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2013 DIGILAW 643 (BOM)

Sharad Shah v. Sonata Realty Private Limited

2013-03-14

ANOOP V.MOHTA

body2013
Judgment : The Petitioner has invoked Section 9 of the Arbitration and Conciliation Act, 1996 (for short, “the Arbitration Act”) on 21 December 2010, against the Respondent and prayed for reliefs; prohibitory injunction-receiver and security. A prayer is also made to prevent termination of the Memorandum of Understanding (for short, “the MOU”) and the Power of Attorney dated 2 February 2009. 2. The Respondent is the owner of the land admeasuring 9827 square meters and bearing Survey No. 41/1A bearing CTS No. 1C/3A situated at Village Oshiwara, Taluka Andheri, “the larger property” (Exhibit “A”); and the land admeasuring 3500 square meters and bearing Survey No. 41/1A bearing CTS No. 1C/3A at Village Oshiwara, Taluka Andheri, “the smaller property” (Exhibit “B”). 3. In the month of December 2008, negotiations commenced between the Petitioner and the Respondent for joint development of the larger property. On 2 February 2009, the MOU was executed whereby, the Petitioner “agreed” to finance to the Respondent a sum of Rs.15 crore, on depositing original title deeds of the property admeasuring 3500 square meters and executed for the same a Power of Attorney also. 4. The Respondent, on 4 June 2009, an another MOU for a joint development of the larger property was entered into with “Shree Shubh Builders Private Limited” (for short, “Shubh Builders/Third party) which was to take effect on or after 23 June 2009. This MOU entered into with “consent” and “within knowledge” of the Petitioner. 5. On 8 June 2009, the Respondent terminated the MOU dated 2 February 2009, as per clause 5 and 9, as the Petitioner financed only Rs.5 crore against Rs.15 crore and further failed to even negotiate the term and conditions for development of the larger property by the end of May 2009. 6. The Petitioner, on 3 July 2010 and 16 August 2010, for the first time, after lapse of 17 months, objected the action of the Respondent. Both the letters were not replied by the Respondent as the Petitioner personally approached the Respondent and “assured” that he has no intention to litigate and on receipt of the premises worth Rs.5 Crore in any of the projects of Shubh Builders/Third party, he would return the mortgaged documents also. On 21 December 2010, the Petitioner filed the present Petition. 7. This Court, on 22 December 2010, has passed the order. The operative part of the same is as under:- “1. On 21 December 2010, the Petitioner filed the present Petition. 7. This Court, on 22 December 2010, has passed the order. The operative part of the same is as under:- “1. [........] 2. In the circumstances, stand over to 17.1.2011. Till further orders, the respondent shall not hereafter dispose of, alienate, encumber, part with possession of or create any third party rights in respect of the properties described in Annexures “A” and “B” to the petition or any construction thereof. The development/construction can, however, proceed subject to the above injunction and subject to the respondent not claiming any equity for anything that may be done hereafter.” 8. On 23 December 2010, 14 January 2011, 27 January 2011 and 8 February 2011, pursuant to the order, the Petitioner requested the Respondent to fix up a date and time for inspection of the suit properties, to furnish with details of allotment letters or any other document whereby the Respondent “created third party right/s”, if any, in respect of the suit properties and the amounts accepted. However, the Respondent did not reply or furnish the information sought for in the letters. 9. On 5/15 April 2011, Shubh Builders/Third party filed Chamber Summons No. 665 of 2011 to implead as a party Respondent No. 2 in the Arbitration petition. On 20 April 2011, the Petitioner filed a reply to the Chamber Summons and objected it. 10. By order dated 15 June 2011, the Court passed the order. The relevant part of the same is as under:- “5. In the circumstances, the application for intervention is dismissed. There shall be an order in terms of the ad-interim order dated 22.12.2010 with a clarification that the same will not affect the rights, if any, of the applicant in any manner whatsoever. It is further clarified that the order will however, operate in respect of the rights of the respondent under the alleged MOU dated 4.6.2009. In other words, the applicant shall not be entitled to deal with the rights of the respondent under the alleged MOU dated 4.6.2009. 11. On 15 June 2011, the order of injunction dated 22 December 2010, was restricted to the 50% share of the Respondent in its alleged joint development with the third party. On 29 June 2011, affidavit in reply filed by the Respondent. The matter was adjourned thereafter, from time to time for settlement also. 11. On 15 June 2011, the order of injunction dated 22 December 2010, was restricted to the 50% share of the Respondent in its alleged joint development with the third party. On 29 June 2011, affidavit in reply filed by the Respondent. The matter was adjourned thereafter, from time to time for settlement also. 12 On 9 July 2012, the Court passed the following order:- “1. Mr. Azam Khan, Director of Sonata Realty Private Limited and the Directors of Shubh Builders Private Limited, are directed to appear before this Court on 13th July 2012 at 11.00 a.m., with all the relevant papers/agreements pertaining to the suit land. 2. Stand over to 13th July 2012.” 13. On 13 July 2011, the directors of the third party and the Respondent were present in the Court. They were directed to file a detailed affidavit disclosing whether they have breached Court's orders. On 23 July 2012, the Respondent filed an affidavit stating that the third party sold the entire 50% share of the Respondent in the Larger Property on or before 10 August 2010 i.e. prior to order dated 22 December 2010. No sanctioned plan produced by any party. 14. On 29 June 2011, the Respondent filed the reply. From 6 February 2012 upto 13 March 2012, by consent, for settlement, the matter was adjourned, from time to time. On 15 June 2012, the Petitioner filed the rejoinder. On 21 June 2012, an inspection of the documents evidencing payment of Rs.8 Crore as alleged in the Petition was sought and so also on 30 June 2012. There was no reply from the Petitioner. 15. On 9 July 2012, the Respondent also filed an affidavit in sur-rejoinder and annexed valuation report dated 27 June 2012 indicating the value of mortgaged property Rs.28 Crore, and also annexed an acknowledgment card evidencing the postage of letter of termination dated 8 June 2009 and receipt thereof by the Petitioner. On 27 July 2012, the Petitioner filed an affidavit (rejoinder) to point out a “false case”, and the discrepancies in the statements of the Respondent and Shubh Builders. 16. In the meantime, the arbitration proceedings commenced. On 23 August 2012, the learned Arbitrator directed the Petitioner to file the statement of claims and permitted to file an application under Section 17 of the Arbitration Act, in advance. The Petitioner did not file such application till this date. 16. In the meantime, the arbitration proceedings commenced. On 23 August 2012, the learned Arbitrator directed the Petitioner to file the statement of claims and permitted to file an application under Section 17 of the Arbitration Act, in advance. The Petitioner did not file such application till this date. On 5 October 2012, the Petitioner claimed a sum of Rs.25 Crore towards the damages. 17. On 30 November 2012, the Respondent filed its reply to the statement of claims and also a counter claim for a sum of Rs.40 crore as and by way of damages against the Petitioner. 18. On 25 October 2012, as the records and proceedings where not traceable. The parties were permitted to reconstruct the record. On 2 November 2012, they filed photocopies of it. 19. Heard finally, by consent of the parties. The parties have filed their written notes of arguments and compilation of documents. 20. Mr. Virag Tulzapurkar, the learned Senior counsel appearing for the Petitioner, contended that the “transactions” and “the lists of the purchasers” are unregistered. The “sales” begin in November 2009 only; allotment letters are contrary to the provisions of Maharashtra Ownership Flats (Regulation of the Promotion of Construction, Sale, Management and Transfer) Act, 1963 (for short, “MOFA”), therefore such sales are ineffective/ inoperative being contrary to the law. It is also submitted that the case is made out for an appointment of Court receiver and also for a mandatory order to protect the substantial/ vested rights of the Petitioner in respect of the larger property and the mortgaged smaller property. 21. The reliance was placed on a Division Bench Judgment of this Court in KeshrimalJivji Shah & Ors. Vs. Bank of Maharashtra & Ors. ( 2004(3) Mh.L.J. 893 ) whereby, this Court after considering the provisions of Order 39 Rule 1 and 2 of the Civil Procedure Code (for short, “CPC”) along with the other provisions, held that “transfer of immovable property in violation of order of injunction or prohibition is no transfer. It confers no right, title and interest in the transferee”. It is also held that “the transferee cannot be allowed to reap advantage or benefit from such transfer, merely because he is not party to the proceedings in which the order of injunction or other prohibitory direction or restrainment came to be issued. It is informed that the transferee is a party and order is in force”. It is also held that “the transferee cannot be allowed to reap advantage or benefit from such transfer, merely because he is not party to the proceedings in which the order of injunction or other prohibitory direction or restrainment came to be issued. It is informed that the transferee is a party and order is in force”. It is observed in paragraph 28 that:- “28. …....It is well settled that if Courts are not to honour and implement their own orders and encourage party litigants, be they public authorities, to invent methods of their own to short circuit and give a go by to the obligations and liabilities incurred by them under orders of Courts, the rule of law will become casualty in the process – a consequence to be jealously averred by all and at any rate by the highest Courts in the State.” 22. The contesting Respondent, on the other hand, through his learned counsel Mr. Alok Bagla, resisted the submissions by contending that; there was failure on the part of the Petitioner to perform his part of the contract under the MOU dated 2 February 2009 therefore, cannot seek any relief at this stage of the proceedings; the Petitioner failed to make the required payment of Rs.15 crores; the part payment of Rs.5 crores was made and the balance was Rs.10 crores. It is further submitted that by another MOU, the joint venture agreement for development of the larger property was executed with the third party. It was commercial transaction for profit. The Petitioner, therefore, at the most, entitled only for the damages. There is no question of any equitable relief in view of Section 14 and 41(h) and (i) of the Specific Reliefs Act, 1964. The sole Arbitrator has already been appointed. The Arbitration is still pending. The value of the mortgaged property is Rs.28 crores and therefore, the Petitioner in any way is secured so far as his claim for damages is concerned. The Petitioner failed to perform his part of obligation and, therefore, by letter dated 8 June 2009, the Respondent terminated the MOU. The receipt of the termination letter was in dispute. Therefore, in sur-rejoinder dated 9 July 2012, the copy of the postal receipt and acknowledgment evidencing the postage of termination letter were filed and relied upon. The Petitioner failed to perform his part of obligation and, therefore, by letter dated 8 June 2009, the Respondent terminated the MOU. The receipt of the termination letter was in dispute. Therefore, in sur-rejoinder dated 9 July 2012, the copy of the postal receipt and acknowledgment evidencing the postage of termination letter were filed and relied upon. It is also contended that the Petitioner failed to prove that he has paid Rs.8 crores out of Rs.15 crores. The Respondent admitted the receipt of Rs.5 crores only. The Petitioner, therefore, is not entitled for any equitable reliefs. 23. The Respondent has relied on various judgments also. The Apex Court in MandaliRanganna & Ors. Vs. T. Ramachandra & Ors. (2008) 11 SCC 1 ) referring to Order 39 Rule 1 and 2 of the CPC held that the conduct of the parties is also a relevant consideration. The huge construction is already made by the Respondent and therefore the injunction restraining from raising further construction on the Suit property and/or transfer and alienation in respect of the Suit property during the pendency of the Suit was not granted. The scope and power of the Court to pass order under Section 9 of the Arbitration Act is reiterated in AdhunikSteels Limited Vs. Orissa Manganese and Minerals (P) Ltd. (2007) 7 SCC 125 ). The Supreme Court not granted any injunction in view of the termination of the contract. 24. Resultantly, the Apex Court in Cox and Kings India Limited Vs. Indian Railways Catering and Tourism Corporation Limited and Anr (2012) 7 SCC 587 ) while dealing with Section 9 of the Arbitration Act and Order 39 Rule 1 of CPC refused to grant any prohibitory order the agreement/arrangement had terminated. The relevant paragraph 26 reads as under:- "26. It is no doubt true that the petitioner has invested large sums of money in the project, but that cannot entitle it to pray for and obtain a mandatory order of injunction to operate the train once the lease agreement/arrangement had been terminated. We are also unable to accept Mr. Rohatgi's submission that the joint venture agreement was akin to a partnership. Such submission had been rightly rejected by the Division Bench. We are also unable to accept Mr. Rohatgi's submission that the joint venture agreement was akin to a partnership. Such submission had been rightly rejected by the Division Bench. As rightly pointed out by the Division Bench of the High Court, the petitioner's remedy, if any, would lie in an action for damages against IRCTC for breach of any of the terms and conditions of the joint venture agreement and the memorandum of understanding.” 25. In B.S.M. Contractors Private Limited Vs. Rajasthan State Bridge and Construction Corporation Limited & Anr (AIR 1999 Delhi 117).The learned Single Judge of the Delhi High Court refused to grant any interim injunction under Section 9 of the Arbitration Act by holding that such building contract cannot be specifically enforced; no balance of convenience and prima facie case made out. In Shree Ram Mills Limited Vs. Kalpataru Construction Overseas Private Limited and Anr (2006(1) Bom. C.R. 89), a Division Bench of this Court refused to grant ad-interim relief and rejected the prayer of appointment of the Receiver as contemplated under Order 40 Rule 1 read with Section 9 of the Arbitration Act and set aside the order of learned Single Judge appointing the Court Receiver. In this case also all the points are kept open for the learned Arbitrator to consider. The law laid down by the Supreme Court need no discussion in view of the above observations itself. 26. Admittedly, the Arbitration proceeding is pending. Both the parties have filed their claim and counter-claim before the Tribunal. The matter has been substantially progressing. This Court has granted ad-interim relief on 22 December 2010 and modified on 15 June 2011, which has been in operation since then. 27. Admittedly, a claim of specific performance and related damages, as filed by the Petitioner, is pending before the Tribunal for consideration. This Court while modifying interim order dated 22 December 2010, not expressed any opinion on the rights, even of the third party, while dismissing the intervention application. The Court clarified ad-interim order dated 22 December 2012 by observing that the same has not affected the rights, if any, of the applicant (third party) in any manner. This Court while modifying interim order dated 22 December 2010, not expressed any opinion on the rights, even of the third party, while dismissing the intervention application. The Court clarified ad-interim order dated 22 December 2012 by observing that the same has not affected the rights, if any, of the applicant (third party) in any manner. It is also clarified that “the order will however, operate in respect of the rights of the respondent under the alleged MOU dated 4.6.2009." It is also observed that "In other words, the applicant shall not be entitled to deal with the rights of the respondent under the alleged MOU dated 4.6.2009.” This order has attained finality. Therefore, the respective rights of the parties have to be determined by the Arbitral Tribunal in every aspect. However, it is relevant to note that by order dated 22 December 2010 while granting ad-interim relief, though the Court has directed the Respondent not to dispose of, alienate, encumber, part with possession of or create any third party rights in respect of the properties described in Annexures “A” and “B” to the Petition and/or any construction thereon, yet permitted the development/construction. It is specifically recorded that “the Respondent not to claim any equity for anything that may done hereafter”. Both the counsel make statement that this position of interim order is intact till this date. 28. There cannot be any dispute with regard to the proposition that the order of Courts needs to be honoured and implemented by all concerned. The order of the Court just cannot be taken lightly by any party. [Keshrimal Jivji Shah (Supra)]. It is also necessary, even in such circumstances, for the Court and/or the Tribunal to consider actual and factual position before passing further orders in view of the “noncompliance” and/or “inaction” on the other party against whom the order is passed. The facts and circumstances, plays relevant role to adjudicate the rival submissions so raised in such situations. 29. In a given case, unless the position is clear on record and/or directly or indirectly, the admission made/recorded in any affidavit and or record/documents, the opportunity to prove and/or defend the rival submissions and/or allegations required to be given to the parties; the Court needs to consider the same in accordance with law. 29. In a given case, unless the position is clear on record and/or directly or indirectly, the admission made/recorded in any affidavit and or record/documents, the opportunity to prove and/or defend the rival submissions and/or allegations required to be given to the parties; the Court needs to consider the same in accordance with law. The pendency of Section 9 Petition and the situation so prevailed in the matter, cannot take the dispute and/or conflict to any settled position. This no way can be enlarged to have a final trial and/or adjudication of the issues so raised. 30. The Petitioner is claiming to have made the payment of Rs.8 crores whereas, the Respondent has stated it to be Rs.5 crores only. The fact remains that the parties definitely acted upon the MOU. On the same date the memorandum of entry for depositing of title deed of the property admeasuring 3500 square meters and the power of attorney were executed and handed over by the Respondent to the Petitioner. The joint venture for development of the larger property was entered into with Shubh Builders/third party on 4 June 2009 (w.e.f. 23 June 2009). The Respondent however, terminated the MOU, on 8 June 2009, alleging non-compliance of the terms and conditions. The Petitioner was supposed to finance entire amount of Rs.15 crores on or before 2 February 2009 and finalize the terms and conditions by the end of May 2009. The original mortgage deed of the smaller property is still with the Petitioner. Admittedly, without going into the merits of the reasons for breaches of MOU, the fact remains that Rs.15 crores as agreed was not financed. The MOU was for the larger property. 31. The basic MOU between the parties, as recorded above, stood terminated. The effect of such termination and the rights flowing from it and/or damages if any, unless considered and adjudicated by the tribunal, it is difficult for the Court to finally determine the case of the Petitioner at this interim stage of the matter, under Section 9 and/or to accept the case of other party. The full early trial, as noted above, is the solution to settle/adjudicate the matter. 32. The Petitioner is concerned with the security and/or appropriate relief in view of the rights flowing from the terminated MOU. The full early trial, as noted above, is the solution to settle/adjudicate the matter. 32. The Petitioner is concerned with the security and/or appropriate relief in view of the rights flowing from the terminated MOU. The Respondent's joint development agreement dated 4 June 2009 even if any, and/or the creation of rights by the Respondent, before waiting for 15 days notice period, from the date of termination i.e. 8 June 2009, just cannot be gone into at this stage of the proceedings. The validity and/or legality of any such documents/agreements is always subject to the trial. 33. After considering the combined events and the provisions of law so recorded above, the submissions, that the case is made out for appointment of receiver in the present matter is unacceptable, merely because there was no statement recorded about the creation of third party rights when order dated 22 December 2010 was passed. There are affidavits and documents on record, which at this prima facie stage, just cannot be overlooked to accept the case of the Petitioner that all these documents and transactions are created falsely to destroy and affect the rights of the Petitioner. 34. Both the directors have filed the affidavits in support of their contentions that there was no violation of the order of this Court. The third party/Shubh Builders averred, supported with the documents and the statement of accounts showing the amounts received by them for sale of saleable area, at Exhibit “A” to the affidavit. It shows the names of the flat purchasers, flat numbers with area, the amount claimed, the allotment letters ranging from the year 2009 to 2010 referring to 240 flats and the amount received is Rs.32,13,24,049/-. On the area of 231820 sq.foot third party rights have been created. It is specifically averred that based upon the MOU, Shubh Builders, has already sold the area of 50% and requisite amount required to be shared with the Respondent. There is a specific averment made about the sales which took prior to 10 August 2010. The date of injunction order is 22 December 2010. The averments are that there were no sale and or any transactions took place after the date. 35. The respondent also averred that they have not violated any of the orders of the Court. There is a specific averment made about the sales which took prior to 10 August 2010. The date of injunction order is 22 December 2010. The averments are that there were no sale and or any transactions took place after the date. 35. The respondent also averred that they have not violated any of the orders of the Court. It is specifically averred referring to clause 7,8 and 10 of the development agreement that some time in second week of August 2010, Shubh Builders, informed about the sale of entire 50% shares of the Respondent. The averments are also made by the Respondent that Shubh Builders has not sold any part of the property being subject matter of the development agreement, after 10 August 2012. The fact remains that the third party rights have already been created. 36. The submission that the third party rights have been created or not, on or after 22 December 2010 as contended by the learned senior counsel appearing for the Petitioner, after the order so passed, in no way sufficient to deny the substantial rights and or the third party rights so created, as recorded above. The letters of allotment though objected as not valid and/or legally effective and or binding document for such type of transactions, but the fact of creation of third party rights by such allotments, along with the receipt of substantial amount, just cannot be overlooked. What is the effect of such allotment letters and/or rights flowing from it, is a matter which needs to be adjudicated during the trial. 37. The allegations are against the Respondents of suppression of material facts and all these transactions are bogus, just to deny the rights of the Petitioner. The insistence was that without sanctioned plan on record, it is difficult to ascertain the exact area to be constructed and the area to come to the share of the Respondents. The saleable area is not disclosed. No supporting documents were placed on record about the same. The written contract value was not disclosed. There is no supporting documents of the receipt of the amounts. There is no work commenced to justify the sale of entire 50%, as alleged. The Petitioner thereby disputed all these transactions and specifically averred that they are not the bonafide purchasers; and posed as purchasers with the sole intention to defeat the interim order of this Court. 38. There is no supporting documents of the receipt of the amounts. There is no work commenced to justify the sale of entire 50%, as alleged. The Petitioner thereby disputed all these transactions and specifically averred that they are not the bonafide purchasers; and posed as purchasers with the sole intention to defeat the interim order of this Court. 38. The fact remains that though recorded in order dated 22 December 2010, the Respondent not paid the amount and/or repaid the amount of Rs.5 crores to the Petitioner. The “allegations and the counter allegations” and the disputed facts just cannot be overlooked so also the exchange of correspondences. The result is that the Petitioner has raised factual disputes with regard to these transactions, which just cannot be adjudicated finally except by the arbitration trial. 39. The matter was adjourned from time to time for hearing and even for the settlement, but in vein. Therefore, even at this date, order of 22 December 2010, which was modified on 15 June 2011, has been in force. However, the effect of injunction on the larger property has to be adjudicated by the Tribunal. So far as the smaller property is in question, the mortgage is admittedly created. 40. Therefore, we have to consider whether the case is made out by the Petitioner to appoint the receiver specifically when admittedly their case of specific performance and damages based upon the MOU, is pending before the Arbitral Tribunal. The stage is of inspection of documents as the parties have filed their claims and counter-claims. The decision therefore, required to be taken by the Tribunal to grant specific performance and in alternatively the damages so claimed. The dispute so arose therefore, admittedly based upon the termination of the contract. The reason and/or the background behind the termination, just cannot be adjudicated and accepted as averred by the Petitioner in Section 9 Petition. The “transaction”, so created in favour of the third parties, prior or during and/or pendency and/or after the interim order passed by this Court on 22 December 2010, is again a matter of trial. Prima facie the averments and the documents so placed on record even by the third party (Applicant) with supporting documents, though challenged by the Petitioner, but for want of any contra material, it is difficult to deny to give the effect to those documents. Prima facie the averments and the documents so placed on record even by the third party (Applicant) with supporting documents, though challenged by the Petitioner, but for want of any contra material, it is difficult to deny to give the effect to those documents. Even otherwise, the basic MOU between the parties was for, as per the Petitioner, finance plus the joint development and as per the Respondent it was only for finance. The MOU and the contents itself shows that the parties required to comply with the various terms and conditions on or before the particular date. The same were not complied with therefore, there arose dispute between the parties that resulted into the termination of the contract. The payment of Rs.5 crores and Rs.8 crores itself shows that the MOU for whatever may be the reason, could not be proceeded further within the stipulated period and so also the subsequent documents/ agreements. 41. The transactions, through the allotment of letters, in upcoming development project and/or construction project, is not foreign and unacceptable document to create the rights in the property/respective flats. This is permissible mode; it is subject to various execution of documents as required under the law. However, to say and accept the case of the Petitioner that all these transactions are false and bogus, is unacceptable, basically for want of contra material on record. The validity and/or legality of such transactions, apart from rights of the Petitioner based upon the MOU dated 2 February 2009 unless adjudicated in his favour, I am not inclined to accept the case of the Petitioner that the case is made out for appointment of the receiver. The requirements of grant and/or pass order of appointment of receiver, in the present facts and circumstances, are missing. The appointment of receiver therefore, so asked for and/or prayed, in these backgrounds, will definitely affect the rights which are created in favour of the third person/party. Though the Petitioner fully aware of the same, but there was no further urgent steps were taken to bring this third parties on record, so that the appropriate order could have been passed against them also, at the earliest. The challenge is definitely made to the execution of those documents including the transfer and/or creation of third party rights; that will also be adjudicated by the Arbitral Tribunal. 42. The challenge is definitely made to the execution of those documents including the transfer and/or creation of third party rights; that will also be adjudicated by the Arbitral Tribunal. 42. It is also relevant to note that those properties are described in Schedule A and B i.e., smaller and larger. The prayer is made by the Petitioner to appoint receiver for the share of 50% of the Respondent. There is no specific material and/or description of the property is defined and/or mentioned and/or clear position placed on record. In the present case, for want of such description also it is not possible for the Court to pass any order to appoint the receiver on such an undescribed property. Description of the property is a must for passing any order of appointment of receiver or such interim reliefs. 43. The grant of specific performance itself is a discretionary relief. The learned Arbitrator or the Court in a given case may or may not pass the order as prayed. The grant of alternative relief and/or damages, if any, in a given facts and circumstances, can be adjudicated but only after due trial. Then there is a question of securing the particular amount so claimed in the present case. Admittedly, the Petitioner has claimed, apart from specific performance, damages of Rs.25 crores. The counter-claim of the Respondent is of Rs.40 crores. Admittedly, smaller property is mortgaged with the Petitioner, as per the Respondent itself is of about Rs. 28 crores and odd. I am inclined to observe that in this background also, there is no case made out by the Petitioner for appointment of the receiver on any property, but this is sufficient to secure the amount at this stage of the dispute. 44. Admittedly, the interim order passed by this Court has been in force since December 2010, which was modified in June 2011 as recorded above. That position remains intact till this date, since more than 2 years. Therefore, taking over all view of the matter, I am inclined to observe that the position as stands today with regard to referring to those orders, be continued till six weeks from today with regard to smaller property. The parties are at liberty to apply for appropriate interim measure or order or directions. The liberty is granted to the parties to take such further protective steps if any, on every issues. 45. The parties are at liberty to apply for appropriate interim measure or order or directions. The liberty is granted to the parties to take such further protective steps if any, on every issues. 45. So far as the larger property is concerned, I am inclined to vacate the injunction order. The learned counsel appearing for the Petitioner submits that at least the injunction order as of today be continued. The dispute, even if any, with regard to the creation of third party rights, prior or after the order, needs to be adjudicated by the arbitral Tribunal. All points are kept open. The Court has passed injunction order at the ad-interim stage of the Arbitration proceedings under Section 9. Now, having heard finally and deciding this Petition finally, I am inclined to observe that in view of the above reasonings, and as balance of convenience, equity, conduct are in favour of Respondents and as compensation/damage can be awarded in case petitioner succeed after due trial, there cannot be any injunction against the Respondents the rights so created in favour of the third person/ parties. 46. In the result, the following order. a) The Petition is dismissed. b) Order dated 22 December 2010 and 15 June 2011 is modified to the following extent. (i) The injunction order with regard to the smaller property is maintained till the fresh or appropriate order by the arbitral tribunal passed the appropriate order. (ii) The injunction/interim orders with regard to the larger property stand vacated. c) The liberty is granted to the parties to apply for appropriate relief and/or protection before the Arbitral Tribunal and also for settlement. d) All points are kept open. e) No costs. 47. The learned counsel appearing for the Respondent orally prays for continuation of orders already passed by this Court dated 22 December 2010 read with order dated 15 June 2011 for further six weeks. As this order has been in force since 2011, I am inclined to accept the same. Those orders are maintained for further six weeks.