Parsvnath Developers Ltd. ('the Developer') had entered into a Joint Venture Agreement ('JVA') dated September 10, 2006 with Sumeru Soft Private Limited ("SSPL") and Gomathi Visweshwaran Trust ('GVT') (collectively referred to as 'the Land Owners') for development of multi facility complex comprising of residential apartments, service apartments, commercial, IT/ITES Parks etc. (hereinafter referred to as 'Project') on the punja land of an extent of 31 acres and 01% cents (approximately) situated at OMR Road, Chennai (in Chengelpet District formerly Chengelpet Taluk, Kancheepuram District) (hereinafter referred to as 'Project Land').
For certain reasons beyond the control of the Parties to the JVA, the development of the Project could not be initiated and possession of the Project land always remained with the Land Owners.
As the Project envisaged in the JVA was long been given up/shelved and the development of the Project was not feasible, the Company and GVT entered into a settlement agreement for cancellation of JVA.
The Company and SSPL raised certain claims against each other for the recovery of the costs incurred by them/losses caused to them under the JVA and referred their dispute to Arbitrator. With the intervention of the learned Arbitrator viz. Hon'ble Mrs. Justice Aruna Jagadeesan, Retired Judge of High Court of Madras and several rounds of discussions, it was mutually decided to cancel the JVA and settle the inter-se disputes. Accordingly, the Parties executed a Settlement Agreement dated September 4, 2021 incorporating therein the term of compromise.
The Settlement Agreement was confirmed and formed part of Arbitral Award passed by the Hon'ble Sole Arbitrator and in terms of the said Arbitral Award dated September 20, 2021, SSPL has agreed to convey and transfer punja land admeasuring 7.90 acres out of the said Project Land to the Company, free from all encumbrances and claims, together with all rights and easements attached thereto in full and final settlement of all other claims.
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