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2023 (7) TMI 158 - DELHI HIGH COURTAlleged illegal termination in respect of the Collaboration Agreement executed between the petitioner and the respondents - joint custody of the title deeds - HELD THAT:- The land/project in question has been excluded from the definition of “Demerged Undertaking” and the same has been directed to be retained by the petitioner herein (Demerged Company). As far as the “Capital Towers Economic Benefit Agreement” dated June, 2017 is concerned, a duly signed copy thereof has not been placed on record. Morover, a perusal of the same reveals that it contemplates that MGF Developments Limited would became a “contributor” in respect of the project pertaining to construction and development of the land in question, and in lieu thereof, it would be entitled to a share of the economic benefit arising out of the “Developer Project Share”. The said agreement also contains an arbitration clause. If at all the said agreement creates any rights in favour of MGF and/or warrants that MGF should have joint custody of the title documents in respect of the land in question, it is open for MGF to initiate appropriate proceedings seeking the same - Likewise, if at all, the “Letter Agreement” confers any right upon MGF, it is open to MGF to assert those rights in appropriate proceedings and seek appropriate order/s. In the present proceedings, there is no warrant to accede to the prayer/s sought in IA No. 7896/2023. In the circumstances, as jointly prayed by the petitioner and the respondents, the custody of the title deeds/documents are directed to be placed in the joint custody of the petitioner and the respondents. Application disposed of with the direction that the title deeds of the land in question, which are presently lying with the Registrar General of this court, be released to the petitioner and the respondents, who shall retain joint custody thereof.
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