M/S.Eden Realty Ventures Pvt. Ltd. Vs. the Life Insurance Corporation of India - Court Judgment

Excerpt:

.....the parties. accordingly, i appoint justice sankar prasad mitra, a retired judge of this court as the arbitrator to adjudicate upon the disputes between the parties. learned arbitrator shall be at liberty to fix the remuneration in the meeting of the parties. cost of the arbitration i.e. appointment of clerk and stenographer and if necessary, interpreter to be appointed by the arbitrator and the remuneration for them to be paid by the parties equally which is to be fixed by the learned arbitrator. the application is thus disposed of. all parties concerned are to act on a signed xerox copy of this order on the usual undertakings. urgent xerox certified copy of this order, if applied for, be supplied to the parties subject to compliance with all requisite formalities.

Judgment:

The Court : This matter has come before this Bench only for naming the Arbitrator.

The arbitration agreement is contained in Clause IV[b] of the Agreement, which provides as follows :

IV[b] In case the said premises or any part thereof shall at any time during the term hereby created be destroyed or damaged by fire, act of God, riot and civil commotion, enemy action and shall like causes not within the; control of the Lessee so as to wholly or partially unfit for the use of the Lessee then the rent hereby reserved or a proportionate part thereof according to the damage sustained shall cease to be payable from the time of such destruction or damages until the said premises shall be reinstated and the Lessee if called upon to do so by the Lesser shall vacate the whole or any portion thereof for enabling the Lesser to make the necessary repairs or reconstruction. And if any dispute shall arise between the parties hereto with regard to any claim for abatement or suspension of rent or the amount or period of such abatement or suspension the same shall be referred to two arbitrators one to be appointed by the Lesser and the other by the Lessee in accordance with the provision of the Arbitration Act, 1940 and any statutory modification or re-enactment thereof shall apply to such arbitration.

Learned counsel appearing for the parties submitted before this Bench that they have no objection if an Arbitrator can be appointed in the matter. The Court has also held that the arbitration agreement is existing between the parties and the same is still subsisting. There is no question of any point of limitation with regard to the claims raised by the petitioner.

Accordingly, I think this is a fit case that an Arbitrator should be appointed in this matter to adjudicate upon the disputes between the parties. Accordingly, I appoint Justice Sankar Prasad Mitra, a retired Judge of this Court as the Arbitrator to adjudicate upon the disputes between the parties.

Learned Arbitrator shall be at liberty to fix the remuneration in the meeting of the parties. Cost of the arbitration i.e. appointment of Clerk and Stenographer and if necessary, Interpreter to be appointed by the Arbitrator and the remuneration for them to be paid by the parties equally which is to be fixed by the learned Arbitrator.

The application is thus disposed of.

All parties concerned are to act on a signed Xerox copy of this order on the usual undertakings.

Urgent Xerox certified copy of this order, if applied for, be supplied to the parties subject to compliance with all requisite formalities.