Quick Summary: Mahindra Mangilalji Jain is caught in a legal battle with M/s Radha Construction over a 17.6 crore payment related to his exit from a partnership. The court has appointed a neutral person to resolve the dispute.
Mahindra Mangilalji Jain was a partner in M/s Radha Construction Co., involved in developing the 'Ventura Commercial Hub' in Mumbai. Initially, Jain invested about 2.47 crores and held a 20% share. However, on October 16, 2017, Jain and others decided to leave the firm, leading to a series of agreements.
On the same day, several documents were signed: - Retirement-cum-Partnership Deed: Jain left the firm. - Memorandum of Understanding (MOU): Promised Jain 17.6 crores for his share. - Allotment Letter: Promised 5000 sq.ft. in the project as security.
Jain claims he never received the payment or the property.
"The continuing partners agreed to pay to the outgoing partners consideration of Rs.17.6 crores for their retirement from the firm."
Jain asked for arbitration, seeking temporary measures to secure his claim. The court ordered the preservation of certain units in the building to ensure Jain's interests are protected.
Jain argues that the Retirement Deed, which includes a clause for arbitration, should govern the dispute. However, the respondents claim the MOU, lacking such a clause, is the main document.
"The issue for consideration is whether the MOU is effected for giving effect to retirement of the Petitioner from the firm."
Justice Sandeep V. Marne appointed Smt. Justice Sadhana Jadhav as the arbitrator. The court maintained temporary measures to protect the disputed property.
"Pending the arbitral proceedings and till making of final award, Respondents are restrained from alienating... the units."
The court has appointed an arbitrator to decide the outcome of the dispute. Temporary measures are in place to protect Jain's interests until a final decision is made.
