arbitrator has given an award to a society who had gone for arbitration against an mou signed with a developer and due to the marginal support later the society did not execute the development agreement and developer went to arbitration.
the award is saying that the mou is as good as development agreement and has to be executed by the society.
also that the society has to pay an amount of rs.50 lacs being the expnses spent by the builder.
actualy there was no clause in mou saying of any payment of any sort between both the parties.
this is an inflated amount. which was spent to satisfy the credentials and construction maping etc. Now as the award is given in favour of the builder how can this amount be asked by the builder from the society.
if the award is like either let the society go with the development agreement or pay this amount it is ok. but how can both be asked to be executed by the society.
can we have your openion.
the society at present does not have a committee and the committee has resigned 2 moths before. now as per the new ordinance registrar cannot hold elections.
