1 30.arbp.1148.10.sxw IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION skt ARBITRATION PETITION NO. 1148 OF 2010 Shree Krishna Homes Pvt. Ltd. ... Petitioner Vs. The Vijayashree CHS. Ltd. & Ors. ... Respondents ...... Mr.Dinesh Purandare i/by A.H.Nagi for the Petitioner. Mr.T.N.Tripathi a/w.Ms.Sapna Rajchure i/by M/s.T.N.Tripathi & Co. for Respondent No.2. Mr.Shekhar Jagtap for Respondent No.7. ...... CORAM : S.J. VAZIFDAR, J. DATE : OCTOBER 1st, 2010. P.C. 1 This is a petition under Section 9 of the Arbitration and Conciliation Act, 1996. 2 The Petitioner seeks an order against Respondent No.7 who is a member of the 1st Respondent-Society inter-alia calling upon him to vacate the premises to enable the Petitioner to develop/re-develop the property. 16 members have raised no grievance. Only Respondent No.7 has raised a grievance. On behalf of Respondent No.7, it is fairly stated that Respondent No.7 has no objection to the development/re- development. Respondent No.7, however, seeks safeguards in respect of 2 30.arbp.1148.10.sxw two essential aspects. As both these aspects are taken care of by this order Respondent No.7 has no objection to the development/re-development. 3 Respondent No.1-Society agrees and undertakes not to utilize the amount of Rs.1,68,69,040/- deposited with the Society under the development agreement. The undertaking is accepted. The said amount shall be utilized only for the purpose of reinvestment upon maturity of the deposits. 4 Under the development agreement the distribution is to take place only as per the present resolution. This amount is to be disbursed to the members along with the accumulated interest only on completion of the construction and upon the building being ready for occupation. In the event of 1st Respondent-Society seeking to amend the plaint, it shall not do so without the leave of the Court after giving notice to Respondent No. 5 The Petitioner agrees and undertakes that the rights under the development agreement are only on the basis of the plot admeasuring 1838.5 sq.mtrs. and that the benefits under the agreement shall not be availed of to any further extent irrespective of the actual area of the plot. In the event of the plot admeasuring more than 1838.5 sq.mtrs., the benefits of the additional area will be only for the benefit of the 1st Respondent-Society. 3 30.arbp.1148.10.sxw 6 Respondent No.7 agrees and undertakes to hand over quiet and peaceful possession of flat no.4 on or before 1st November 2010. The undertaking is accepted. Respondent No.7 shall also agrees and undertakes to execute the individual agreement upon returning to India. The undertaking is accepted. 7 The issue as to which flat ought to be allotted to Respondent No.7 upon completion of the construction is kept open.Parties are at liberty to adopt proceedings in that regard, if necessary. 8 The Arbitration Petition is accordingly disposed off. -