TMI Blog2013 (6) TMI 838X X X X Extracts X X X X X X X X Extracts X X X X ..... ule relates to the stamp duty payable on an agreement or MOU where it relates to giving authority or power to a promoter or a developer by whatever name called for construction on, development of or sale or transfer of any immovable property. Prima facie, the document would require stamping and has been insufficiently stamped having regard to the provisions of Article 5(ga) of the Schedule to the Bombay Stamp Act, 1958. In the circumstances, Court pass the following order : (i) The MOU is impounded. An authenticated copy of the MOU shall be forwarded by the Prothonotary and Senior Master to the Collector of Stamps, Mumbai Suburban District, for adjudication of the stamp duty and penalty, if any, payable on the document under the provi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Having regard to Section 35 of the Stamp Act, unless the stamp duty and penalty due in respect of the instrument is paid, the court cannot act upon the instrument, which means that it cannot act upon the arbitration agreement also which is part of the instrument. ... ... ... ... 11. ... ... ... ... Therefore, when a lease deed or any other instrument is relied upon as contending the arbitration agreement, the court should consider at the outset, whether an objection in that behalf is raised or not, whether the document is properly stamped. If it comes to the conclusion that it is not properly stamped, it should be impounded and dealt with in the manner specified in Section 38 of the Stamp Act. The court cannot act upon such a d ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tain proportion of the constructed area of the free sale buildings. Clause-6 required the Respondents to pay a sum of ₹ 1.50 crores to the Appellant to enable the Appellant to finance transit accommodation for the slum dwellers which was payable every month on and from 1 April 2011 till the completion of the development of the entire property. In the event of default on the part of the Respondents in making the said payment, the Appellant was required to repay the entire amount received and the cost of construction incurred by the Respondents on the property till the date of default. Clause-11 of the MOU cast specific obligations on the Respondents to construct the rehabilitation and free sale buildings; work being required to be comm ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
