ultimate conclusion in passing the Award; (k) Needless to state that thereafter, this Award of the learned Arbitrator which will stand and would become executable; (l) Further needless to state that the Arbitrator will render his final award based on the above share agreed by 6 the parties and as far as modalities of payment etc. it is for the arbitrator to issue such directions as are necessary for putting an end to the dispute between the sisters with regard to subject immovable property, finally. (m) It is also agreed that both sides will cooperate with the valuation and needless to state that merely because the applicant is in possession, it is not as if the valuer cannot inspect the flat. In any event, she makes a statement through her Counsel that she will render all assistance to the valuer and permit him to make valuation and to take inventory of the flat. 3. With the above order chamber summons and execution application both disposed of. No 7 costs. (S.C.Dharmadhikari, J)